MTN m-money aims for 40m

MTN Nigeria says it aims to get 40 million Nigerians using its new mobile money service.

The company announced its new mobile money offering in the country this week, aiming to launch it to users by August.

With Mobile Money listed as a key value added services in Afica’ s mobile arena, MTN is offering mobile money services in a growing number of countries, including Ghana, Uganda, Rwanda and South Africa.

In Nigeria, fewer than 20% of people are reported to have formal bank accounts but more than half have mobile phones. MTN says mobile money will harness and document the identities, resources and financial transactions of hoarders and unbanked Nigerians and bring them into the formal economy.

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