Investment Safari to promote Mobile financial services in Nigeria

Description:

According to the MicroFinance Group, there are approximately 12 million micro and small businesses in Nigeria with an estimated 2.3 million micro and small enterprises in Lagos State alone. Micro Finance Bank License holders are in excess of 800 in Nigeria.

Forty per cent of all bank account holders in Nigeria operate micro and small businesses with unmet loan portfolio in excess of US$ 420 million (N54,6 Billion).

The Country is home to 70 Million mobile subscribers under an addressable market of 140Million people with only 22 million Bank accounts.

In May 2010,the Central Bank of Nigeria will be licensing Mobile Money providers which had already excluded the Mobile Network operators and therefore, opening the opportunities for Banks and small independent players which are still struggling to access finance and may find it challenging to launch operations within the stipulated time after licensing and also develop agent networks that will serve a market potential of estimated 100Million unbanked with agent outlets requirements in excess of 60,000.

The Mobile Payment and Micro Finance Banking Investors Safari is taking place next month to address this issue. The event is co-produced by MobileMoneyAfrica and African Centre for Mobile Finance Inclusion.

It is the premier investment event to promote Mobile financial services in West Africa. The April event will bring together leading investors, entrepreneurs, and service providers for two days of high-level presentations, conversations, and networking.

The investment safari will help in matchmaking the MFI’s, Potential MobileMoney providers with investors from all parts of the Globe, accessing the most viable economic region in the sub-sahara Africa.