Nigeria Telecom Operators Set Their Sight On Mobile Money
Nigeria’s telecommunication companies want a piece of the mobile money action.
The major ones among them are soliciting an opportunity to participate in the mobile money industry to bring in more money into the banking system.
In fact, MTN, Globacom, Airtel and 9mobile have promised to deepen financial inclusion in the next 30 months by collectively reaching 90 million Nigerians.
The telcos made this commitment at a gathering of industry players facilitated by the Academic Director and Senior Fellow at the Lagos Business School, Yinka David-West, according to a statement on Wednesday.
They noted that the progress made in financial inclusion since the issuance of the first mobile money licence in 2009 had been slow.
According to them, telcos in most sub-Saharan African markets, where mobile money is successful, are given a level playing field, while Nigerian operators are excluded.
David-West said, “Far beyond financial inclusion rates in Nigeria, we also have to examine how people currently considered to have access to financial services stack up when evaluated against the criteria for true financial inclusion, that is access to a full suite of quality financial services provided at affordable prices in a convenient manner.
“When evaluated against this definition, it is clear that as a country, we have to work, not just to drastically increase the number of financially included persons, but also to increase the quality of inclusion and access we give, especially if we hope to positively impact the economy and the quality of the lives of Nigerians in any meaningful way.”
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