Nigeria's Mobile Money Transformation
Nigeria's mobile money story is one of quiet transformation, built through millions of small daily transactions across markets, bus parks, and neighborhoods.
What began as a push for financial inclusion has become one of the country's biggest fintech success stories, powered by smartphones and a fast-growing digital economy.
Affordable smartphones have enabled mobile wallets to become the simplest bridge between cash and convenience, with staggering results.
According to an earlier report by Nairametrics, Donald Ubeh, Head of Risk and Compliance at PalmPay, says mobile money operators have helped raise Nigeria's financial inclusion rate to 74% in 2023, up from 51% in 2016.
Today, over 1 billion transactions are happening, with 10 key owners of CBN-licensed Mobile Money Operators driving this growth in Nigeria.
Author's summary: Nigeria's mobile money sector is thriving.
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