Airtel Nigeria has identified the exclusion of Telecommunications Operators from playing active roles in the implementation of mobile money as a major drawback to the uptake of the service. (image: file)
Airtel Nigeria’s Director of Regulatory Affairs and Special Projects, Osondu Nwokoro, has identified the exclusion of telecommunications operators from playing active roles in the implementation of mobile money as a major drawback to the uptake of the service.
According to him, Nigeria is yet to leverage her huge population and subscriber base of over 120 million to unlock Mobile Money potentials, saying the performance of the initiative is still far below expectation.Nwokoro made this submission, recently, in Lagos at NigeriaCom, an international ICT workshop that enjoys wide participation from prominent Mobile Network Operators (MNOs), Original Equipment Manufacturers (OEMs) and other key players in the ICT value chain. He said that almost three years after the issuance of the first Mobile Money licences, only about 2.2% of adults with bank accounts have subscribed to the service while the unbanked population is yet to be reached.
In a paper entitled, Low Mobile Money Uptake in Nigeria: Causes and Remedies, Nwokoro also identified lack of finance, absence of consistency in technical specifications, low public awareness and few agents availability as other causes for the slow uptake of the Mobile Money service.
To reverse the trend and improve the uptake of the Mobile Money initiative, he advised all stakeholders to collaborate to design, fund and implement a comprehensive, all segment inclusive Mobile Money public enlightenment programme.
He also urged the Central Bank of Nigeria (CBN) to consider establishment of an intervention fund for the non-bank led Mobile Money Operators – like was done in the Agriculture Sector.
The Airtel Regulatory Director also called on the Federal Government to consider granting Mobile Money industry fiscal incentives, such as tax holidays and import duty waivers among others.
He said better collaboration between the Central Bank of Nigeria (CBN) and the Nigerian Communications Commission (NCC) is extremely important to the success of the initiative.
He, however, advocated a review of existing regulatory framework by empowering stakeholders capable of driving service uptake, saying the move will ensure the realization of Federal Government goal on financial inclusion.
“Telcos have demonstrated capability to address the constraints associated with the slow uptake of Mobile Money service. Therefore, the regulatory framework should be reviewed to allow Telco involvement, to conclusively eliminate these constraints,” Nwokoro submitted.
Movotek is taking its core advantages to leverage its Electronic Voucher Distribution Solution for the unbank Nigerians. Although the Mobile Money is developing slowly in Nigeria, Movotek’s Electronic Voucher Distribution is doing its utmost to satisfy the unbank Nigerians’ need on the PIN based voucher distribution (Electronic scratch cards distribution). Movotek is capable of deploying plenty of handheld POS Terminal to the retail outlets covering the rural and urban areas to provide the prepaid service by cash.
“Movotek Innovations Limited is happy to take its socal responsibilities to offer the best quality service to its end customers in Nigeria.” Peter in Movotek says.