As the largest among the fast-growing economies of Africa, Nigeria is a promising market for mobile financial services. More than 80 percent of adults have access to a mobile phone and a sizeable number (64 percent) own their phones. In addition, there are now more than 20 licensed operators providing services across the country. Yet, mobile money has not taken off as expected, though almost 57 percent of Nigerian adults (50 million people) have no access to formal financial services. According to a Financial Inclusion Insights study conducted in July 2014, only 0.1 percent of Nigerian adults actively use mobile money.
Blog Posts By: Debbie Dean
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Mobile Financial Services (MFS) has received much attention as a way to further financial inclusion. But as we’ve written before, the mobile phone is not yet accessible enough to reach significant portions of the “unbanked”. Our research found that poor women in particular are left behind. Access, familiarity, convenience and security are significant issues.
At Grameen Foundation, we believe that these barriers can be addressed. We recently expanded on our initial research around gender and mobile financial services, taking a two-pronged approach. The first—which we’ll discuss here—was a partnership with InterMedia to utilize a mixed approach of qualitative and quantitative research methods in India and the Philippines. The second—which we’ll discuss in a separate posting next week—was a qualitative usability study in partnership with CKS in India, the Philippines, and Uganda.