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Nigeria Mobile Money Market Analysis By Top Key Players - Cellulant Nigeria Limited, Ecobank Nigeria Limited (Ecobank Transnational Incorporated), Funds and Electronic Transfer Solutions Ltd, Fortis Mobile Money Limited

According to the latest report by IMARC Group, titled “Nigeria Mobile Money Market Size: Industry Trends, Share, Growth, Opportunity and Forecast 2021-2026,” the nigeria mobile money market exhibited strong growth during 2015-2020 and expects the market to continue its strong growth during the next five years

Mobile money is a digital service that enables financial transactions via mobile devices, including smartphones and tablets. It includes several technologies, such as digital wallets, Unstructured Supplementary Service Data (USSD), Near-Field Communication (NFC), etc.  These technologies facilitate secured and convenient payment solutions as compared to the traditional cash-based transaction methods. In Nigeria, the rising internet connectivity and the growing adoption of smartphones are currently driving the market for mobile money.

As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.

Nigeria Mobile Money Market Trends:

The growing need for mobile-based financial services due to the limited access to brick-and-mortar financial institutions, especially across the rural areas of Nigeria, is primarily propelling the demand for mobile money services. Furthermore, the rising consumer awareness towards various advantages of mobile money, such as lower transaction costs, ease of accessibility, 24/7 availability, etc., is also providing a thrust to the market. Moreover, several financial institutions are also providing loan and insurance policies through mobile money platforms, which is acting as another growth-inducing factor. Besides this, the growing integration of numerous e-commerce platforms with mobile money services for providing discounts, cashback, rewards, etc., during the purchase of goods, travel booking, bill payments, etc., is anticipated to further drive the demand for mobile money in Nigeria over the forecasted period.

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Nigeria Mobile Money Market 2021-2026 Analysis and Segmentation:

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Cellulant Nigeria Limited, Ecobank Nigeria Limited (Ecobank Transnational Incorporated), Funds and Electronic Transfer Solutions Ltd, Fortis Mobile Money Limited, Guaranty Trust Bank Plc, Pagatech Limited, Pocket Moni, ReadyCash, Teasy International Company Limited, and VTNetwork Limited.

The report has segmented the market on the basis on region, product and distribution channel.

Breakup by Product:

• Hemp Protein Powder
• Hemp Seed Oil
• Hemp Seeds
• Others

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Online Stores
• Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

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