Nigeria Mobile Money Market Size, Share, Trends, Report 2023-2028

Nigeria Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A3545

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Market Overview:

The Nigeria mobile money market is expected to exhibit a CAGR of 29.3% during 2023-2028.

Mobile money stands for a digital service that allows financial transactions via mobile devices, including smartphones and tablets. It also helps in providing additional services, such as account information, bill payments, bank transfers, customer support, etc. Mobile money includes numerous technologies, such as digital wallets, Unstructured Supplementary Service Data (USSD), Near-Field Communication (NFC), etc. These technologies offer secured and convenient payment solutions in comparison to the conventional cash-based transaction methods. In Nigeria, the rising internet connectivity along with the growing adoption of smartphones is currently driving the market for mobile money.

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The increasing need for mobile-based financial services due to the limited access to brick-and-mortar financial institutions, particularly across the rural areas of Nigeria, is propelling the market growth. Furthermore, the growing consumer awareness towards numerous advantages of mobile money, such as 24/7 availability, lower transaction costs, ease of accessibility, etc., is also augmenting the market in Nigeria. Moreover, several financial institutions are also offering insurance and loan policies through mobile money platforms, which in turn is bolstering the market growth in the country. In line with this, the rising integration of numerous e-commerce platforms with mobile money services for providing cashback, discounts, and rewards during the purchase of goods, bill payments, travel bookings, etc., is further catalyzing the market. Furthermore, the increasing penetration of international money transfer services are also expected to spur the demand for mobile money in Nigeria.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the Nigeria mobile money market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on technology, nature of payment, business model and transaction type.

Breakup by Technology:

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USSD
Mobile Wallets
Others

Breakup by Nature of Payment:

Person to Person
Person to Business
Business to Person
Business to Business

Breakup by Business Model:

Bank Led Model
Non Bank Led Model

Breakup by Transaction Type:

Peer to Peer
- Domestic Remittance
  - Intra City P2P
  - Inter State P2P
- International Remittance
  - Outbound Remittance
  - Inbound Remittance
Bill Payments and Airtime Top-ups
- Credit Card Payment
- Fuel Bills
- Healthcare and Wellness Bills
- Rental Payment
- Mobile and DTH Recharge
- Others
Travel Booking
- Offline Travel Booking
- Online Travel Bookings
  - Online Flight Bookings
  - Online Bus and Train Bookings
  - Online Hotel Bookings
  - Others
Others

Competitive Landscape:

The competitive landscape of the industry 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.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Million
Segment Coverage	Technology, Nature of Payment, Business Model, Transaction Type
Companies Covered	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
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2699 Five User License: US$ 3699 Corporate License: US$ 4699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

We expect the Nigeria mobile money market to exhibit a CAGR of 29.3% during 2023-2028.

The rising internet penetration, along with the increasing consumer awareness towards various benefits associated with mobile money, such as ease of accessibility, 24/7 availability, security, lower transaction costs, etc., is primarily driving the Nigeria mobile money market.

The sudden outbreak of the COVID-19 pandemic has led to the growing adoption of mobile money over conventional cash-based methods across the nation for conducting financial transactions with minimal human interaction to mitigate the risk of the coronavirus infection.

Based on the technology, the Nigeria mobile money market can be segmented into USSD, mobile wallets, and others. Currently, USSD holds the majority of the global market share.

Based on the nature of payment, the Nigeria mobile money market has been divided into person to person, person to business, business to person, and business to business. Among these, person to person exhibits a clear dominance in the market.

Based on the business model, the Nigeria mobile money market can be categorized into bank led model and non bank led model. Currently, non bank led model holds the majority of the total market share.

Based on the transaction type, the Nigeria mobile money market has been segregated into peer to peer, bill payments and airtime top-ups, travel booking, and others, where peer to peer currently exhibits a clear dominance in the market.

Some of the major players in the Nigeria mobile money market include 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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