Nigerians Don’t Know About Mobile Money-Poll

Despite its introduction almost two years ago, new survey by NOI Polls Limited has revealed that more than half of the Nigerian population are unaware of mobile money services.

According to a Mobile Money Services Snap Poll which was conducted in the first week of this month, about  59 per cent representing six out of 10 Nigerians are not aware of mobile money services and only 13 per cent of the 41 per cent that are knowledgeable of it, have adopted it  showing a very low adoption rate.

The result of the poll also revealed that the use of mobile money services to reach the unbanked may not have achieved the desired purpose as all the respondents of the survey who use mobile money services operate a bank account with 93 per cent of them operating their mobile money account in connection with their bank accounts.

This according to NOI Polls shows that mobile money services have not had any impact on the financial inclusion of the unbanked Nigerians so far. According to NOI, the Mobile Money Services Snap Poll showed that the general perception of users of the mobile money service is that it is easy to use, it is secure, service providers are easily accessible, it saves cost and it saves time.

The Central Bank of Nigeria (CBN) had introduced mobile money services to provide basic financial services and create payment access especially to unbanked Nigerians, and also help drive financial inclusion in the country.

Mobile Money enables monetary transactions to be done on mobile phones through text messaging. Operations that can be carried out include money deposit, bills payments, funds transfer and withdrawal payment for purchased goods and services1 it serves as an alternative way of storing money, for both the banked as well as the unbanked.

More than a year into its introduction, the scheme has suffered slow-adoption by Nigerians as the licensed operators of the mobile money services have not made great headway in the deployment of the services across the states. Some challenge the scheme has faced is the low awareness and adoption, lack of finance and basic infrastructure; few agents, and the exclusion of mobile operators from taking part in the execution of the service.

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