A recent report by the International Monetary Fund (IMF) reveals a substantial increase in registered mobile money agent outlets in Nigeria, reaching a six-year high. The number of outlets rose by 137.7% in 2022, with each 1,000 square kilometers now having 1,618.6 outlets. This surge is seen as a positive step toward expanding access to formal financial services, especially for rural and marginalized groups.
Key Points:
- The number of registered mobile money agent outlets in Nigeria saw a 137.7% increase in 2022, marking the highest in six years.
- The number of registered mobile money accounts per 1,000 adults also increased, indicating growing adoption of mobile money services.
- The value of mobile money transactions as a percentage of the GDP more than doubled, indicating a significant shift towards digital financial transactions.
- High mobile phone ownership and access in rural areas make mobile money accounts easily adoptable, facilitating financial inclusion for underserved groups.
- Mobile money agents play a crucial role in bringing unbanked individuals into the financial ecosystem, offering services like account opening, cash deposit, bill payments, withdrawals, and money transfers.
- The growth in mobile money agents aligns with the broader expansion happening in the fintech space, with both traditional banks and fintech companies actively participating.
Impact: The surge in mobile money agent outlets reflects a positive trend towards financial inclusion in Nigeria. It highlights the importance of innovative approaches, like mobile money, in bringing more people into the formal financial system, especially those in remote or underserved areas.
