Maturity of Nigerian Economy for Mobile Transaction

Abstract

The mobile transactions are rapidly becoming the modern day payments system and economic history is changing due to the economic benefits associated with the mobile payments in which financial transaction is becoming more flexible such that global flow of a financial transaction is transcending in the form of information movement with mobile technology. Nevertheless, the Nigerian economy with significant natural resources and a strong demographic growth with an improving age mix, its population is a potential strategy for the consumer market. However, in order to position the image of the country in the global perspective of modern financial service systems the central bank of Nigeria initiated cashless policy in 2012 that will enable mobile transaction to enhance payment structures aimed at driving best practices in the financial services and to influence robust economic growth. About 148 million Nigerians are currently under mobile subscription who are actively using mobile phones out of 187 million population. Previous researcher affirmed that in spite the cashless policy Nigerian consumers are still addicted to a cash transaction....