• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Companies Company News

How Safricom’s MPesa plans to enter Nigerian market

Research Team by Research Team
June 14, 2017
in Company News, Spotlight
Here Is The Number of Mobile Subscribers (GSM) In Nigeria
Share on FacebookShare on TwitterShare on Linkedin

Kenyan telecoms giant, Safricom is considering the various options to bring its popular mobile money product to other countries including Nigeria. The move to expand into new markets may be due to increasing pressure from regulatory authorities in its home country of Kenya, to open up its platform to other operators, and dictate prices. While the service has been quite successful in East Africa, mobile money has struggled in Nigeria.

Critics opine that regulations put in place by the Central Bank of Nigeria (CBN) have stifled mobile money from taking off properly. The CBN has granted mobile money licences to over 20 companies, but few have made significant traction. Telecommunications companies are the main drivers of mobile money in other climes but have been restricted to just provision of infrastructure.

Nigeria also has its fair share of mobile money operators in Nigeria with over 20 small to medium size operators competing for market share and relevance. Examples are Paga, Pay Aptitude, Simple Pay, PayStack, Flutterwave, Konga Pay etc. Paga, one of the biggest operators, has over 6.4 million customers and 11000 agents. These numbers are a drop in the ocean compared to the country’s population of over 170 million people.

RelatedStories

Mobile money transfer

Mobile money: Palmpay, OPay, others process N71.5 trillion transactions in 2024 

February 2, 2025
Opay drives innovative security feature to secure user’s finances

Opay drives innovative security feature to secure user’s finances

July 22, 2024

 

 

Chart: Value of Mobile, POS and Internet Transactions in Nigeria 2012 – 2016

Data shows value of FinTech driven transactions has been on a steady growth path since 2012

 

[wpdatachart id=111]

 

Commercial banks seem to be more interested in pushing USSD banking and their apps, than mobile money schemes in Nigeria. Understandably so as data from commercial banks annual reports also showed that about N134 billion was earned from E-business Income for the year ended 2016 and represents a 41% increase from the N94.1 billion reported in 2015.

See bank E-business income

Vodacom, Safaricom’s dominant shareholder, has limited operations and visibility in Nigeria, so the company would have to rely on other telecoms operators in the country to piggyback its operations. According to this Bloomberg report, the company is considering a deal with MTN to ride on its platform rather than compete directly with it in other African Countries. Nigeria is MTN’s largest market, giving MPESA a rapid in road into perhaps it’s potentially largest market.

Safari’s expansion to the country will have positive effects on the economy. The company will have to employ staff and embark on advertising campaign to create awareness. Agents that will sign up for its mobile money scheme, will earn additional income.

Safaricom is Kenya’s biggest telecom operator with over 16 million subscribers as at 2016. The company began operations in Kenya as a fully owned subsidiary of Telkoms Kenya. British telecommunications giant Vodafone bought a majority stake in the company in 2000. The company has since sold 35% of its stake to South Africa owned Vodacom. M-Pesa which is a mobile phone based money transfer, financing and micro-financing solution was launched in 2007 by Vodafone in Kenya and Tanzania. The service has been enormously successful with over 10 million active users and has since been expanded to other countries including Afghanistan, India and South Africa.

Tags: Financial ServicesMobile MoneyMPesaSafricom
Research Team

Research Team

The Research Team at Nairametrics meticulously monitors, gathers, curates, and administers an extensive repository of both macroeconomic and microeconomic data originating from Nigeria and across Africa. Utilizing a variety of presentation formats—including documents, tables, and charts—our analysts disseminate key findings through the Nairametrics platform. Additionally, we regularly release insightful, research-driven articles that offer in-depth analyses of economic trends and indicators.

Related Posts

Mobile money transfer
Financial Services

Mobile money: Palmpay, OPay, others process N71.5 trillion transactions in 2024 

February 2, 2025
Opay drives innovative security feature to secure user’s finances
Companies

Opay drives innovative security feature to secure user’s finances

July 22, 2024
Building a robust foundation: Assessing Nigeria’s payment infrastructure readiness for a digital future
Companies

Building a robust foundation: Assessing Nigeria’s payment infrastructure readiness for a digital future

July 18, 2024
Can Airtel Africa avoid another loss this quarter?
Sectors

Airtel Africa considers IPO for its mobile money unit – Report 

March 13, 2024
MTN Group, Mastercard sign agreement to boost mobile money in Nigeria, others 
Companies

MTN Group, Mastercard sign agreement to boost mobile money in Nigeria, others 

February 29, 2024
opay
Corporate Updates

Opay Redefines Customer Service With Innovative Solutions And Expanded Accessibility

February 26, 2024
Next Post
An Ugly Data Showed Up In March Inflation Report

5 reasons why the CBN may not meet its 11% inflation target

Comments 1

  1. anodebenze says:
    June 16, 2017 at 4:38 pm

    This mobile payment already exist in Nigeria.some banks in Nigeria are using this smartphone.this using of smartphone for payment in Nigeria is being used in about 5 ways.if this Kenya company comes to Nigeria,they cannot penetrates Nigerian market successfully

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • BREAKING: GTCO becomes first banking stock to cross N100 on NGX 
  • Analysts predict naira won’t drop beyond N1,600 in H2 2025, cite reasons 
  • Beyond Hype: Building an AI-Ready business in Africa 

Follow us on social media:

Recent News

Breaking news

BREAKING: GTCO becomes first banking stock to cross N100 on NGX 

July 16, 2025

Analysts predict naira won’t drop beyond N1,600 in H2 2025, cite reasons 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics