Nigerian Mobile Money Survey

IMTFI is pleased to be able to offer insight into Nigerian trends based on this survey of over 4000 rural and urban Nigerians from every region of the country. In light of the mobile money industry’s interest in Nigeria, and the recent issuing of licenses by the Central Bank of Nigeria to 11 mobile money businesses, we hope that the trends that we have identified here will allow for a better understanding of this important area in its own terms, not just in reference to the mobile money miracle of Kenya.

The survey revealed information including the gender and location of banked and unbanked populations, respondents' experiences with mobile money, their preferences regarding mobile channels, their preferences regarding mobile money providers and mobile money transactions, and how they anticipate using mobile money when they have access to it.

These data suggest that Nigeria is ready for mobile money, especially money transfer. Bill pay is desired by Nigerian respondents and that mobile money agents are likely to play an important role as the Nigerian mobile money system develops. They also reveal that potential clients have very mixed feelings about banks, and different kinds of worries regarding theft and fraud. Concern and confidence depend on where and who respondents are in Nigeria.

Click here to read our working paper!