A pilot scheme to bring mobile banking and payments services to Nigeria has signed up over 6,000 people. Monitise has built a network of 160 agents in four cities across the country, delivering services to 6,700 people since launching the pilot in March.
Monitise Africa MD, Prateek Shrivastava, says: “Our pilot has exceeded expectations since we launched, with a network of staff in corner shops, news stands and marketplace kiosks helping Nigerians deposit cash and cheques, send money to each other and withdraw funds without the need for a bank account, but simply by using a mobile phone. Bringing people into the banking system through mobile financial services can make a huge difference to both individuals and families’ lives.”
“There are 90 million adults in Nigeria but only about 20 million have access to financial services - but there are more than 100 mobile phone subscribers. This is why the mobile is such a vitally important channel to reach out to a large population with trusted and secure bank-grade financial services,” he adds.
The Monitise pilot is operating in the four cities of Lagos, Abuja, Port Harcourt and Ibadan. The company was awarded a provisional license to operate a mobile payments service by the Central Bank of Nigeria in December 2010 and a decision about granting a full licence is expected shortly.
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