Serrari Group

In the latest report by S&P Global Ratings, Nigeria’s mobile money landscape comes under scrutiny, revealing a gap compared to its counterparts, Ghana and Kenya. Despite a commendable surge in mobile phone usage, reaching 93 percent (103 million) in 2023 from 90 percent in 2020, registered mobile money accounts in Nigeria still fall short.

Fintech emerges as a crucial player, poised to close the gap of financial exclusion and literacy in Nigeria over the next five years. This becomes particularly significant as nearly 40 percent of the population lacks formal banking services.

The report underscores positive developments, citing an 18.1 percent increase in registered mobile money accounts per 1,000 Nigerian adults within a year as of November 2023. IMF data further highlights a rise in mobile money accounts from 191.0 in 2021 to 225.9 in 2022, accompanied by a doubling of mobile money agent outlets per one thousand square kilometers, from 680.9 to 1,618.6.

Digital banking’s strategic pivot proves instrumental, shielding Nigerian banks from economic volatility and fostering profitability. Despite being excluded from cryptocurrency transactions, commercial banks in Nigeria have successfully expanded their reach and product offerings, significantly enhancing financial inclusion.

S&P Global Ratings points to Nigeria’s citizens as early cryptocurrency adopters, reflective of a shift in payment and savings preferences. With 70 percent of the population under 30, the nation’s demographic landscape, coupled with an entrepreneurial spirit and a burgeoning digital ecosystem, positions Nigeria for growth.

While mobile penetration nears 100 percent in 2023, challenges persist, with only half the population having broadband access and approximately a third owning a smartphone. Addressing these connectivity gaps is crucial for propelling Nigeria towards a more inclusive and tech-savvy financial future.
By: Montel Kamau
Serrari Financial Analyst
24th January, 2024

Share this article:
Article and News Disclaimer

The information provided on is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website., reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023