Mobile Connectivity to Improve Financial Inclusion in Nigeria, Other Sub-Saharan Countries
Nigeria still lags behind Kenya, Uganda, South Africa and other Africa countries on the penetration of mobile money which is one of the key components of the Central Bank of Nigeria (CBN) strategy for financial inclusion to get the unbanked into the formal banking environment.
As mobile subscriptions in Sub-Saharan Africa is expected to reach one billion by end of 2021, with 690 smartphone subscriptions, Nigeria is listed among top five countries for quarter three (2015 Q3) net global mobile subscriptions additions.
Between 2015 and 2021, data traffic is projected to grow 15 times in Sub-Saharan Africa, driven by an increased spread of long term evolution (LTE) mobile technology. Smartphones will account for almost 95 percent of mobile data traffic by 2021, up from close to 80 percent in 2015. Voice traffic over the same period will only marginally increase.
Fredrik Jejdling, Regional Head of Ericsson Sub-Saharan Africa, said “In Sub-Saharan Africa, the dividends of connecting the unconnected through mobile broadband access and driving new services cannot be overlooked as it allows business and society to fulfil their potential and create a more sustainable future.
“For example, increased connectivity improves the prospect of financial inclusion for the 70 percent unbanked through mobile money services starting to take form across Africa. The same is true for transformation in the agriculture, healthcare and even the media industries.
