Telecom
Towards Cashless Societies: Mobile Money Leading the Way in West Africa

Lauded as one of the 21st century’s most transformative financial tools, mobile money has significantly inspired financial inclusion by providing previously unbanked and underbanked populations the access to essential financial services.

This innovation empowers individuals and businesses with the tools to send and receive remittances, make seamless payments for goods and services and save money, while ultimately contributing to faster economic growth and development across the region.
Research from GSMA’s The State of the Industry Report on Mobile Money 2024 reveals that over the past decade, increased adoption of mobile money services has significantly improved GDP. This has contributed an impressive USD 600 billion to the economies of countries utilising these platforms. This finding reaffirms the transformative economic potential of mobile money as it drives entrepreneurship, increases consumer spending and enhances overall economic activity.
The popularity of mobile money in East Africa has not only redefined the scope of financial inclusion but has also spurred significant economic growth and altered consumer behaviour within and outside the region. Specifically, the success of platforms like M-Pesa has provided a powerful blueprint, easily demonstrating how mobile money can democratise access to financial services and drive socio-economic development.
This SeerBit whitepaper casts a deep look at mobile money’s regional adoption trends, its economic contributions and the challenges of scalability, while advocating for urgent, collective action to unlock mobile money’s benefits, paving the way for a more connected and prosperous future in the region.
Rise of Mobile Money Adoption Across West Africa
The Macroeconomic Performance and Outlook (MEO) report developed by the African Development Bank Group notes that Africa will account for 11 of the world’s 20 fastest-growing economies in 2024 – with the continent set to remain the second-fastest-growing region after Asia.
Mobile money adoption is playing a significant role in this growth.
In the 10 years leading up to 2022, mobile money contributed USD 600 billion to the GDP of countries with a mobile money service, according to the GSMA’s The State of the Industry Report on Mobile Money 2024 (SOTIR 2024).
Spotlighting West Africa in particular, which currently has a population of over 451 million (United Nations), West African Economic and Monetary Union (WAEMU) countries have seen increased financial account ownership since 2014, with mobile money accounts witnessing increased adoption and usage. On average, 41 percent of adults in the WAEMU have an account with a bank or similar institution or with a mobile money service. Senegal has the highest account ownership rate at 56 percent, but the country still falls 15 percent below the developing economy average.
In Nigeria, where a majority of adults remain unbanked or underserved due to the limitations of traditional banking infrastructure, the country’s dynamic fintech sector is bridging those gaps with mobile money, digital payment platforms and wallets to reach underserved populations in rural and remote areas. While digital transactions have grown, they are yet to exceed cash-based transactions. A recent GSMA report reveals that Nigeria’s mobile money account ownership increased to 22 percent among all adults that are aware of mobile money and have used a mobile phone in 2022 and the number of adult account owners who have used mobile money in Nigeria in the last 30 days increased to 80 percent – this was up from 61 percent in 2021.
Global Findex data suggests there are opportunities to accelerate ownership and usage through digital financial enablement.
What You Should Know About Mobile Money in West Africa
Here are some interesting things to note about the adoption and effectiveness of mobile money in West Africa.
Mobile money is bridging the financial inclusion gap in West Africa
If there is one thing industry critics can agree on, it is that mobile money services continue to play a critical role in financial inclusion across the continent, providing a secure and convenient platform for transactions, bill payments and access to banking services, highlighting the demand for accessible financial services where traditional banking infrastructure is minimal and as such unable to address the needs of the populace.
Mobile money has had a gender-equalising effect in most countries, except for Côte d’Ivoire, which has a 13 percent gap due to males having adopted mobile-based accounts at a higher rate.
Mobile money has also enabled more women to save money than other financial services. For instance, in Senegal, only six percent of women saved using a traditional bank or other financial accounts in 2021, whereas four times more women chose mobile money to save.
Enabling regulation has led to greater access to and use of mobile money
As an important solution in the provision of basic transactional financial services to populations largely underserved by formal financial institutions, mobile money services are subject to a range of regulations.
It has generally been accepted by regulators, mobile money providers and investors that regulation has a material impact on mobile money adoption and usage. Regulation affects the ease with which new customers can enrol to a mobile money service and the range of services offered, as well as the commercial and operating environment for providers and investors.
Fintechs are instrumental to making mobile money a success in West Africa
Fintech companies in Nigeria are collaborating with traditional banks to tailor services to the evolving needs of Nigerian consumers and businesses. These offerings pair a range of traditional banking products such as savings accounts and bill payments with innovative tech solutions such as lending platforms, virtual investment advisors, digital insurance products, and digital remittance solutions.
Fintech platforms such as SeerBit offer more widely accessible financial products that can help close the unmet credit demands of micro, small and medium-sized businesses in the country. A 2022 IFC Nigerian SME Finance Market report estimates this is around 13 trillion Nigerian naira (equivalent to USD 9 billion today). These products include invoice financing services, supply chain finance solutions, inventory management systems, data analytics tools, digital capital investment, digital assets, neo-banking and digital accounting and bookkeeping tools tailored to their needs.
West Africa Making a Bold Statement With Mobile Money
Despite several infrastructural, economic, social and regulatory challenges in West Africa, countries in the region are making meaningful strides to address all these areas. This is evidenced by countries in the region leading the mobile money adoption race globally. In 2023, over a third of new registered and active 30-day accounts globally were from West Africa and these accounted for transaction volumes of 19 billion, an increase of 40 percent from the previous year and transaction values of USD 347 billion, also up 40 percent from the previous year.
Mobile money adoption in West Africa is booming, with the GSMA reporting over 500 million active mobile money accounts in the region by 2023. The World Bank highlights that mobile money transactions are growing rapidly, driven by increased smartphone penetration and financial inclusion efforts. Despite this progress, challenges persist, including regulatory hurdles and infrastructure limitations. According to the GSMA, over 40 percent of the region’s population remains unbanked, which hampers broader adoption. Additionally, cybersecurity threats and digital literacy gaps could inhibit future growth. Addressing these challenges will be crucial for sustaining the upward trajectory of mobile money in West Africa.
Towards Cashless Societies
In January 2024, Bloomberg reported that six of the top 10 performing economies in the world were predicted to come from Sub-Saharan Africa. The continent’s youthful population is also an enormous opportunity for economic growth.
Africa also has the advantage of having fewer legacy challenges to deal with and is, therefore, adopting digitised solutions faster out of necessity.
Today’s technologies are a good indicator of the scale and speed at which technology is transforming traditional socioeconomic sectors across the continent. African countries are implementing key policies to accelerate digital payments adoption, creating a competitive market with solutions tailored to the underserved.
How Can Africa Further Accelerate the Growth and Adoption of Mobile Money?
Connectivity is critical.
Widespread internet access would enable card-based transactions at merchant/agent locations. Offline solutions and strong interoperability policies are crucial for addressing connectivity challenges.
What’s the Future Outlook on Mobile Money Adoption?
In two words: Quite positive.
Beyond improving financial inclusion and access to other digitally enabled services, the adoption, use and growth of mobile money are now reflected in macroeconomic indicators – an increase in mobile money adoption will inevitably lead to a rise in GDP.
The emergence of mobile money as an alternative cashless currency has fundamentally changed the way people access financial services, enabling millions of unbanked individuals to store and manage money through their mobile devices.
However, despite this progress, a significant portion of Africa’s population remains outside the traditional banking system, facing limited and costly banking services.
Ease in regulation has played a key role in driving mobile money adoption in West Africa. As mobile money continues to gain traction, it is crucial that the regulatory frameworks in many West African nations evolve to meet dynamic needs. Effective regulations are essential to protect consumers while encouraging new entrants and consistent innovation in the market.
By establishing a robust regulatory environment, African countries will ensure that mobile money remains a powerful tool for economic empowerment and financial inclusion, ultimately driving sustainable development across each region.
Download the full report for free here.
Telecom
Africa Must Build Its Own Cybersecurity Intelligence, Says Tizel CEO At AfriTech 5.0

As Africa edges toward an estimated 750 million internet users by the end of 2025, the continent’s expanding digital footprint is increasingly matched by vulnerabilities that threaten its economic and national security.

Happiness Obioha, Managing Director and Chief Executive Officer of Tizel Cybersecurity
This concern took centre stage at the Africa Tech Alliance Forum (AfriTech 5.0), where Happiness Obioha, the Managing Director and Chief Executive Officer of Tizel Cybersecurity, delivered one of the event’s most compelling arguments for a new cybersecurity paradigm rooted in African intelligence rather than foreign technology.
Speaking on the theme “Beyond Firewalls: The Case for Homegrown Cybersecurity Intelligence in Africa,” Obioha maintained that Africa’s cybersecurity risks cannot be effectively mitigated with imported solutions that were never designed for the continent’s distinct digital realities.
She described Africa’s cyber landscape as one defined by unique threat actors, infrastructural limitations, cultural nuances, and business patterns that global security platforms often fail to understand.
According to her, relying solely on perimeter-based defenses such as firewalls is no longer adequate in a world where cyberattacks grow more adaptive, persistent, and sophisticated.
Obioha argued that Africa’s dependence on generic global tools has created a critical gap in the continent’s ability to detect, interpret, and respond to emerging threats, and explained that foreign cybersecurity systems frequently misread local attack patterns or fail to anticipate region-specific vulnerabilities.
As a result, many African organizations operate with a false sense of safety while facing increasingly complex threats ranging from ransomware and financial fraud to targeted breaches on government infrastructure.
The Tizel CEO emphasised that Africa’s long-term security lies in adopting intelligence-led approaches that draw from local insights, indigenous expertise, and continental research, and noted that such solutions allow faster and more precise threat detection because they are built with an understanding of local behaviour patterns and digital environments.
Beyond security improvements, she stressed that homegrown cybersecurity also strengthens national sovereignty, reduces capital flight, expands technical capacity, and creates jobs in one of the world’s fastest-growing sectors.
Obioha cited Tizel Cybersecurity as an example of what locally grounded innovation can achieve, explaining that the company’s model integrates contextual intelligence, real-time monitoring, rapid incident response, and strict adherence to regulatory frameworks.
According to her, Tizel’s work with banks, telecom operators, government agencies, and SMEs demonstrates the measurable impact of Africa-specific cybersecurity architecture.
Among the results she highlighted were the prevention of a major ransomware attack in the financial sector, a significant reduction in network downtime for a telecom operator, and the deployment of effective real-time monitoring systems for a government agency.
She reinforced that Tizel’s success is built on its deep understanding of the African digital ecosystem, a familiarity she described as indispensable for delivering cybersecurity that genuinely protects African institutions.
The region’s business culture, infrastructural diversity, and evolving digital habits, she said, can only be accurately interpreted by experts who operate within the same environment.
Obioha urged African enterprises and governments to take a more deliberate approach toward securing their digital future, and encouraged them to re-examine their cybersecurity posture, invest in indigenous intelligence-driven solutions, and build internal teams equipped to respond to emerging threats.
The survival and competitiveness of African businesses, she noted, will increasingly depend on their ability to align security strategies with the realities of the continent’s rapidly evolving digital economy.
“Africa’s digital future is promising,” she concluded, “but it must be secured with intelligence and innovation that come from within the continent.”
Telecom
MTN Partners with SMEDAN to Drive Digital Growth and Job Creation Nationwide

MTN Nigeria and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have signed a strategic partnership aimed at accelerating the growth, digital capacity, and sustainability of Nigeria’s 40 million Micro, Small and Medium Enterprises (MSMEs).

L-R: Julcit Onigbogi, Head of Legal, SMEDAN; Charles Odii, Director General, SMEDAN; Lynda Saint-Nwafor, Chief Enterprise Business Officer, MTN Nigeria and Ayham Moussa, Chief Operating Officer, MTN Nigeria, during the MTN, SMEDAN Seal Strategic Partnership Signing held at the MTN Plaza, Ikoyi on Thursday, November 27, 2025.
The signing ceremony was held at the MTN Plaza, Lagos, on Thursday, November 27, 2025.
MTN Nigeria’s Chief Operating Officer, Ayham Moussa, reiterated MTN’s commitment to supporting Nigeria’s economic development, stating that MSMEs are the lifeline of Nigeria’s economy.
He said: “SMEs are the backbone of the economy and the backbone of employment in Nigeria. We are delighted to power SMEDAN’s platform and provide tools that help MSMEs reach customers, obtain funding, and access wider markets.
“This collaboration serves both our business and social development objectives.”
Chief Enterprise Business Officer, Lynda Saint-Nwafor, MTN Nigeria described the MoU as a tool to “meet SMEs at the point of their needs,” noting that nano, micro, small, and medium businesses each require different resources to scale.
She stated: “Some SMEs need guidance, some need resources; others need opportunities or workforce support. This platform allows them to access whatever they need.
“We are committed to identifying opportunities across financial inclusion, digital inclusion, and capacity building that help SMEs to scale.”
Speaking at the event, the Director General of SMEDAN, Charles Odii, emphasised the significance of the collaboration, noting that the agency cannot meet its mandate without leveraging technology and private-sector expertise.
He said: “We have approximately 40 million MSMEs in Nigeria, and only about 400 SMEDAN staff. We cannot fulfil our mandate without technology, data, and strong partners.
“MTN already has the infrastructure and tools to support MSMEs from payments to identity, hosting, learning, and more. With this partnership, we are confident we can achieve in a short time what would have taken years.”
Odii highlighted that the SMEDAN-MTN collaboration would support businesses across their growth needs, guided by their four-point GROW model – Guidance, Resources, Opportunities, and Workforce Development.
He added that SMEDAN has already created over 100,000 jobs within its two-year administration and expects the partnership to significantly boost job creation, business expansion, and nationwide enterprise modernisation.
The partnership will feature joint initiatives focused on digital inclusion, financial access, capacity building, and providing verified information for MSMEs. With millions of small businesses depending on accurate guidance and easy-to-access support, MTN and SMEDAN say their shared platform will address gaps in communication, misinformation, and access to opportunities.
The event concluded with the formal signing of the Memorandum of Understanding (MoU), setting the stage for the immediate roll-out of tools, content, and resources that will support MSMEs nationwide.
Telecom
MTN Nigeria Launches Y’ello Data Gifting Campaign as Digital Connectivity Shapes Festive Celebrations

MTN Y’ello Tide is the gift that keeps giving, with MTN exciting Nigerians through a season filled with yellow gifting, digital rewards, and festive moments. This year, MTN is giving customers even more ways to stay connected and celebrate, and the Y’ello Data Gifting initiative stands as one of the many offerings under MTN Y’ello Tide.

MTN Nigeria
With Nigerians embracing more digital-led ways to connect and celebrate during the festive season, MTN Nigeria has introduced its Y’ello Data Gifting initiative as part of the broader MTN Y’ello Tide, designed to encourage customers to share data with loved ones while standing a chance to win prizes worth millions of naira. MTN Y’ello Tide continues to position digital connectivity as an exciting way to gift this season, reinforcing that MTN is giving Nigerians more value at a time they need it most.
The campaign runs from December 1 to 25, offering daily rewards such as Samsung smartphones and ₦20,000 shopping vouchers for the top 20 data gifters each day. As a core part of MTN Y’ello Tide, the data gifting experience helps customers enjoy more yellow moments through rewards, bonuses, and shared connections. Customers who participate also enjoy bonus data, with 1GB awarded to those gifting 10GB or more, and 500MB for gifts ranging between 5GB and 9.99GB. Participation is available through *321# or the myMTN NG app between 10am and 10pm daily.
Across Nigeria, digital behaviour continues to evolve. Internet consumption reached a record 973,455 terabytes in December 2024, marking a 36.5 percent year-on-year growth according to the Nigerian Communications Commission. MTN Y’ello Tide taps into this shift by offering exciting, value-driven digital gifting experiences that help people stay connected throughout the season.
While costs of food and non-alcoholic beverages have risen by over 92 percent in the last three years, and inflation stood at 34.60 percent in November 2024 with food inflation at 39.93 percent, Nigerians continue to prioritise meaningful and cost-efficient ways to stay connected. This shift has led many families to favour experiential or digital gifts, particularly as surveys show that 76 percent of Nigerians experienced income reductions in 2024, based on the PiggyVest Savings Report.
Festive spending has also adjusted to new realities. Items such as Christmas trees now range between ₦23,000 and ₦700,000, up from ₦17,000 to ₦450,000 last year. In this context, telco-led promotions like MTN Y’ello Tide’s Data Gifting campaign offer an alternative form of giving that aligns with today’s lifestyle needs. MTN is giving customers more ways to celebrate in yellow, creating exciting opportunities to share, connect, and enjoy festive rewards.
Nigeria remains a mobile-first market with 103 million internet users recorded at the start of 2024, representing 45.5 percent internet penetration according to DataReportal. Data now functions as a core utility supporting work, education, entertainment, and social connection across the country, making MTN Y’ello Tide’s digital gifting even more relevant this season.
As a Lagos civil servant noted earlier this month, the season remains a time for gratitude and connection, regardless of spending patterns. MTN Y’ello Tide strengthens this sentiment by making it easier for customers to stay connected and enjoy meaningful gifting in an exciting and accessible way.
The Y’ello Data Gifting campaign continues until December 25, with terms and conditions applying. As part of MTN Y’ello Tide, the initiative reinforces that MTN is giving Nigerians a festive season anchored on digital convenience, rewarding experiences, and yellow-themed celebration.
Dial *321# or download the myMTN NG app to start gifting data to your loved ones. Campaign runs until December 25, 2025. Terms and conditions apply.
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