NIGERIA Invest in 2012-13 - Newsdesk Media

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MOBILE MONEY DELIVERING FINANCIAL SERVICES FOR ALL Monitise enables banks to realise the Mobile Money opportunity, by providing mobile financial services for both the banked and unbanked in Nigeria. To find out how we can help mobilise your infrastructure and revolutionise your business, please contact us. Working for everyone mbanking | mpayment | mcommerce +44 (0)20 7947 4300 www.monitise.com @MonitiseGroup on Twitter
Driving growth through Mobile Money – putting Nigeria on the fast track Mobile banking, payments and commerce is a proven source for economic development and growth. Prateek Shrivastava, managing director of Monitise Africa, explains how Nigeria can take advantage of it via a shared-services platform. The introduction to the World Bank’s first ever Global Financial Inclusion report opened with the following words: “well-functioning financial systems serve a vital purpose, offering savings, credit, payment and risk-management systems to people with a broad range of needs.” The report looked at 148 countries’ financial systems and painted a picture of financial inclusion around the world as a patchwork quilt, with developing markets lagging behind high-income economies in many areas. However, the authors noted: “there is a bright spot in the expansion of financial services in the developing world: the recent introduction of ‘mobile money’”, citing the area of greatest success as sub-Saharan Africa. The Bank highlighted these figures because of the transformative impact that mobile banking has. For every 10 per cent increase in mobile penetration rates, there is a 0.8 per cent increase in a country’s gross domestic product, the Bank has noted. So, for a country like Nigeria, Africa’s largest mobile market with almost 100 million subscribers yet a market penetration rate of only 60 per cent, the prospect of building a flourishing network for mobile banking, payments and commerce is attractive both to the government and to business. But delivering such a network is a complicated matter, particularly where traditional forms of banking are not present. Challenges include the number of people with a bank account (and those who actively use it) versus those ‘unbanked’, plus the physical infrastructure in terms of access and availability to branches. According to the World Bank, only 30 per cent of adults in Nigeria have a bank account, while 13 per cent used mobile money in the previous 12 months. At Monitise, we believe there are three vital ingredients to bringing financial systems to unbanked people via mobile. Firstly, it cannot be done without financial institutions to provide infrastructure; second, you need stable, proven technology, and third, a network of agents must provide on-the-ground access to services. Monitise already provides its proven technology platform to 15m customers of over 300 banks across the world as well as being the chosen mobile partner for Visa Inc. and Visa Europe (both are shareholders of London AIM-listed Monitise plc). However, wherever we operate, whether it is India or Indonesia, we know there’s no perfect template for entering a market and a top-down approach will struggle. What works best is bringing a managed service and a best-of-class technology platform into a country and working with local partners to customise it for local use. In Nigeria, we are investing to bring our proven technology and our agent network in the country as a shared platform. Using these two components, we are already helping banks launch cost-effective “mobile only” bank accounts and branchless banking services targeted to reach out to new market segments. +44 (0)20 7947 4300 www.monitise.com @MonitiseGroup on Twitter ADVERTISEMENT We strongly believe that a safe, secure, bank-grade, pay-per-click model (as opposed to a large upfront capital expense model) will help financial institutions create mobile products and services to draw more Nigerians into the banking system. We have already begun in Nigeria and, in time, we expect the next World Bank report on financial inclusion to paint a much brighter picture.
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Invest in NIGERIA 2012-13 Published
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Mubadala is an investment and devel
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Invest in NIGERIA 2012-13 Editor La
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Trade Facilitation/Development Init
Page 9 and 10: Contents Forewords 16 21 The Policy
Page 11 and 12: 44 Promoting free and fair election
Page 13 and 14: 120 Industrial Infrastructure 124 1
Page 16 and 17: 16 FOREWORD Goodluck Ebele Jonathan
Page 18 and 19: Ahmadu Bello University, Zaria, Nig
Page 20 and 21: since 1989 Rotary kiln incinerators
Page 22 and 23: Pushing boundaries An emerging lead
Page 24 and 25: 24 the policy agenda Realising Nige
Page 26 and 27: Foreign policy and the investment e
Page 28 and 29: 28 the policy agenda prospects of l
Page 30 and 31: www.nosakgroup.com Corporate Offi c
Page 32 and 33: 32 the policy agenda Democracy and
Page 34 and 35: Sustainable business, social repons
Page 36 and 37: 36 the policy agenda There is no do
Page 38 and 39: 38 the policy agenda Working to ach
Page 40 and 41: 40 the policy agenda they had sexua
Page 42 and 43: 42 the policy agenda “The improve
Page 44 and 45: 44 the policy agenda Promoting free
Page 46 and 47: 46 the policy agenda The April 2011
Page 48 and 49: 48 the economy and finance Nigeria
Page 50 and 51: Murphy Shipping…………Bridging
Page 52 and 53: 52 the economy and finance has been
Page 54 and 55: Since 1994, Nigeria Inter-Bank Sett
Page 56 and 57: 56 the economy and finance Facts an
Page 58: 58 the economy and finance petroleu
Page 63 and 64: elevating the country to the upper
Page 65 and 66: Zenith Bank plc Zenith Bank was est
Page 67 and 68: the economy and finance 67 Public r
Page 69 and 70: Improving Nigeria’s electricity n
Page 71 and 72: supply of electricity, though, will
Page 73 and 74: oil, gas and minerals 73 Nigeria’
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Page 77 and 78: oil, gas and minerals 77 The decisi
Page 79 and 80: Empowering Nigeria Seven Energy Int
Page 81 and 82: Reliable partner in NIGERIA JASCON
Page 83 and 84: Crude oil exports by destination, 2
Page 85 and 86: The leading indigenous suppliers of
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Page 89 and 90: Step on the gas The Nigerian Gas Ma
Page 91 and 92: The original GMP proposed a gas inf
Page 93 and 94: Find out more at www.oriental-er.co
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Page 97 and 98: NEITI: the Nigerian Extractive Indu
Page 99 and 100: Cakasa (Nigeria) Company Limited St
Page 101 and 102: The government has ambitious plans
Page 103 and 104: Potential for growth The Nigerian g
Page 105 and 106: Oil and the Niger Delta Nigeria’s
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High Voltage transmission sending s
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Despite being rich in natural resou
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HEAD OFFICE POWER GENERATION TRANSM
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former university academic addresse
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Although efforts to bring electrici
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www.ilf.com ILF - Engineering Excel
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of one gigawatt coal-fired power pl
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© 2012 Caterpillar All Rights Rese
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The National Economic Development P
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Vehicle imports General cargo Conta
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Engineering & Construction STEMCO,
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132 INDUSTRIAL INFRASTRUCTURE Suppo
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134 INDUSTRIAL INFRASTRUCTURE One o
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136 SOCIAL INFRASTRUCTURE Populatio
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138 SOCIAL INFRASTRUCTURE Tackling
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140 SOCIAL INFRASTRUCTURE the chanc
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142 SOCIAL INFRASTRUCTURE Healthcar
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144 SOCIAL INFRASTRUCTURE Obstetric
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146 agriculture and water Growing t
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Electrical, Mechanical, Civil, Wate
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150 agriculture and water sesame an
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Siat Group Investment Company in Tr
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154 agriculture and water The devel
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156 media, tourism aNd culture A ri
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158 media, tourism aNd culture The
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160 MEDIA, TOURISM AND CULTURE A ci
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162 MEDIA, TOURISM AND CULTURE Top
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164 DIRECTORY Government ministries
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166 DIRECTORY Tel: 236 0521, 236 05
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168 DIRECTORY United States of Amer
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170 Index of advertisers Aero .....
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ffordability - innovation eliabilit
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