Today Nigeria has 27 strong and viable banks operating in the country with Central Bank of Nigeria [CBN] as the apex bank or ‘Bank of Bankers’. Nigerians lost over N12.06 billion of their deposits to fraud perpetrated by commercial banks workers in 2018. As over 118 million Nigerians do not have bank accounts which represents 51%.
It is the fastest and the latest mobile money services in Nigeria. Their names varies, but the ‘ultimate’ providing quick and mobile money services, which includes; opening of bank account, cash deposit, cash transfer, cash withdrawal, & payment of utilities bills [electricity, satellite TV subscriptions/airtime top-up vouchers] via Point-of-Sales [PoS] machines terminals.
According to Nigeria Inter-Bank Settlement System [NIBSS] Point-of-Sales [PoS] transactions by Nigerians in 2018 rose by 95% totaling N2.3 trillion.
It is what Nigerians dubbed ‘wonder’ banking & financial transactions without sweat or delays. They are located at every corner, bus-stops, markets, schools, eateries, relaxation joints, shopping malls, petrol & gas stations, offices, hotels, terminals, parks and sporting facilities centers across Nigeria.
Look beyond your 100 meters radius within the cities centres and you will see a signpost/banner of ‘Mobile Money & Financial’ Services Kingdom.
They are everywhere in Nigeria’s 774 Local Government Areas, 36 States and Federal Capital Territory, Abuja. The charges differ on transactions, while in the urban cities, the charges are moderate, but in the rural communities, charges are slightly higher. They are critical ‘money & financial services’ rescuers. Get money and financial services every where you go!