Implementation of Mobile Money does not have to Start from Unbanked – Eskimi

As opposed to the popular notion that mobile money is majorly for the unbanked, an expert as revealed that the widely accepted notion is not entirely true.

Explaining the report of a study carried out on Nigeria’s second largest social media platform, Eskimi, Vytas Paukstys, the chief executive officer of Eskimi said mobile money ought to be introduced from social media, especially to individuals that are already making transactions.

He said:”In the market, the understanding is still that you have to start mobile money roll-out from the unbanked. And this is wrong. Our research shows that you have to start from social media: urban, tech-savvy and already transacting customers.”

He added that it is difficult to start a technology business from people who only use technology for limited purposes.

He said: “You cannot start mobile money which is a technology business from people who never used technology except making calls.”

Currently, the focus in Nigeria and other African nations is to provide means of operating financial transactions to individuals who are unbanked hence most efforts are designed with the goal of targeting the unbanked.

This report however suggests that the strategy may not be effective in the promotion of mobile money in Nigeria.

Concerning the performance of various categories of users on Eskimi, he said “social media acquired and retained mobile money users are 9 times more active” than others.