Mobile money implementation a case study of Nigeria

Abstract

In Nigeria, the financial markets are not developed and are unable to meet the needs of intended users, especially, individuals who live in the rural areas. The branchless banking, which is the mobile money system, may be helpful in addressing the banking needs. This study examines 3 business models of mobile money system to determine suitable model that can be applied to the Nigerian context to improve banking services.Thus, a case study analysis of 3 mobile money models (MMS) and the Nigerian financial environment is conducted with the MMS models in relation to the availability of financial infrastructure in the country. Furthermore, analyses of countries with financial environments similar to Nigeria are examined to understand factors that improved banking systems successes. The findings show that; for example, Kenya and Japan adopted the mobile network operator’s model, and this helped to improve the financial facilities and reduce exclusions in the financial systems. Also, the results indicate that the mobile network operator’s model can be successfully implemented in countries such as Nigeria where large percentage of the populace lives in the rural areas. Further, how the MMS can be successfully adopted to fit the Nigerian is discussed