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Nigeria

Nigeria mobile money

Scheme name: Nigeria mobile money

IIPS Type: Mobile money

Instruments: E-money

Channels: Agent, USSD, App

Use cases: Transfers & remittances (P2P), Merchant payments (P2B)

Inclusivity level: Basic

Year of establishment: 2013

System owner: NIBSS

Overseer: Central Bank of Nigeria and Nigerian Communications Commission

Operator: NIBSS

Total Participants: 31

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CategoryNigeria mobile money
Geographic reachDomestic
Geographic descriptionNigeria
Scheme governanceNIBSS
Settlement agentCentral Bank of Nigeria
Participants - commercial banks0
Participants - MMOs31
Participants - non-bank PSPs0
Participants - MFIs0
Values 2023 not-on-us transactions (US$)N/A
Values 2023 on-us transactions (US$)N/A
Total value of instant payment transactions 2023 (US$)N/A
Interoperability arrangementPayment system operator
Ownership modelJointly owned
Governance TypologyPPP
Scheme rules shared or publically available?Yes
Messaging standardISO 8583
Types of proxy IDsMobile phone number
Use of open APIsYes
QR code standard N/A
Pro-poor governanceYes
CB governance involvementYes
Expanded use CasesNo
Minimum channel functionalityYes
Minimum use case functionalityYes
All licensed PSPs can participate (all-to-all interoperability)No
RecourseNo
Not-for-lossNo
StatusAlmost at progressed level
Strengths/driversOnly open to MMOs, missing use cases, consumer recourse and no cost-recovery business model.
Areas of developmentTo reach progressed criteria the system should enable the participation of all PSPs. There is currently an overlap in terms of participation of MMOs in NIP as well as the mobile money scheme. This can lead to scale fragementation. Also need to look at the business model, consumer recourse, and an expansion of use cases.

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