A new report from Jupiter Research has said the continued increase of Nigeria’s mobile money licence issuance and e-commerce web payments will constitute 54 percent of the total value of global mobile payments by 2017.
According to a report by BusinessDay, the study predicts total number of payments transacted worldwide over mobile phones would multiply as much as five times to over $1.3 trillion, therefore putting its 54 percent estimated contribution from Nigeria at $702 billion.
In January alone, 14 mobile payment operators in Nigeria recorded a total of recorded 35,971 transactions valued at 227.92 million naira ($1.4 million). With strategic and consistent campaigns, these digits are expected to skyrocket.
Central Bank of Nigeria’s Head, Shared Services, Mr Chidi Umeano, said at the 5th West African Convergence Forum in Lagos that said the federal government-supported cashless policy was taking root, and that 18,874 Point of Sale (POS) terminals had been stationed as at March 4, 2012 from 5,300 deployed back in June 2011.
He furthered by saying about 23,000 more POS terminals have been registered.
East Africa and sub-Saharan emerging nations have initiated near field communications (NFC) support infrastructures and campaigns to create an enabling environment and encourage the participation of mobile commerce service providers.
However, national regulatory laws and widespread acceptance between mobile service operators threaten the general adoption of the mobile payment option.
Mobile money is fast becoming the world’s preferred form of trade transactions because of its compatibility to support a cash-lite economy and comparative ease of transaction at the fingertip, short-circuiting the time, stress and long queues of waiting at the bank.
Kenya’s M-Pesa is an SMS based money transfer system leading the global mobile money sector.
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