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

  • How has the Nigeria mobile money market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the Nigeria mobile money market?
  • What is the breakup of the market based on the technology?
  • What is the breakup of the market based on the nature of payment?
  • What is the breakup of the market based on the business model?
  • What is the breakup of the market based on the transaction type?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the Nigeria mobile money market and who are the key players?
  • What is the degree of competition in the industry?

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