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The Nigeria mobile money market is expected to exhibit strong growth during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
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.
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.
IMARC Group provides an analysis of the key trends in each sub-segment of the Nigeria mobile money market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on technology, nature of payment, business model and transaction type.
Breakup by Technology:
Breakup by Nature of Payment:
Breakup by Business Model:
Breakup by Transaction Type:
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.
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