According to the latest report by IMARC Group, titled “Nigeria Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the Nigeria mobile money market is projected to grow at a CAGR of 29.3% during 2023-2028. Mobile money is a digital financial service that allows individuals a convenient and cost-effective way to store, send, and accept money using their mobile devices, such as smartphones and tablets. These services are typically provided by mobile network operators, financial institutions, or other third-party providers. With mobile money, users can deposit and withdraw money, transfer funds to other mobile money accounts, pay bills, purchase goods and services, and access loans and insurance without the need for a traditional bank account. It incorporates numerous technologies, such as digital wallets, unstructured supplementary service data (USSD), and near-field communication (NFC), that facilitate secured and convenient payment solutions.
Nigeria Mobile Money Market Trends:
The expanding adoption of mobile-based financial services due to the limited access to brick-and-mortar financial institutions, particularly in rural areas, is primarily driving the market growth in Nigeria. Besides this, the escalating consumer awareness about the benefits of mobile money services, such as 24/7 availability, lower transaction costs, and ease of accessibility, is impelling the market growth. Moreover, a growing number of financial institutions are leveraging mobile money platforms to offer insurance and loan policies, which, in turn, is presenting remunerative growth opportunities for the market. In line with this, the rising integration of various e-commerce platforms with mobile money services to offer numerous cashback, discounts, and rewards during purchases, bill payments, and travel bookings is aiding in market expansion. In addition to this, the widespread adoption of international money transfer services, the proliferation of mobile phones, and easy access to high-speed internet connectivity in the country are contributing to the market growth. Furthermore, rapid urbanization and digitalization, inflating disposable income of individuals, favorable government initiatives, the launch of new products and services by leading market players, and the surging use of digital wallets to purchase goods and pay bills are creating a positive outlook for the market.
- On the basis of technology, the market has been divided into USSD, mobile wallets, and others.
- Based on the nature of payment, the market is categorized into person to person, person to business, business to person, and business to business.
- On the basis of the business model, the market has been bifurcated into bank and non-bank led models.
- Based on the transaction type, the market is segregated into peer to peer (domestic remittance (intra city P2P and inter-state P2P) and international remittance (outbound and inbound remittance)), bill payments and airtime top-ups (credit card payment, fuel bills, healthcare and wellness bills, rental payment, mobile and DTH recharge, and others), travel booking (offline and online travel bookings (online flight, online bus, and train, online hotel and other bookings)), and others.
- The competitive landscape of the market has also been examined, with some of the key players being Cellulant Nigeria Limited, Ecobank Nigeria Limited (Ecobank Transnational Incorporated), Funds and Electronic Transfer Solutions Ltd, Fortis Mobile Money Limited, Guaranty Trust Bank Plc, Pagatech Limited, Pocket Moni, ReadyCash, Teasy International Company Limited, and VTNetwork Limited.
|Base Year of the Analysis
||Technology, Nature of Payment, Business Model, Transaction Type
||Cellulant Nigeria Limited, Ecobank Nigeria Limited (Ecobank Transnational Incorporated), Funds and Electronic Transfer Solutions Ltd, Fortis Mobile Money Limited, Guaranty Trust Bank Plc, Pagatech Limited, Pocket Moni, ReadyCash, Teasy International Company Limited, and VTNetwork Limited
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