There is an increase in interest in mobile money services in Nigeria with Fortumo the latest venture to launch a mobile payment service in the West African country.
Connectivity and mobile money payment services are now available to some 114 million mobile phone users across the country.
Although the majority of Nigerians do not use smartphones, Fortumo has created a “special flow” of its cross-platform “mobile payments for feature phones” in an effort to enable the majority of the population to use mobile money services.
Mobile Internet continues to dominate and 75% of all Internet subscriptions are managed via mobile platforms, which equates to some 35 million users. At present, only 25% of phones in the country are smartphones.
Nigeria has set itself a target to lead in mobile money payment services in order to boost the local economy and empower users with online purchasing and billing options.