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.
ABSA and Bank of America have both recently launched mobile POS services allowing small business customers to accept card payments using a smartphone. These rollouts in two very different markets highlight the growing popularity of mobile POS devices. Datamonitor research suggests that the opportunities for mobile POS are strongest in developing countries.
First National Bank in South Africa has opened its mobile banking-linked e-wallet service to non-customers. The tactic will allow FNB to gain further exposure by targeting a desirable consumer segment, while potentially luring customers away from competitors.
First National Bank's (FNB's) move to facilitate money transfers via an instant messaging service is a strategic endeavor to enhance its product offering by capitalizing on the rising popularity of mobile instant messaging services.
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