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Report: 1trn Naira Market (Un-tapped)

With a market estimated to be worth about N1tn, GSM recharge cards are among the fastest selling products in Nigeria. Experts, however, argue that while the physical scratch cards business is growing, the virtual airtime vending market remains less explored. DAYO OKETOLA reports



The recharge card business in Nigeria is evidently a lucrative one. This is in view of the fact that about N4.77bn is believed to be expended daily on GSM services. Undoubtedly, a great chunk of the amount is spent on airtime vouchers.

The latest figures from the National Bureau of Statistics show that the Average Revenue Per User in Nigeria accruing to the telecoms operators is approximately N1,800 ($12) monthly, which translates to N143.05bn for 79.47 million active mobile phone users. Hence, an average of N4.77bn goes to the coffers of MTN, Zain, Glo, Etisalat, Starcomms, Multilinks, Visafone and ZOOMmobile daily.

A cursory look at the number of call centres in Nigeria cum the number of people using mobile phones as well as the number of recharge cards being loaded everyday may give an insight into the size of the recharge card market.

More succinctly, if a dealer prints and distributes 5,000 vouchers at N500 each on a daily basis at a profit of N10 per card, he is expected to make a profit of about N1.5m a month. This, experts say, underscores how lucrative the recharge cards business can be.

Experts have also argued that recharge cards are the fastest selling products in Nigeria, second only to sachet water.

The Statistician-General, NBS, Dr. Vincent Akinyosoye, had said in an interview with our correspondent that expenditure on GSM had become a major driver of inflation in Nigeria.

He said,”When we had our first inflation survey, expenditure on GSM was very small; people relied on NITEL. But in the last five years, the proportion of our income that we spend on GSM has increased. New products have come into the (inflation) basket, GSM in particular.”

Experts, who corroborated Akinyosoye‘s view, argued that purchase of recharge cards was largely central to the GSM expenditure, which has been driving inflation in the country.

The Head, Mobile Money Unit, MTN Nigeria, Mr. Abiodun Ogunlabi, said in an interview with our correspondent that the physical recharge card market was worth one N1trn in Nigeria.

He, however, lamented that the N1trn recharge card market was growing at the expense of its virtual counterpart. Virtual airtime vending is a technology, which allows vendors to stock and sell airtime through their phones.

Speaking in the same vein, a senior manager with MTN, who asked not to be named, said virtual airtime vending market must be developed to take advantage of the N143.05bn monthly recharge card spending by Nigeria‘s 79.47 million active mobile subscribers.

According to her, while the physical scratch card market estimated to be worth N1trn appeared saturated, the virtual airtime market estimated to be worth the same figure, currently enjoys very low adoption.

”With virtual airtime vending platform, subscribers can load credit on their phones without the use of physical recharge cards,” she noted.

She, however, regretted that the N1trn virtual recharge market was being under-explored, identifying low awareness as the major stumbling block.

She noted that with virtual airtime vending, dealers could transact several millions of naira business via their phones without carrying physical airtime vouchers.

According to her, the challenge is educating people about the virtual recharge card platform.

”The challenge here is we need to educate people. People have to trust that mechanism. You know, there is this thing about what you don‘t see. Awareness is key,” she added.

Ogunlabi noted that the currently booming physical airtime voucher market “is actually the potential for virtual airtime vending.”

He said, ”The physical scratch card market is actually the potential. So, anybody using physical card today can use the virtual. So, we are talking about matching this 100 per cent some time down the line. We are not there yet because there is still a lot of awareness and a lot of education on the simplicity of the kind of process that will bring it to the customer.”

Ogunlabi, who also agreed that the virtual airtime vending business still remained under-explored, noted that digital mode of selling recharge cards could bring about cost reduction and more convenience for subscribers.

” Today, if you want to buy scratch card, you have to patronise vendors selling on the streets across the country but when you move to the digital system , it is something you can order directly on the phone,” he said.

Ogunlabi, who sees virtual airtime vending as a subset of mobile payment, however, identified policy delay by the Central Bank of Nigeria as a major factor affecting the N1trn virtual recharge market.

He said, ”Airtime vending is just a subset of mobile payment. It is just one of the many things that can be done on mobile payment platform. There is a financial aspect and there is a pure airtime vending aspect that we are already doing through Virtual Top Up, Share and Sell and some of these technologies that MTN is deploying.

”The biggest challenge right now is actually getting approval from the CBN. But what will really make virtual airtime vending ubiquitous is licensing companies to be able to do virtual payments not just for airtime but on whatever that can be brought onto the mobile payment system. Regulation is a major hurdle, though the CBN is working on it. NCC is also involved at some level.”

Ogunlabi, however, warned that airtime dealers and agents must be ready to adopt virtual airtime vending for it to be successful.

He said, ”The agent network is also very key. The agents need to be ready to sell virtual airtime. It is going to be profitable for them, to start with. They got to be educated on how to use and they have to be willing to educate customers on the benefits. I think, it is all incentive-driven.”

Meanwhile, a recharge card sub-dealer, Mrs Catherine Okonkwo, said that virtual airtime vending will only be successful if telecoms operators would eradicate printed lower denomination vouchers, such as N100, N200, and perhaps, N400.

”Without that, virtual airtime vending will not work. You will just tie money down. I have tried it before and I saw no result,” she said.

She noted that an official of Office Device Limited, the dealer from which she gets her supplies, recently encouraged her to consider the virtual airtime vending system but she turned it down due to her previous experience.

”I told the lady that I was not going to do it because I have done it before and it didn‘t pay me,” she said.

Narrating her experience, she said, ”MTN and Zain rolled out their services in Nigeria with higher denomination airtime vouchers sold between N1, 500 and N500. Later MTN introduced Virtual Top Up through which you could sell airtime via your phones. I subscribed to it and was selling N100 and N200 cards with it. However, when they started printing N100 and N200 vouchers, it affected the VTU business. My money was trapped in the phone business because people preferred to buy the printed recharge cards, rather than making purchases through virtual vending.”

In view of the foregoing, experts call on telecoms operators as well as other stakeholders to device creative means to stimulate the virtual airtime vending market.

Print & Sell Recharge Cards or Wirtual Airtime Recharge

Hello Nairalanders,

Sorry My Post is late, I will like to share with you the obvious in printing and selling recharge cards

This is infact a 1trillion naira industry and still not fully been exploited

But am not here to talk about the norm (buy numbers and print with a software on your printer and sell to users)

Am here

To share how to sell vouchers without printing them.

It was mentioned that the market is still a virgin less than 2% of nigerians are in this business.

The opportunity is still very much here!, People though are scared of forgery, scam but this is all due to the fact that alot of

education on how to go about this is not available

Services like interswitch lets you recharge your phone via ATM but the person that sells recharge card in prints can do,

Let me know your views, Cheers

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Hello Nairaland,

Am Seyi by name, I love entrepreneurship, I love creativity, I love ideas, As they say "Great people talk about ideas" This thread is solely to share how to start

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Space,

I have a detailed proposal i wanted to submit to the bank, on how to invest in production of groundnut oil and groundnut cake, call me on 08035153370 if you interested, cheers

I - Identify
D - Dream
E - Emerge
A - Action


-- Electronic Cleaning Business

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- Challenges
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will just be contented i opened someone's head and one thing i believe is that God our creator never runs out of ideas all i just have

to do is ask for another one, shalom

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Fellow Nairalanders,

We are a group of entreprenuers, We believe that the entrepreneurship terrain in terms of creativity is no where to be found.

We find ourselves trying to pull a fellow entrepreneur down in other to climb up the ladder of success which this is caused by the lack of creativity

Our idea is not a get-quick rich scheme (trust me), We believe in hard-work, dedication and goodwill. We are not allowed to disclose this idea to the

house because we are creating a monopoly for ourselves but still we need to have a little competition.

We are currently seeking for investors and joint partnerships

For investors, We need serious people who can invest over a N100,000 and above

For partners, We need you to have a registered business abiding to the laws of the country and a sum of N100,000 for investing in this business

For more info and to find out what this is about send me an email to seyi@creoconsulting.com

Best Regards
Seyi

Fellow Nairalanders,

We are a group of entreprenuers, We believe that the entrepreneurship terrain in terms of creativity is no where to be found.

We find ourselves trying to pull a fellow entrepreneur down in other to climb up the ladder of success which this is caused by the lack of creativity

Our idea is not a get-quick rich scheme (trust me), We believe in hard-work, dedication and goodwill. We are not allowed to disclose this idea to the

house because we are creating a monopoly for ourselves but still we need to have a little competition.

We are currently seeking for investors and joint partnerships

For investors, We need serious people who can invest over a N100,000 and above

For partners, We need you to have a registered business abiding to the laws of the country and a sum of N100,000 for investing in this business

For more info and to find out what this is about send me an email to seyi@creoconsulting.com

Best Regards
Seyi

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Hello House,

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Our Business name is Creo Consulting
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