Nigeria Mobile Money Market 2023-28 | Size, Share, Trends Report

IMARC Group, a leading market research company, has recently released report titled “Nigeria Mobile Money Market Report by Technology (USSD, Mobile Wallets, and Others), Nature of Payment (Person to Person, Person to Business, Business to Person, Business to Business), Business Model (Bank Led Model, Non Bank Led Model), Transaction Type (Peer to Peer, Bill Payments and Airtime Top-ups, Travel Booking, and Others) 2023-2028.”  The study provides a detailed analysis of the industry, including the Nigeria mobile money market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market. Report Highlights

How big is the Nigeria mobile money market?

The Nigeria mobile money market  is expected to exhibit a CAGR of 29.3%  during 2023-2028.

What is mobile money?

Mobile money refers to a digital service that enables financial transactions through mobile devices such as smartphones and tablets. It allows individuals to send and receive money, purchase goods and services, pay bills, and access other financial services including loans and savings accounts. It also offers various features such as airtime payments, bank transfers, bill payments, account information, and customer support. Mobile money utilizes several technologies such as digital wallets, near-field communication (NFC), and unstructured supplementary service data (USSD) to provide secure and convenient payment options. It is easy and fast, minimizes expenses, enhances cash flow, increases customer convenience, simplifies bookkeeping, and provides better payment security. Owing to these benefits mobile money is gaining immense popularity across Nigeria. Request for a sample copy of this report: https://www.imarcgroup.com/nigeria-mobile-money-market/requestsample

What are the growth prospects and trends in the Nigeria mobile money industry?

The Nigeria mobile money industry showcases promising growth prospects and evolving trends. Firstly, Nigeria's large unbanked population presents significant opportunities for mobile money adoption and expansion. The government's initiatives to drive financial inclusion and regulatory reforms supporting mobile money services have contributed to its growth. Secondly, the rapid penetration of smartphones and mobile internet access has enhanced the accessibility and convenience of mobile money services. Thirdly, collaborations between mobile network operators, financial institutions, and fintech companies are fostering innovation and expanding the range of mobile money offerings. Additionally, the COVID-19 pandemic has accelerated the adoption of digital payments, including mobile money, as consumers increasingly prioritize contactless transactions. Lastly, the integration of mobile money with other services such as e-commerce, utility payments, and remittances is expected to further propel the industry's growth in Nigeria.

What is included in market segmentation?

The report has segmented the market into the following categories: Breakup by Technology:

• USSD
• Mobile Wallets
• Others

Breakup by Nature of Payment:

• Person to Person
• Person to Business
• Business to Person
• Business to Business

Breakup by Business Model:

• Bank Led Model
• Non Bank Led Model

Breakup by Transaction Type:

• Peer to peer
  • Domestic Remittance
    • Intra City P2P
    • Inter State P2P
  • International Remittance
    • Outbound Remittance
    • Inbound Remittance
  • Bill Payments and Airtime Top-ups
    • Credit Card Payment
    • Fuel Bills
    • Healthcare and Wellness Bills
    • Rental Payment
    • Mobile and DTH Recharge
    • Others
  • Travel Booking
    • Offline Travel Booking
    • Online Travel Bookings
      • Online Flight Bookings
      • Online Bus and Train Bookings
      • Online Hotel Bookings
      • Others
    • Others

What is included in market segmentation?

The report has segmented the market into the following categories:

• Cellulant Nigeria Limited
• Ecobank Nigeria Limited (Ecobank Transnational Incorporated)
• Funds and Electronic Transfer Solutions Ltd
• Fortis Mobile Money Limited
• Guaranty Trust Bank Plc
• Pagatech Limited
• Pocket Moni
• ReadyCash
• Teasy International Company Limited
• VTNetwork Limited

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