Not only in Nigeria but across the continent of Africa, mobile penetration has significantly increased. The Jumia Mobile Report 2018 found that Nigeria remains Africa’s largest mobile market, with about 162 million subscribers and a penetration rate of 84%. This has been complemented by the fact that mobile phones are now affordable. In 2014, phones sold on Jumia were priced an average of $216 and by 2017 this price had gone down to $100. In Africa, the price dipped from $165 to $96 in the same period.

The laudable rise means that more and more Africans will utilise their mobile or smartphone for all kinds of activities or functions including communication, shopping and importantly payment. Today, mobile payment has grown compared to 10 years ago. Thanks to increased usage of mobile phones to transact business. The Nigeria Bureau of Statistics reported that the volume and value of Mobile Payment transactions in the first quarter of 2018 grew by 7.0 per cent to N329 billion from N307 billion in Q4’17.

These figures show that mobile payment can contribute abundantly to the growth of the Nigerian economy with the help of the Central Bank of Nigeria and Fintechs.

Role of banks

The Nigerian banking system has been completely revolutionised by technology. It has forced banks-new or old generation to become creative and innovative. Some of the innovations that have disrupted the banking sector are mobile apps and Unstructured Supplementary Service Data USSD (quick code). With these two, you can perform any transaction whether you have an internet enabled phone or not.

Fintechs

Fintechs are no longer new in Nigeria. They serve as payment gateways for businesses and they have made mobile or web transaction seamless. For the millions of shoppers who buy items, book hotels and order food with their Jumia app, the payment gateway is Jumia Pay. With Jumia Pay, refunds are easily processed and orders are easily paid for.

An uncomplicated synergy between banks and Fintechs with the regulation of the CBN (as well as shielding the financial sector from fraudsters) will definitely lead to economic development for Nigeria.

Harnessing mobile payments for economic growth

The phenomenal growth of fintech is helping organisations in Nigeria deliver a new generation of innovative products and services.

To achieve this and successfully harness the power of mobile, organisations in Nigeria’s mobile banking and payments ecosystem must deliver compelling and responsive end-user experiences. They must also implement strong and secure authentication methods that instil confidence among users in mobile banking and payments.

Delivering superior user experiences

End-users today expect websites to deliver the same experience on mobile as they do on personal computers. For Jumia, Nigeria’s no 1 shopping destination, the app has been designed in such a way that its users do not find it difficult to navigate. So, when it comes to delivering superior user experiences in mobile apps, Jumia is number one.

Ensuring security

For mobile commerce and electronic banking to deliver its benefits across Nigeria, delivering a secure mobile experience, regardless of device and network, is compulsory.

As more and more business-critical applications and financial services adopt the public or private cloud, it has become essential to protect organisations and users from criminal efforts to steal data or conduct financial malfeasance. Mobile devices are now being targeted because they may serve as a back-channel into a network, thus making a network-centric security approach inadequate for an increasingly mobile-based economy.

Security within a mobile commerce ecosystem needs to be intelligence-driven and provide the flexibility and scalability to adapt to dynamic requirements.

Source: Harnessing Mobile Payment to Boost Economic Growth

Me tired of FTC

Is mobile payment safe in Nigeria? This one that scammers are everywhere

eslason:
Is mobile payment safe in Nigeria? This one that scammers are everywhere

Negative thinker spotted!

im tellin u

Tundexxy:


Negative thinker spotted!

morikee:
Me tired of FTC

you no get work na. Jobless youth!!!..... Na play I dey o before you come attack me.

that word "penetration" got me thinking!

Ok

Not a bad idea but one needs to consider the security aspect.

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Mobile payment is way to go. In Kenya, one can receive western union, moneygram, worldremit, paypal, skrill etc into their mobile wallet which is their phone numbers bypassing banks. If you are in Nigeria and intend making such transfer to me in Kenya all I need to do is give you my phone number and I receive the western union in my phone and may even choose not to withdraw the transfer but be using it to buy stuffs in stores

Pavore9:
Mobile payment is way to go. In Kenya, one can receive western union, moneygram, worldremit, paypal, skrill etc into their mobile wallet which is their phone numbers bypassing banks. If you are in Nigeria and intend making such transfer to me in Kenya all I need to do is give you my phone number and I receive the western union in my phone and may even choose not to withdraw the transfer but be using it to buy stuffs in stores

In the wake of approvals and licenses from the CBN, MTN will be launching their Payment Service Bank (PSB) this year..

Airtel may likely follow suit.

moshoodn:


In the wake of approvals and licenses from the CBN, MTN will be launching their Payment Service Bank (PSB) this year..

Airtel may likely follow suit.

If they go the way of Kenya's Safaricom (Mpesa), Airtel (Airtel Money), it will rattle Nigerian banking industry.

Mobile payment is the best way to go like mpesa in Kenya.













Do you want to integrate any payment gateway into your platform for your website, app, ecommerce call 07034474485 today

That's why fintechs and banks should start using DevSecOps, Devops alone provides faster application deployments but without taking into cognizance much about security.

They need the help of CBN and NCC to make this work, we can still become a global tech powerhouse

Pavore9:


If they go the way of Kenya's Safaricom (Mpesa), Airtel (Airtel Money), it will rattle Nigerian banking industry.

Banks have been fighting telecom companies through CBN to stop them from offering the services. The banks tried offering the services but adoption was not significant. Guess CBN lost patience with them. The banks have lost

mfm04622:


Banks have been fighting telecom companies through CBN to stop them from offering the services. The banks tried offering the services but adoption was not significant. Guess CBN lost patience with them. The banks have lost

Telcos are in the best position to offer mobile money solutions. Your phone number is tied to financial services but Nigerian banks are seriously against it.

Pavore9:


If they go the way of Kenya's Safaricom (Mpesa), Airtel (Airtel Money), it will rattle Nigerian banking industry.

Tapping into your wealth of knowledge, how do you think individual can make money from this initiative?

moshoodn:


Tapping into your wealth of knowledge, how do you think individual can make money from this initiative?

In Nigeria?

Pavore9:

In Nigeria?

Yes, in Nigeria..