Press release
Nigeria Mobile Money Market Current Scenario and Growth Prospects to 2023-2028
Nigeria Mobile Money Market Report
๐๐๐ฉ๐จ๐ซ๐ญ ๐๐ข๐ ๐ก๐ฅ๐ข๐ ๐ก๐ญ๐ฌ
๐๐จ๐ฐ ๐๐ข๐ ๐ข๐ฌ ๐ญ๐ก๐ ๐๐ข๐ ๐๐ซ๐ข๐ ๐ฆ๐จ๐๐ข๐ฅ๐ ๐ฆ๐จ๐ง๐๐ฒย ๐ฆ๐๐ซ๐ค๐๐ญ?
The Nigeria mobile money marketย is expected to exhibit a CAGR of 29.3%ย during 2023-2028.
๐๐ก๐๐ญ ๐ข๐ฌ ๐ฆ๐จ๐๐ข๐ฅ๐ ๐ฆ๐จ๐ง๐๐ฒ?
Mobile money is a digital service that facilitates financial transactions using mobile devices such as smartphones and tablets. It enables online transactions and provides additional services, including account information, bill payments, bank transfers, and customer support. It uses various technologies, such as digital wallets, Unstructured Supplementary Service Data (USSD), and Near-Field Communication (NFC), to offer a more secure and convenient payment solution than traditional cash-based transactions. As a result, mobile money is gaining immense traction in various bank- and non-bank-led businesses across Nigeria.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐จ๐ซ ๐ ๐๐ซ๐๐ ๐ฌ๐๐ฆ๐ฉ๐ฅ๐ ๐๐จ๐ฉ๐ฒ ๐จ๐ ๐ญ๐ก๐ข๐ฌ ๐ซ๐๐ฉ๐จ๐ซ๐ญ: https://www.imarcgroup.com/nigeria-mobile-money-market/requestsample
๐๐ก๐๐ญ ๐๐ซ๐ ๐ญ๐ก๐ ๐ ๐ซ๐จ๐ฐ๐ญ๐ก ๐ฉ๐ซ๐จ๐ฌ๐ฉ๐๐๐ญ๐ฌ ๐๐ง๐ ๐ญ๐ซ๐๐ง๐๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐ข๐ ๐๐ซ๐ข๐ ๐ฆ๐จ๐๐ข๐ฅ๐ ๐ฆ๐จ๐ง๐๐ฒ ๐ข๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ?
The Nigeria mobile money market is primarily driven by the rising need for mobile-based financial services, particularly in rural areas where access to brick-and-mortar financial institutions is limited. Moreover, the increasing consumer awareness about the benefits of mobile money, such as round-the-clock availability, lower transaction costs, and ease of accessibility, has catalyzed market growth. Additionally, the large-scale integration of e-commerce platforms with mobile money services, providing cashback, discounts, and rewards for purchasing goods, bill payments, and travel bookings, is positively influencing market growth. Furthermore, several financial institutions are offering insurance and loan policies through mobile money platforms, which in turn is contributing to market growth. Other factors, including increasing penetration of international money transfer services, rising internet connectivity, and the widespread adoption of smartphones, are also anticipated to propel the market growth.
๐๐ฑ๐ฉ๐ฅ๐จ๐ซ๐ ๐ญ๐ก๐ ๐ ๐ฎ๐ฅ๐ฅ ๐๐๐ฉ๐จ๐ซ๐ญ ๐ฐ๐ข๐ญ๐ก ๐๐ก๐๐ซ๐ญ๐ฌ, ๐๐๐๐ฅ๐ ๐จ๐ ๐๐จ๐ง๐ญ๐๐ง๐ญ๐ฌ, ๐๐ง๐ ๐๐ข๐ฌ๐ญ ๐จ๐ ๐ ๐ข๐ ๐ฎ๐ซ๐๐ฌ: https://www.imarcgroup.com/nigeria-mobile-money-market
๐๐ก๐๐ญ ๐ข๐ฌ ๐ข๐ง๐๐ฅ๐ฎ๐๐๐ ๐ข๐ง ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง?
The report has segmented the market into the following categories:
๐๐ซ๐๐๐ค๐ฎ๐ฉ ๐๐ฒ ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ:
USSD
Mobile Wallets
Others
๐๐ซ๐๐๐ค๐ฎ๐ฉ ๐๐ฒ ๐๐๐ญ๐ฎ๐ซ๐ ๐จ๐ ๐๐๐ฒ๐ฆ๐๐ง๐ญ:
Person to Person
Person to Business
Business to Person
Business to Business
๐๐ซ๐๐๐ค๐ฎ๐ฉ ๐๐ฒ ๐๐ฎ๐ฌ๐ข๐ง๐๐ฌ๐ฌ ๐๐จ๐๐๐ฅ:
Bank Led Model
Non Bank Led Model
๐๐ซ๐๐๐ค๐ฎ๐ฉ ๐๐ฒ ๐๐ซ๐๐ง๐ฌ๐๐๐ญ๐ข๐จ๐ง ๐๐ฒ๐ฉ๐:
๐๐๐๐ซ ๐ญ๐จ ๐๐๐๐ซ
๐๐จ๐ฆ๐๐ฌ๐ญ๐ข๐ ๐๐๐ฆ๐ข๐ญ๐ญ๐๐ง๐๐
Intra City P2P
Inter State P2P
๐๐ง๐ญ๐๐ซ๐ง๐๐ญ๐ข๐จ๐ง๐๐ฅ ๐๐๐ฆ๐ข๐ญ๐ญ๐๐ง๐๐
Outbound Remittance
Inbound Remittance
๐๐ข๐ฅ๐ฅ ๐๐๐ฒ๐ฆ๐๐ง๐ญ๐ฌ ๐๐ง๐ ๐๐ข๐ซ๐ญ๐ข๐ฆ๐ ๐๐จ๐ฉ-๐ฎ๐ฉ๐ฌ
Credit Card Payment
Fuel Bills
Healthcare and Wellness Bills
Rental Payment
Mobile and DTH Recharge
Others
๐๐ซ๐๐ฏ๐๐ฅ ๐๐จ๐จ๐ค๐ข๐ง๐
Offline Travel Booking
Online Travel Bookings
Online Flight Bookings
Online Bus and Train Bookings
Online Hotel Bookings
Others
Others
๐๐ก๐๐ญ ๐ข๐ฌ ๐ข๐ง๐๐ฅ๐ฎ๐๐๐ ๐ข๐ง ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง?
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
๐๐จ๐ญ๐: ๐๐ ๐ฒ๐จ๐ฎ ๐ซ๐๐ช๐ฎ๐ข๐ซ๐ ๐๐ง๐ฒ ๐ฌ๐ฉ๐๐๐ข๐๐ข๐ ๐ข๐ง๐๐จ๐ซ๐ฆ๐๐ญ๐ข๐จ๐ง ๐ญ๐ก๐๐ญ ๐ข๐ฌ ๐ง๐จ๐ญ ๐๐จ๐ฏ๐๐ซ๐๐ ๐๐ฎ๐ซ๐ซ๐๐ง๐ญ๐ฅ๐ฒ ๐ฐ๐ข๐ญ๐ก๐ข๐ง ๐ญ๐ก๐ ๐ฌ๐๐จ๐ฉ๐ ๐จ๐ ๐ญ๐ก๐ ๐ซ๐๐ฉ๐จ๐ซ๐ญ, ๐ฐ๐ ๐ฐ๐ข๐ฅ๐ฅ ๐ฉ๐ซ๐จ๐ฏ๐ข๐๐ ๐ญ๐ก๐ ๐ฌ๐๐ฆ๐ ๐๐ฌ ๐ ๐ฉ๐๐ซ๐ญ ๐จ๐ ๐ญ๐ก๐ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง.
๐๐จ๐ง๐ญ๐๐๐ญ ๐๐
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๐๐๐จ๐ฎ๐ญ ๐๐ฌ
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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