IMARC Group, a leading market research company, has recently releases report titled “Nigeria Mobile Money Market Report by Technology (USSD, Mobile Wallets, and Others), Nature of Payment (Person to Person, Person to Business, Business to Person, Business to Business), Business Model (Bank Led Model, Non Bank Led Model), Transaction Type (Peer to Peer, Bill Payments and Airtime Top-ups, Travel Booking, and Others) 2023-2028.” The study provides a detailed analysis of the industry, including the Nigeria mobile money market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the Nigeria mobile money market?
The Nigeria mobile money market is expected to exhibit a CAGR of 29.3% during 2023-2028.
What is mobile money?
Mobile money refers to a digital financial service that allows users to perform various financial transactions through their mobile devices. It enables individuals to store, send, and receive money, pay bills, make purchases, and access other financial services using a mobile phone or a mobile app. Mobile money services are typically offered by telecommunication companies, banks, or specialized mobile money providers. The system works by linking a user's mobile phone number to their financial account, enabling secure and convenient transactions. Mobile money has gained popularity, particularly in regions with limited access to traditional banking services, as it offers a simple and accessible way to conduct financial transactions using a widely available device.
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What are the growth prospects and trends in the Nigeria mobile money industry?
The Nigeria mobile money industry showcases promising growth prospects and evolving trends. Firstly, Nigeria's large unbanked population presents significant opportunities for mobile money adoption and expansion. The government's initiatives to drive financial inclusion and regulatory reforms supporting mobile money services have contributed to its growth. Secondly, the rapid penetration of smartphones and mobile internet access has enhanced the accessibility and convenience of mobile money services.
Thirdly, collaborations between mobile network operators, financial institutions, and fintech companies are fostering innovation and expanding the range of mobile money offerings. Additionally, the COVID-19 pandemic has accelerated the adoption of digital payments, including mobile money, as consumers increasingly prioritize contactless transactions. Lastly, the integration of mobile money with other services such as e-commerce, utility payments, and remittances is expected to further propel the industry's growth in Nigeria.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Technology:
USSD
Mobile Wallets
Others
Breakup by Nature of Payment:
Person to Person
Person to Business
Business to Person
Business to Business
Breakup by Business Model:
Bank Led Model
Non Bank Led Model
Breakup by Transaction Type:
Peer to Peer
Domestic Remittance
Intra City P2P
Inter State P2P
International Remittance
Outbound Remittance
Inbound Remittance
Bill Payments and Airtime Top-ups
Credit Card Payment
Fuel Bills
Healthcare and Wellness Bills
Rental Payment
Mobile and DTH Recharge
Others
Travel Booking
Offline Travel Booking
Online Travel Bookings
Online Flight Bookings
Online Bus and Train Bookings
Online Hotel Bookings
Others
Others
What is included in market segmentation?
The report has segmented the market into the following categories:
Cellulant Nigeria Limited
Ecobank Nigeria Limited (Ecobank Transnational Incorporated)
Funds and Electronic Transfer Solutions Ltd
Fortis Mobile Money Limited
Guaranty Trust Bank Plc
Pagatech Limited
Pocket Moni
ReadyCash
Teasy International Company Limited
VTNetwork Limited
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