The growth and acceptance of secure mobile payment technologies will benefit street markets as well as financial institutions, a Nigerian banker says. Citing the obviously "huge funds in the informal sector," Obinnia Abajue, head of personal and business banking division (PBB) for Stanbic IBTC Bank, suggested that mobile money will bolster economic development by helping to "identify economically active people, who were previously in the shadows, where it concerns the huge informal cash economy, enabling them to have access to credit facilities."
Business Day has the details.
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