Wednesday, February 1, 2023
HomeNEWSNigerians adopt mobile wallets to scale bank charges

Nigerians adopt mobile wallets to scale bank charges

The rapid rise in the growth of mobile money technology in Nigeria was a phenomenon that was not embraced by all, especially the older persons who derived their confidence in banking through a brick-and-mortar bank.

Mobile money wallets were mainly used by agents and Point of Sale, PoS, operators for business purposes.

However, the tradition of performing physical banking transactions is gradually going into extinction, as many Nigerians are now adopting the use of mobile wallets.

The reasons are not far-fetched as many see the innovation as a means to run away from the various charges, and stress accompanied by transactions from traditional banks, even with the use of electronic payment channels such as Unstructured Supplementary Service Data, USSD, and online banking applications

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