MOBILE BANKING IN NIGERIA

Nigeria is giving telecom operators “super-agent” licenses which allow them to set up an agent network
through which it can provide financial services .The licenses come after reforms by Nigeria’s central bank
last October permitting telecoms operators to get mobile money and banking licenses in a bid to boost
financial inclusion and facilitate the long held ambition for a cashless society

Indeed, the continent’s biggest mobile money players are all owned by telecoms operators.

Africa's biggest mobile money players have seen rapid growth

Subscribers (millions)

No. of countries

In MTN’s case, its longstanding status as Nigeria’s most dominant telecoms operator means it will have a
pool of 67 million users to offer its services. And there’s room for significant upside in the near future
too with Nigeria predicted to add 31 million mobile subscribers by 2025.

SHARE OF NIGERIAS TELECOMS MARKET (JUNE 2019)

(https://qz.com/africa/1679567/mtn-to-kick-start-mobile-money-in-nigeria/)(source of information)

Exciting mobile technologies entering

Nigeria’s market
Smartphone technology has been making waves in Nigeria, promising greater and greater
opportunities for users and its market as a whole. 2019 paved the way for a number of
innovations now hitting the scene, as well as upgrades to existing tech, all of which will bring
mobile technology to the next level.

Nigeria is joining in the excitement and already integrating these technologies as per the
country’s needs and capabilities. Each nation has different consumer demands and behaviours,
after all. With this in mind, let’s take a closer look at how these innovations can make
themselves at home in the Nigerian market.

“Virtual Private Network (VPN)” (CC BY 2.0) by Infosec Images

VPN for Mobile

Whether it’s for streaming international services or simply feeling safe, the use of VPNs on
computers is becoming increasingly popular in Nigeria. Internet access through mobile devices is
just as commonplace, if not more so, but the instant connectivity and quick entertainment
provided by a smartphone can easily make users forget to check, for example, that they’re not on
an open WiFi network. This medium’s safety and convenience must be ensured and, fortunately,
this need is being met by a growing range of VPNs, Nigeria-based too, that can guard people’s
online activity. However, this technology, like 5G, requires research and further expansion.

Virtual private networks for mobile come in the form of apps. In addition to security and content
unblocking, key services and companies prioritise enhanced and secure privacy in their list of
key reasons why Android users implement VPNs. Each of these factors encompasses extra
considerations that should be taken into account when choosing a suitable network.

NordVPN affordably covers most concerns, including a zero log policy, 5000+ servers in around
60 countries, 2048 bit SSL encryption, and speeds sufficient for high-quality videos, despite
substantial protocols. Any shortcomings can be made up by other services with different focal
points. As Nigeria immerses itself more into the digital world, greater investment in VPN
technology is vital.

Foldable Smartphones
At the hands of Samsung, Huawei, Microsoft, and other major tech companies, this technology
seems brand new. The truth is foldable products have been around for years, such as Nokia’s
N93 phone launched in 2006 that opened into a camcorder, and Royale’s FlexPai, 2018’s actual
first bendable smartphone. As thrilling as it may be to watch this technology evolve, the
problems that emerged with the FlexPai, not to mention Samsung’s original Galaxy Fold, is
inspiring caution alongside global enthusiasm. This is a good thing, considering how expensive
these devices can be, starting at just over ₦722,000.

Luxury items are less successful in Nigeria, although its mobile market is currently flourishing

because of the popularity of low-budget smartphones. 20 million users with a focus on value for
money will be difficult to impress, especially for a device that veers away from the typical
functions and size of a smartphone.

Since some luxury products, such as the iPhone for example, did find a foothold in Nigeria, there
is hope that the public will take a shine to a foldable model; one that is efficient, practical and
affordable. The few reviews of released devices like the new Galaxy Fold 5G, have been mostly
positive and convey manufacturing companies’ gradual success in overcoming known issues
related to buggy software and sensitive displays.

Concerns still linger, however, about whether or not they truly are life-enhancing, durable, and
worth the cost. Solutions will come in time as foldable technology, like any innovation, perfects
itself and earns the public’s approval.
PHOTO: PEXELS

5G Technology
Opinions are mixed as to Nigeria’s readiness to support a 5G network, but the Nigerian
Communications Commission (NCC) is confident that the technology will be established by
2020. Telecommunication companies are looking forward to making its benefits a reality for the
country, as new mobile devices with 5G capabilities are produced and introduced. Improved
connectivity, employment rates, industry profit, and everyday life may indeed be within the
country’s reach. What remains to be seen is if the work being done so far will be enough to meet
the ambitious target.
According to research, only 4% of Nigerian mobile users prefer 4G compared to the 44% partial
to 3G networks. The 5G venture’s potential should improve as its promise keeps building hype
and encouraging users and companies to prepare for its integration. The NCC’s assurance is
bolstered by its trial testing of three spectrum bands: 26GHz, 38GHz and 42GHz.

Any issues encountered are being resolved, while also fine-tuning the system’s infrastructure and
regulation, all important parts in the process of establishing 5G as an integral boost to Nigeria’s
lifestyle and market. The technology’s complexity may take longer to set up, but its gifts are
worth pursuing.

By the looks of current plans and services, there’s much to feel excited about in Nigeria. The
country’s challenging standards but high appreciation for smartphones makes its consumers a
prime audience for testing mobile experiences. And every technological advancement Nigeria
embraces improves the country’s standing and potential in the global market.

(guardian.ng/technology/exciting-mobile-technologies-entering-nigerias-market/