You would think that the millions of mobile phones in people's hands in Nigeria would translate to millions of mobile money transactions. That would be the common impression on investors.

This is certainly not the case as Kenyans moved a record $33 billion via mobile money platforms in 2016, up from $27.8 billion in 2015. This is according to the latest data from Central Bank of Kenya.

This in sharp contrast to Nigerians who only moved a paltry 756 billion Naira or $2.4billion.

However, Nigerians out-numbered Kenyans using other electronic mediums.

Despite the economic downturn in Nigeria last year, over 56 trillion Naira, about $177 billion was moved through electronic channels - ATM, web, mobile, PoS - in the Nigerian financial system.

The surge in mobile money transactions in Kenya by about $6 billion consolidates the country’s global position in the use of the technology that has revolutionised its financial sector.

Beyond the apparent recession that has sunk its teeth into Nigeria's economy, perhaps there are still issues of corruption and TRUST which which institutions still have to resolve.