Thousands Sign Up to Mobile Banking in Nigeria

Digital Content

A pilot scheme to bring mobile banking and payments services to Nigeria has signed up over 6,000 people since it was launched in March 2011. Monitise, the UK based company behind the pilot, has built a network of 160 agents in four cities across Nigeria delivering services to 6,700 people.

Monitise Africa Managing Director Prateek Shrivastava said: "There are 90 million adults in Nigeria but only about 20 million have access to financial services - but there are more than 100 million 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."

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.

Monitise has been supported by the Africa Enterprise Challenge Fund (AECF), which has provided grant funding to assist in the launch of its Mobile Banking and payments service.