Only 6.50 percent (3.84 million) customers out of the 59 million active account holders used the mobile money transfer in 2017, according to analysis of a recent report by Nigerian Inter-Bank Settlement System (NIBSS).
This compares with 9.08 percent (5.54 million) customers out of the 61 million active account holders that used mobile money transfer in 2016.
These abysmally poor figures despite the proliferation of mobile phones applications (mobile apps) means the Central Bank of Nigeria (CBN) should intensity ad formulate policies that will pave the way for more people to have access to financial services.
Findings from the report shows total number of bank accounts increased by a mere 4.37 percent to 100.20 million in December 2017 from 96.0 million the previous year.
Experts say is it surprising that despite the fact that banks have introduced mobile applications with a view to boosting online transactions, less than one-tenth of the total account holders pay for goods and services using their phones.
Nigeria also lags some other Africa peers in mobile transactions.
According to data obtained from (NIBSS), 21 mobile money operators (MMOs) licensed by the CBN achieved N1.1 trillion volume of transactions in 47.80 million deals a 45.5 percent increase compare to N756 billion recorded in 2016.
However, this not only accounts for just 1.01 percent of the total e-payment transactions in Nigeria for 2017 but also fell below the value of transactions recorded in Ghana and Kenya in 2017.
The Central Bank of Ghana in its last report on bank performance said mobile operators in the country recorded total mobile transactions in 2017 worth N12.5trillion US$35.9bn a 98.5 percent growth from last year.
Similarly, Kenya Africa’s leader in mobile money operation also recorded 89 percent increase on the value of transaction to N12.9 trillion (US$45.3bn).
The NIBSS report showed that the total number of mobile money users stood at 2.3 million in 2017, which is less than 37.3 million in Kenya, and Ghana’s 11.119 million.
The CBN has plans for 80 per cent financial inclusion by 2020 as the apex bank has set state-by-state targets for the 21 commercial banks and 942 micro finance banks in the country to ensure that every Nigerian adult has access to financial services.
BALA AUGIE
