Mobile payment take-off
Mobile money, experts say, holds the key to e-payment development in Nigeria, according to experts. According to a research by RNCOS, an Indian consultancy firm, the mobile market has tremendous growth potential given the fact that penetration rate was just around 50 per cent at the end of 2009. In line with the Central Bank of Nigeria's (CBN) policy of driving financial inclusion and promoting a 'cash-less' economy, the United Bank for Africa, (UBA) and Stanbic IBTC Bank have partnered giant Telco, Globacom to offer mobile payment (m-payment) services on the Glo network. MTN Nigeria has also teamed up with Guarantee Trust Bank (GTB) and Fortis Mobile Money to launch a mobile payment and remittance service, expanding banking services beyond traditional bank branches. The partners have put an emphasis on the new service's possibilities for financial inclusion, in addition to opening up wide ranging benefits and value added services to corporate, small and medium enterprises and individual users. Mobile payments and person-to-person money transfers are forecast to become some of the most used mobile applications in many countries in the next two to three years. Reports say mobile payments will become a foundation for person-to-machine and machine-to-machine connections by 2020.
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