Nigeria: The Dark Side of the Mobile Money System

Mobile money systems have effectively replaced cash and traditional bank accounts, enabling financial inclusion and improving the financial well-being of customers. The financial inclusion rate increased from 56.8% in 2016 to 63.2% in 2018. But it is important to recognise that these systems are not without challenges.

African Users Account for 70% of World’s 1 Trillion Dollar Mobile Money Transaction Values

Africa now accounts for 70% of the world’s 1 trillion dollar US dollars mobile money value. The value of Africa’s mobile money transactions edged up 39 per cent to 701.4 billion US dollars in 2021 –– its closest to the trillion-dollar mark –– up from 495 billion US dollars in 2020, highlighting the future of African banking is mobile.