Checks revealed that during the COVID-19 pandemic, many governments and NGOs turned to mobile money providers to distribute income support and emergency payments rapidly and efficiently. But while other countries could boast of a thriving mobile money ecosystem, in Nigeria, the sub-Sector has been slow in gaining the required traction. Compared to neighbours in West Africa, mobile money is gaining traction in Burkina Faso, Cote d’ Ivoire, Senegal and Ghana. But findings showed that nothing concrete had been achieved as far as mobile money is concerned. Although financial inclusion had grown in the past decade, Nigeria fell short of the National Financial Inclusion Strategy targets for 2020.

Source: The Guardian November 17, 2021 04:59 UTC