Nigeria lags behind African peers in mobile money adoption

According to the survey titled, “the role of mobile technology in driving the digital economy in Nigeria,” only 16% of Nigerian micro-entrepreneurs, who typically operate small businesses with limited resources, owned and used mobile money accounts in 2022. Nigeria’s figures were compared to rates ranging from 70% to over 90% in Kenya, Senegal, and Ghana. 

GSMA cited a lack of awareness about the functionality and benefits of mobile and digital technologies as a primary driver behind Nigeria's low adoption rates, contrasting with the nearly universal awareness observed in the surveyed countries.

“A key driver of lack of adoption in Nigeria is awareness of the workings and the benefits of mobile and digital technologies,” the survey noted.

Despite these challenges, Nigeria has seen a gradual increase in awareness, influenced by new licensing regulations that enable major telecom operators like MTN and Airtel to offer mobile money services.

This shift mirrors the success of M-Pesa, launched in Ethiopia last August, where mobile money adoption initially lagged behind Nigeria. Within the first four months, M-Pesa's user base tripled to 3.1 million, though operational hurdles have surfaced, the report indicated.

The report further highlighted that only 58% of male micro-entrepreneurs in Nigeria utilise mobile internet for business purposes, with 36% of their female counterparts leveraging the technology.

The GSMA survey, published in 2024, compiled over 8,000 micro-entrepreneurs across Nigeria and other African nations.