The Nigerian Communications Commission said active mobile lines networks hit over 173.6 million first in Nigeria The commission made this disclosure in a statement signed by its Director, public affairs, Mr Henry Nkemadu, on Monday in Abuja
Danbatta stated that as at May, there were over 173.6 million active mobile lines across mobile networks, corresponding to a teledensity of 90.98 per cent Internet subscriptions which stood at 122.6 million up from 119 million in April.
Implication for Fintech Startups in Nigeria
Because mobile phones are increasingly becoming part of the everyday lives of the poor or unbanked population, it is argued that they have potential to become a low cost accessible ‘account’ or delivery channel for financial information, services and transactions thus facilitating more innovations various financial sectors including micro-payments (m-payments), electronic money (e-money), and a banking channel (m-banking). Existing initiatives (e.g. Paga, Opay)
The poor majority are in need of, and are increasingly demanding, a broader range of micro-financial services that could potentially be delivered via mobile phones or via mobile phone operators. These have been specified as low cost solutions that can underpin regular savings like the Asusu Platform, facilitate payments, enable monetary transfers (particular of small denominations) and supply micro-credit
We can bold say there is a huge population that is currently financially excluded that are seeking for micro financial service in several parts of nigeria that can be accessed through their mobile phones
The market base for Fintech startups continue broaden with more of the financially excluded getting mobile phones which can be their access to financial services, the more the mobile phone users we have the greater the opportunity for fintech startups to provide financial services to this unbanked population who now have mobile phones.