The Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. Link to external site : Website for Nigeria |  |
| Wallets | |
| Development | Developing |
| Send or Receive |
Receive Register/Log In |
| GDP ($m) |
165,468.82 Register/Log In |
| HDI classification | Medium |
| Mobile Connections (m) |
101.752 Upgrade to Bronze |
| Currency | NGN |
| Class | |
| CountryISO | NG |
| Sovereignity | Country |
| Territory of | - NA - |
{"type":"GeoChart","data":[["Country","Population(m)","Rank"],["NG",147.983,8]],"options":{"title":"Countries","region":"NG","displayMode":"regions","colorAxis":{"minValue":0,"maxValue":1500,"colors":["yellow","green","red"]}}}
{"type":"PieChart","data":[["Operator","Connections"],["MTN",46000405],["Globacom Limited (Glo Mobile)",22000759],["Airtel (Bharti Airtel) - Global",17100000],["Emerging Markets Telecommunication Services Limited (EMTS) - Etisalat",10300000],["Visafone Communications Ltd (Visafone)",2850888],["Rest ( 3 )",3500000]],"options":{"title":"Connections","is3D":true}}
{"type":"ColumnChart","data":[["Year","Connections"],["Q4 2000",27477],["Q4 2001",305696],["Q4 2002",1598787],["Q4 2003",3178790],["Q4 2004",9241427],["Q4 2005",18398896],["Q4 2006",32401861],["Q4 2007",40395611],["Q4 2008",62988492],["Q4 2009",73096454],["Q4 2010",99621151],["Q4 2011",116737964],["Q4 2012",131835669],["Q4 2013",145427589],["Q4 2014",158123890]],"options":{"title":"Connections"}}
| Channel Analysis |
{"type":"ColumnChart","data":[["Category","Initiatives"],["ATM",1],["Agent",5],["Branch",2],["Location",2],["Mobile",19],["POS",1],["Web",6]],"options":{"title":"Initiatives ( 24 of 24 )"}} |
| COT Analysis |
{"type":"ColumnChart","data":[["Category","Initiatives"],["Bank",21],["Content Aggregator\/Mobile Payments Provider",1],["MFI",1],["MNO",6],["MTO",1],["PSP",3],["Vendor",1]],"options":{"title":"Initiatives ( 24 of 24 )"}} |
| Persona Analysis |
{"type":"ColumnChart","data":[["Category","Initiatives"],["BB",7],["DB",1],["DN",1],["MB",3],["MM",3],["MMT",1],["MT",2],["MW",2],["OB",1],["OT",1],["PC",2]],"options":{"title":"Initiatives ( 24 of 24 )"}} |
| Products |
{"type":"ColumnChart","data":[["Category","Initiatives"],["AT",11],["Aid",1],["Alerts",1],["BB",6],["BP",11],["CICO",5],["Card",1],["D2B",1],["DC",2],["DMT",13],["DN",1],["EARN",1],["G2P",1],["IMT",5],["LP",1],["MB",5],["MFI",2],["MM",13],["MP",9],["MW",3],["OB",2],["OP",4],["PC",3],["Paybymobile",2],["Social",1],["Trade",3]],"options":{"title":"Initiatives ( 24 of 24 )"}} |
| PI Analysis |
{"type":"ColumnChart","data":[["Category","Initiatives"],["ACH",2],["Account",13],["Card",3],["Cash",14],["PC",2],["Voucher",1],["Wallet",12]],"options":{"title":"Initiatives ( 24 of 24 )"}} |
| Central Bank | |
| Key Regulations |
Late 2009: CBN released the regulatory framework to guide the operations of potential mobile money operators in Nigeria. CBN has clearly stated that the Banks are favoured ahead of MNO’s in the countries Mobile Money space. MNO’s will have to work with a licensed financial institution, therefore commercial Banks, micro finance and discount houses. MNO’s in Nigeria are not known (brand not to be used?), not to be in the drivers seat for their own deployments. The regulators stand on this may not be final but it holds for now. Upgrade to Bronze |
| Type of law |
Hybrid Upgrade to Bronze |
| Legal System |
Mixed legal system of English common law, Islamic law (in 12 northern states), and traditional law Upgrade to Bronze |
| Law is based on | |
| Approach |
Ex Ante Upgrade to Bronze |
| Sectors active in Digital Money |
NonBank Upgrade to Bronze |
| Exclusivity |
Illegal Upgrade to Bronze |
| Certainty |
Medium Upgrade to Bronze |
| Openness | |
| Proportionate? | |
| Allowed Models |
Jointly Led Upgrade to Bronze |
| DominantModel |
Bank Led Upgrade to Bronze |
| E-Money |
New product from Visa International that like Visa Electron, called VPlus. Card could have international use as prepaid or ATM card issued by Nigerian banks. Upgrade to Bronze |
| Payment | |
| Agent |
Proportionate rules in place Upgrade to Bronze |
| Money Transfer | |
| Taxation |
{"type":"Gauge","data":[["Label","Value"],["Mobile Penetration",60.65],["Banked",15],["Internet",7],["Urban",29],["Adult",52],["Literate",72.0054]],"options":{"scaleHeight":0.5,"min":0,"max":100,"redFrom":76,"redTo":100,"yellowFrom":26,"yellowTo":74}}
| Population m | 147.98 |
| Adult % | 52.00 |
| Migrants % |
1.00 Register/Log In |
| Stock Immigrants ('000) |
1,127.70 Upgrade to Bronze |
| Emigration Rate % | |
| Internal Migrants ('000) | |
| Internal Migration Rate % | |
| Intl Movement Rate % | |
| Urban % | 29.00 |
| Female % | 46.50 |
| Literate % | 72.01 |
| Annual Growth % |
| Mobile Penetration % | 60.65 |
| Banked % | 15.00 |
| Access to FS % | 15.00 |
| Internet % | 7.00 |
| Branches per 100k adults | 0.00 |
| ATMs per 100k adults | 0.00 |
| POS per 100k adults | 0.00 |
| Prepaid % | 98.50 |
| Prepaid SIM Registration | |
| MobileUnbanked (m) | 76.29 |
| Monthly ARPU |
13.01 Upgrade to Bronze |
| Cards 2010 ('000) | |
| Propensity % |
| Overall | |
| Population | |
| On Remittance Sent | |
| On Remittance Received | |
| Mobile Unbanked | |
| Migrant % | |
| MP % | |
| Banked % | |
| Development |
| Can Provide Payments? |
Yes, PSPs Upgrade to Bronze |
| Can Market under Brand? |
Yes (PSP not MNO) Upgrade to Bronze |
| Can issue E-Money? |
Banks and PSPs Upgrade to Bronze |
| Can Open Customer Account? |
Yes with Proportionate KYC rules Upgrade to Bronze |
| Can Own Customer? |
Yes (PSP not MNO) Upgrade to Bronze |
| Can do Cash In/Cash Out? | |
| Can offer Domestic Money Transfer? |
Yes (PSP, Bank JV but not MNO) Upgrade to Bronze |
| Can offer International Money Transfer? |
Inward Banks required for MTOs; Restriction on Outward Upgrade to Bronze |
| Importance for Digital Money | |
| Digital Money Adoption |
Prime Candidate Upgrade to Bronze |
| Registered Wallet Users | |
| Top Wallets |
Paga, MoneyBox Africa Upgrade to Bronze |
| Informal Market |
Very High Upgrade to Bronze |
| Cost To Remit | |
| Key Players |