Mobile Banking: Nigeria not among the top ten in Sub-Saharan Africa in a World Bank’s report

The report recently released by the World bank vividly shows that Nigeria, despite being the largest economy in Africa still has a long way to go in the usage of mobile phone for money transfer.

In the report, Nigeria did not even make the top ten among the Sub- Saharan African countries surveyed by the global bank in the usage of mobile phone for financial transactions.

According to World bank in its tweet, Kenya is the highest in Sub-Saharan Africa as regards the usage of mobile phone for financial transactions. The report says 68 percent of the adults in the country embrace the use of mobile phone for money transfer.

Sudan is rated second with 52 percent of the adults embracing money transfer with the use of mobile phone. Gabon followed with 50 percent, while Algeria came fourth with 44 percent.

Others are: Congo Republic (37 percent), Somalia (34 percent), Uganda (27 percent), Angola (26 percent).

Responding to the tweet, one Odeniyi Luqman said: “when will Nigeria get there, a lot of queue at our banks would be minimised with this kind of idea, let’s embrace it to the core.”

It will be recalled that in April this year, the Central Bank of Nigeria, CBN set the maximum amount a bank customer can transfer via mobile phones  using shortcodes at N100,000.

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