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. Though almost 57 percent of Nigerian adults have no access to formal financial services, only 0.1 percent of adults actively use mobile money.
New Grameen Foundation research, conducted in partnership with MasterCard, shows that user experience is a major factor in the stunted growth of mobile money services. This report, which builds on the groundbreaking research conducted by EFInA, found that awareness, logistical issues, product design and trust were among the key factors facing current and potential users. Click here for a related PowerPoint presentation.