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*As the coronavirus disease (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Nigeria Mobile Money Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026

Market Overview:

The Nigeria mobile money market exhibited strong growth during 2015-2020. Looking forward, IMARC Group the market expects to continue its strong growth during the next five years. 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.

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 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:

  • 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.

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?

1    Preface
2    Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Nigeria Mobile Money Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Technology
    6.1    USSD
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Mobile Wallets
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Others
        6.3.1 Market Trends
        6.3.2 Market Forecast 
7    Market Breakup by Nature of Payment
    7.1    Person to Person
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Person to Business
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Business to Person
        7.3.1 Market Trends
        7.3.2 Market Forecast 
    7.4    Business to Business
        7.4.1 Market Trends
        7.4.2 Market Forecast
8    Market Breakup by Business Model
    8.1    Bank Led Model
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Non Bank Led Model
        8.2.1 Market Trends
        8.2.2 Market Forecast
9    Market Breakup by Transaction Type
    9.1    Peer to Peer
        9.1.1 Market Trends
        9.1.2 Major Types
           9.1.2.1 Domestic Remittance
              9.1.2.1.1 Market Trends
              9.1.2.1.2 Major Types
                 9.1.2.1.2.1 Intra City P2P
                    9.1.2.1.2.1.1 Market Trends
                    9.1.2.1.2.1.2 Market Forecast
                 9.1.2.1.2.2 Inter State P2P
                    9.1.2.1.2.2.1 Market Trends
                    9.1.2.1.2.2.2 Market Forecast
              9.1.2.1.3 Market Forecast
           9.1.2.2 International Remittance
              9.1.2.2.1 Market Trends
              9.1.2.2.2 Major Types
                 9.1.2.2.2.1 Outbound Remittance
                    9.1.2.2.2.1.1 Market Trends
                    9.1.2.2.2.1.2 Market Forecast
                 9.1.2.2.2.2 Inbound Remittance
                    9.1.2.2.2.2.1 Market Trends
                    9.1.2.2.2.2.2 Market Forecast
              9.1.2.2.3 Market Forecast
        9.1.3 Market Forecast
    9.2    Bill Payments and Airtime Top-ups 
        9.2.1 Market Trends
        9.2.2 Major Types
           9.2.2.1 Credit Card Payment
              9.2.2.1.1 Market Trends
              9.2.2.1.2 Market Forecast
           9.2.2.2 Fuel Bills
              9.2.2.2.1 Market Trends
              9.2.2.2.2 Market Forecast
           9.2.2.3 Healthcare and Wellness Bills
              9.2.2.3.1 Market Trends
              9.2.2.3.2 Market Forecast
           9.2.2.4 Rental Payment
              9.2.2.4.1 Market Trends
              9.2.2.4.2 Market Forecast
           9.2.2.5 Mobile and DTH Recharge
              9.2.2.5.1 Market Trends
              9.2.2.5.2 Market Forecast
           9.2.2.6 Others
              9.2.2.6.1 Market Trends
              9.2.2.6.2 Market Forecast
        9.2.3 Market Forecast
    9.3    Travel Booking
        9.3.1 Market Trends
        9.3.2 Major Types
           9.3.2.1 Offline Travel Booking
              9.3.2.1.1 Market Trends
              9.3.2.1.2 Market Forecast
           9.3.2.2 Online Travel Bookings
              9.3.2.2.1 Market Trends
              9.3.2.2.2 Major Types
                 9.3.2.2.2.1 Online Flight Bookings
                    9.3.2.2.2.1.1 Market Trends
                    9.3.2.2.2.1.2 Market Forecast
                 9.3.2.2.2.2 Online Bus and Train Bookings
                    9.3.2.2.2.2.1 Market Trends
                    9.3.2.2.2.2.2 Market Forecast
                 9.3.2.2.2.3 Online Hotel Bookings
                    9.3.2.2.2.3.1 Market Trends
                    9.3.2.2.2.3.2 Market Forecast
                 9.3.2.2.2.4 Others
                    9.3.2.2.2.4.1 Market Trends
                    9.3.2.2.2.4.2 Market Forecast
              9.3.2.2.3 Market Forecast
        9.3.3 Market Forecast
    9.4    Others
        9.4.1 Market Trends
        9.4.2 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
    11.1    Licensing
    11.2    Research & Development
    11.3    Product Management
    11.4    Product Development
    11.5    Marketing
    11.6    End-Use
12    Porters Five Forces Analysis
    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Government Policies and Regulatory Landscape
15    Competitive Landscape

    15.1    Market Structure
    15.2    Key Players
    15.3    Profiles of Key Players
        15.3.1    Cellulant Nigeria Limited
           15.3.1.1 Company Overview
           15.3.1.2 Product Portfolio 
        15.3.2    Ecobank MobileMoney (Ecobank Transnational Incorporated) 
           15.3.2.1 Company Overview
           15.3.2.2 Product Portfolio 
        15.3.3    Funds and Electronic Transfer Solutions Ltd
           15.3.3.1 Company Overview
           15.3.3.2 Product Portfolio 
        15.3.4    Fortis Mobile Money Limited
           15.3.4.1 Company Overview
           15.3.4.2 Product Portfolio 
        15.3.5    Guaranty Trust Bank Plc
           15.3.5.1 Company Overview
           15.3.5.2 Product Portfolio
           15.3.5.3 Financials 
        15.3.6    Pagatech Limited
           15.3.6.1 Company Overview
           15.3.6.2 Product Portfolio 
        15.3.7    Pocket Moni
           15.3.7.1 Company Overview
           15.3.7.2 Product Portfolio 
           15.3.7.3 Financials 
        15.3.8    ReadyCash 
           15.3.8.1 Company Overview
           15.3.8.2 Product Portfolio 
        15.3.9    Teasy International Company Limited 
           15.3.9.1 Company Overview
           15.3.9.2 Product Portfolio 
        15.3.10    VTNetwork Limited
           15.3.10.1 Company Overview
           15.3.10.2 Product Portfolio

List of Figures

Figure 1: Nigeria: Mobile Money Market: Major Drivers and Challenges
Figure 2: Nigeria: Mobile Money Market: Transaction Value (in Million US$), 2015-2020
Figure 3: Nigeria: Mobile Money Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 4: Nigeria: Mobile Money Market: Breakup by Technology (in %), 2020
Figure 5: Nigeria: Mobile Money Market: Breakup by Nature of Payment (in %), 2020
Figure 6: Nigeria: Mobile Money Market: Breakup by Business Model (in %), 2020
Figure 7: Nigeria: Mobile Money Market: Breakup by Transaction Type (in %), 2020
Figure 8: Nigeria: Mobile Money (USSD) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 9: Nigeria: Mobile Money (USSD) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 10: Nigeria: Mobile Money (Mobile Wallets) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 11: Nigeria: Mobile Money (Mobile Wallets) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 12: Nigeria: Mobile Money (Other Technologies) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 13: Nigeria: Mobile Money (Other Technologies) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 14: Nigeria: Mobile Money (Person to Person) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 15: Nigeria: Mobile Money (Person to Person) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 16: Nigeria: Mobile Money (Person to Business) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 17: Nigeria: Mobile Money (Person to Business) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 18: Nigeria: Mobile Money (Business to Person) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 19: Nigeria: Mobile Money (Business to Person) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 20: Nigeria: Mobile Money (Business to Business) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 21: Nigeria: Mobile Money (Business to Business) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 22: Nigeria: Mobile Money (Bank Led Model) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 23: Nigeria: Mobile Money (Bank Led Model) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 24: Nigeria: Mobile Money (Non Bank Led Model) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 25: Nigeria: Mobile Money (Non Bank Led Model) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 26: Nigeria: Mobile Money (Peer to Peer) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 27: Nigeria: Mobile Money (Domestic Remittance) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 28: Nigeria: Mobile Money (Intra City P2P) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 29: Nigeria: Mobile Money (Intra City P2P) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 30: Nigeria: Mobile Money (Inter State P2P) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 31: Nigeria: Mobile Money (Inter State P2P) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 32: Nigeria: Mobile Money (Domestic Remittance) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 33: Nigeria: Mobile Money (International Remittance) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 34: Nigeria: Mobile Money (Outbound Remittance) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 35: Nigeria: Mobile Money (Outbound Remittance) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 36: Nigeria: Mobile Money (Inbound Remittance) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 37: Nigeria: Mobile Money (Inbound Remittance) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 38: Nigeria: Mobile Money (International Remittance) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 39: Nigeria: Mobile Money (Peer to Peer) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 40: Nigeria: Mobile Money (Bill Payments and Airtime Top-ups) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 41: Nigeria: Mobile Money (Credit Card Payment) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 42: Nigeria: Mobile Money (Credit Card Payment) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 43: Nigeria: Mobile Money (Fuel Bills) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 44: Nigeria: Mobile Money (Fuel Bills) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 45: Nigeria: Mobile Money (Healthcare and Wellness Bills) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 46: Nigeria: Mobile Money (Healthcare and Wellness Bills) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 47: Nigeria: Mobile Money (Rental Payment) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 48: Nigeria: Mobile Money (Rental Payment) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 49: Nigeria: Mobile Money (Mobile and DTH Recharge) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 50: Nigeria: Mobile Money (Mobile and DTH Recharge) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 51: Nigeria: Mobile Money (Other Bill Payments and Airtime Top-ups) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 52: Nigeria: Mobile Money (Other Bill Payments and Airtime Top-ups) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 53: Nigeria: Mobile Money (Bill Payments and Airtime Top-ups) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 54: Nigeria: Mobile Money (Travel Booking) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 55: Nigeria: Mobile Money (Offline Travel Booking) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 56: Nigeria: Mobile Money (Offline Travel Booking) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 57: Nigeria: Mobile Money (Online Travel Bookings) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 58: Nigeria: Mobile Money (Online Flight Booking) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 59: Nigeria: Mobile Money (Online Flight Booking) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 60: Nigeria: Mobile Money (Online Bus and Train Bookings) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 61: Nigeria: Mobile Money (Online Bus and Train Bookings) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 62: Nigeria: Mobile Money (Online Hotel Bookings) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 63: Nigeria: Mobile Money (Online Hotel Bookings) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 64: Nigeria: Mobile Money (Other Online Travel Bookings) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 65: Nigeria: Mobile Money (Other Online Travel Bookings) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 66: Nigeria: Mobile Money (Online Travel Bookings) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 67: Nigeria: Mobile Money (Travel Booking) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 68: Nigeria: Mobile Money (Other Transaction Types) Market: Transaction Value (in Million US$), 2015 & 2020
Figure 69: Nigeria: Mobile Money (Other Transaction Types) Market Forecast: Transaction Value (in Million US$), 2021-2026
Figure 70: Nigeria: Mobile Money Industry: SWOT Analysis
Figure 71: Nigeria: Mobile Money Industry: Value Chain Analysis
Figure 72: Nigeria: Mobile Money Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: Nigeria: Mobile Money Market: Key Industry Highlights, 2020 and 2026
Table 2: Nigeria: Mobile Money Market Forecast: Breakup by Technology (in Million US$), 2021-2026
Table 3: Nigeria: Mobile Money Market Forecast: Breakup by Nature of Payment (in Million US$), 2021-2026
Table 4: Nigeria: Mobile Money Market Forecast: Breakup by Business Model (in Million US$), 2021-2026
Table 5: Nigeria: Mobile Money Market Forecast: Breakup by Transaction Type (in Million US$), 2021-2026
Table 6: Nigeria: Mobile Money Market: Competitive Structure
Table 7: Nigeria: Mobile Money Market: Key Players

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