Nigeria

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
Nigeria
Wallets
Development Developing
Send or Receive
GDP ($m)
165,468.82
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HDI classification Medium
Mobile Connections (m)
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"}}
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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 )"}}
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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 )"}}
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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 )"}}
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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 )"}}
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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 )"}}
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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.
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Type of law
Legal System
Mixed legal system of English common law, Islamic law (in 12 northern states), and traditional law
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Law is based on
Approach
Sectors active in Digital Money
Exclusivity
Certainty
Openness
Proportionate?
Allowed Models
DominantModel
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.
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Payment
Agent
Proportionate rules in place
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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 %
Stock Immigrants ('000)
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
Cards 2010 ('000)
Propensity %
Overall
Population
On Remittance Sent
On Remittance Received
Mobile Unbanked
Migrant %
MP %
Banked %
Development
Can Provide Payments?
Can Market under Brand?
Yes (PSP not MNO)
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Can issue E-Money?
Banks and PSPs
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Can Open Customer Account?
Yes with Proportionate KYC rules
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Can Own Customer?
Yes (PSP not MNO)
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Can do Cash In/Cash Out?
Can offer Domestic Money Transfer?
Yes (PSP, Bank JV but not MNO)
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Can offer International Money Transfer?
Inward Banks required for MTOs; Restriction on Outward
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Importance for Digital Money
Digital Money Adoption
Prime Candidate
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Registered Wallet Users
Top Wallets
Paga, MoneyBox Africa
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Informal Market
Cost To Remit
Key Players

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