Mobile money awareness still low in Nigeria –Report

A new survey by Enhancing Financial Innovation & Access has revealed that awareness and usage of mobile money in Nigeria still remains low.

 According to the study made available to our correspondnet, as of November 2013, only 12 per cent of Nigerians aged 15 and older were aware of mobile money, and less than one per cent of them used mobile money.

The study maintained “Mobile money awareness and usage was slightly higher in ‘Cash-less Phase II states (Abia, Anambra, Kano, Ogun and Rivers states, and the Federal Capital Territory).” Continue....

It also showed that as at October 2013, only four per cent of adults in the cash-less phase II states used mobile money.

The EFInA study also revealed that in these states, cards (debit, credit cards and pre-paid cards) were the most widely known and used electronic payment instrument among respondents; and that men were more likely than women to use electronic payments.

Findings from EFInA and InterMedia research indicated that the barriers to the uptake of mobile money in Nigeria included low customer awareness, lack of trust in mobile money, and unreliable GSM networks.

It, however, said respondents in both studies shared positive impressions of mobile money, adding that they perceived mobile money to be fast, convenient, and safer than carrying cash.

The Chief Executive Officer of EFInA, Ms. Modupe Ladipo, said, “The financial services industry can drive uptake of mobile money by educating customers, providing reasonably priced products that meet customer needs, and creating the right incentives for both customers and mobile money agents.”

Vice President at InterMedia, Mr. Peter Goldstein, , said that Nigeria had a higher percentage of bank account holders, but a lower percentage of mobile money users compared with other countries studied, including Uganda and Kenya.