Nigeria is now going through a revolutionary stage in the financial sector with the phase introduction of mobile banking to the country.
With such innovative banking tools, the CBN hopes to capture a large population of the unbanked public to ensure that its monetary policies are effective.
Licences have been granted to interested firms that met the criteria of the Apex Bank. Many Nigerians are now coming home to position themselves for the opportunities that will obviously be created from this innovative which is being adopted. According to one of the many opportunity seekers, the fast-growing ranks of mobile phone users will make Africa's most populous nation "the next frontier" for the mobile payments industry.
One of the licensed firms now employs 68 people and has more than 42,000 Nigerian customers who can transfer money, purchase airtime credit, and pay bills with their cell phones using the system.
The number of mobile phone subscribers in Africa more than doubled from 246 million in 2008 to 500 million last year. Nigeria alone has more than 75 million mobile phone subscribers today according to an industry source.
The worth of this virgin industry can only be imagined, the opportunities are enormous.
