14 Aug 2014

Central Bank of Nigeria discusses challenges, mobile payments and connectivity ahead of Nigeria Com

dare ol
Licensed Mobile Payment Operators
This year NigeriaCom has developed the mobile money section of the conference, involving the critical players within the mobile payments ecosystem, the regulatory body and some of the pioneering banks. With the Central Bank of Nigeria participating the discussion about reaching the unbanked population is a session not to be missed. We discussed the mobile payments landscape and some of the challenges for a cashless society in Nigeria with Dare Owolabi, Chairman of the Association of Licensed Mobile Payment Operators (ALMPO)

Com World Series: How is your company positioned in Nigeria and what are its future objectives? 

Dare Owolabi: Mobile Money Operators in Nigeria is positioned and believed that mobile money is sustainable and are taking a scalable approach to provide convenient and affordable financial services to the unbanked. Mobile Money for the Unbanked (MMU) works with mobile operators and their future objectives are to provide a financial industry that accelerates the availability of affordable financial services that provide safety, security and convenience to the unbanked.

Com World Series:  What do you think are the top 3 major trends that are affecting your business in the region in 2013?

Dare Owolabi: The 3 major trends that are affecting mobile money business in the past years are:
  • Level of illiteracy among subscribers: Mobile money operators have not sufficiently educated their customers on the use of mobile money.
  • Financial Institution Regulators:  Articulation of policies that will improve the financial inclusion is still a far play
  • High cost of USSD: transaction cost is high
Com World Series:  What are the remaining challenges in terms of connectivity and quality of services in the region and which technologies are most likely to resolve these issues?  

Dare Owolabi: Network connectivity is a major issue:  there are lots of interruptions due to unstable broadband. This makes subscribers to lose confidence in operation of mobile money. The technology that will resolve these issues is to transform telecommunication industry.

Com World Series: How are smartphones/tablets and cloud services impacting mobile/internet service providers in Nigeria?

Dare Owolabi: Most Nigeria use smartphones and tablets and this have increased the infiltration and usage of internet. It is left for the operators to continue to invest and improve data consumptions in order to buy subscribers credibility.

Com World Series: In your opinion, which companies are spearheading innovation in the region and what can be learnt from them?

Dare Owolabi: In our opinion all mobile money operators are trying their best to drive the industry and make sure it succeeds.
NigeriaComDare and the Central Bank of Nigeria plus other distinguished speakers will be sharing views on Day One, 16 September at 15:40 on the panel: The mobile money advantage and reaching the unbanked