Approximately only 30% of Nigerians are aware of mobile money services, according to a survey carried out by the country's finance sector regulator, the Central Bank of Nigeria.
The immaturity of the market (two years old) and existence of approximately 21 licensed mobile money operators has been identified as key challenges to growth and awareness of West African country's mobile money ecosystem.
According to CBN the survey was undertaken to allow stakeholders, including playmakers in the country's mobile money space, to better understand the level of awareness of mobile money and other financial/ economic terms among consumers.
Only 7.6% of respondents said they've heard of Point-of-Sale (PoS), and this is similar to the proportion of those that are aware of mortgages, bonds, and stocks.
"If people have not even heard of these terms, they are a long way from understanding these terms and ultimately using these products," CBN stated.
With 50.7% of the adult population having no formal educational qualifications or has only completed primary education, the survey report says "this calls for the use of simple language in financial documents and financial education initiatives."
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