It took a while to catch on but Nigerians are finally using mobile money.
Over the past decade, financial institutions and telecoms operators, sometimes in collaboration, as well as standalone firms have tried to deploy mobile money services in Africa’s largest economy with mixed success.
The attraction to Nigeria as a potential mobile money market is clear: deepening mobile and internet penetration, low credit card penetration and a 180 million-strong population. Despite these factors, mobile money services did not initially gain traction. However, this is changing as Paga, a seven-year old payments company, has marked a major milestone reaching 5 million customers.