59 percent of Nigerians are not aware that mobile money does exist

Are you a Nigerian but haven't heard of mobile money?

Its almost two years after the Central Bank of Nigeria introduced mobile money services to drive financial inclusion in the country, a new survey by NOI Polls has revealed that about 59 per cent of the populace are unaware that such services exist.

 Mobile money enables monetary transactions to be done on mobile phones through text messaging. Of the 41 percent citizens that are knowledgeable about mobile money services, only 13 percent have adopted it, indicating a very low adoption rate, according to the report. The CBN introduced mobile money services to provide basic financial services and create payment access, especially to the un-banked, and also help to drive financial inclusion in the country. Operations that can be carried out through mobile money include money deposit, bill payment, funds transfer and withdrawal, and payment for goods and services. It serves as an alternative way of storing money for both the banked and the un-banked. The NOI Polls report showed that teenagers, young and middle-aged adults were more willing to utilize the services than senior citizens. The report, which was made available to our correspondent on Wednesday, stated, "About six in 10 (59 percent) Nigerians are not aware of mobile money services and only 13 percent of the 41 per cent that are knowledgeable of it, and have adopted it, showing a very low adoption rate. "Findings have also revealed that teenagers, young and middle aged adults are more willing to adopt the services than senior citizens." The survey, however, noted that all respondents who used mobile money services operated a bank account and that 93 percent of them operated their mobile money accounts in connection with their bank accounts. The report further stated, "This shows that mobile money services have not had any impact on the financial inclusion of the un-banked Nigerians so far. The general perception of users of the mobile money service as indicated by the majority is that it is easy to use, it is secure, service providers are easily accessible, it saves cost and it saves time. "These are the key findings from the Mobile Money Services Snap Poll conducted in the week of August 5, 2013."

Source: Naij.com