The Nigerian savings and investments market experienced tremendous growth in the years prior to the financial crisis, thanks to the country's rapidly growing oil industry and strong GDP growth. In the years to 2016, the recovering oil prices are expected to sustain growth to make Nigeria the fastest growing savings and investments market in the Middle East and Africa region.
A number of recent announcements suggest that Nigeria is set for a mobile banking boom, with several banks looking to secure a share of previously unbanked or underbanked consumers. The latest announcements from First Bank and Standard Chartered suggest that the popularity of mobile banking in Africa is spreading beyond Kenya.
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