Unbanked Nigerians Yet to Accept Mobile Money Services

Despite the introduction of mobile money service to help bank the millions of unbanked Nigerians, most mobile money users in Nigeria operate their mobile money accounts in connection with their bank accounts, an indication of their little or no adoption of this service. A recent survey conducted by the NOI Polls on the adoption of the mobile money services showed that only 6 in every 10 Nigerians (59 per cent) are not aware of mobile money services. The survey disclosed that only 13 per cent of those that are aware (49 per cent) of the services currently use it.

NOI Polls is one of the world’s leading opinion research and knowledge management organisation, which provides timely and relevant information on people’s perspectives on a variety of socio-economic issues; the results are based on a nationwide telephone survey of randomly selected adults.

The CBN introduced mobile money services to provide basic financial services and create payment access especially to Nigerians without bank accounts, as well as to help drive financial inclusion in the country. The latest NOI results obtained by THISDAY, showed that an overwhelming majority (93 per cent) of those that use the service, operate their mobile money account in connection with their bank accounts.

The NOI report also showed that all the mobile money service users (13 per cent) are all banked showing little or no adoption of this service by the unbanked.

The report further indicated a positive experience by the users highlighting ease of use, security, cost saving and time saving as factors that enhance this experience.

According to the survey, about 7 in 10 (71 per cent) non-users say they would consider using mobile money services in the future.

These are the key findings from the Mobile Money Services Snap Poll conducted in the first week of August by NOI to explore the current level of awareness among Nigerians, to determine the present rate of adoption and potential for the future.

The mobile money services was introduced to provide basic financial services and create payment access especially to Nigerians without bank accounts, as well as to help drive financial inclusion in the country. Sixteen banks and other financial institutions were thus licensed to establish the services all over the states in August 2011 by the CBN.

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