Report: Mobile Money Boosts Inclusion and Reduces Fraud in Nigeria
Mobile payments have reduced financial fraud in Nigeria, according to the 2016 Brookings Financial and Digital Inclusion Project Report.
It says that fraud losses in the country declined to about $7.3 billion in 2015, a 63 percent drop from the year before. Although “mobile money has not yet reached scale in Nigeria,” the report said, the deployment of such technology has led to more consumers using the formal and regulated banking system—mobile money providers generally partner with banks—which has helped to reduced fraud and “increase consumer confidence” in the financial sector.
The rising popularity of mobile payments technology also has served to increase “financial inclusion” for consumers in Nigeria, the report said.
In the United States, the FDIC’s Division of Depositor and Consumer Protection is seeking input from financial institutions, consumer groups and other stakeholders on the FDIC’s plans to assess opportunities for mobile financial services (MFS) to enhance underserved consumers’ banking experiences.