Dare Adeyeri, chief information officer at Guaranty Trust Bank, Nigeria, believes now mobile money has begun in the West African country it will explode in usage.
Adeyeri was explaining how to set up a mobile money service in Africa at the Mobile Money World Africa 2012 conference in Sandton, Johannesburg, this morning.
The GTMobileMoney pilot service began in mid January this year and 90,000 have already signed up.
Adeyeri said: “When Nigeria starts [mobile money] it is just going to consume and consume.”
There have has been 800,000 transactions. The value of those transactions was NGN3.5 million (US$22,100) in January and NGN7.7 million (US$48,700) in February.
The most popular transaction on the GTMobileMoney service is buying airtime with a value of almost NGN1.5 million (US$9,500) being spent on it in February.
GTMobileMoney is a bank led model, unlike the popular Kenyan service M-Pesa, which is led by the operator Safaricom.
