In a country of over 160 million people, with an adult population of about 87.8 million, the banking sector can only boast of 22 million bank accounts; meanwhile, more than 50 million people who have mobile phones lack access to basic banking services. Many low-income earners save and transfer money either through friends, families or through informal society; however, these have high transaction costs and are highly susceptible to theft. Today, mobile money technologies make it possible to deliver banking and payments services to millions of these unbanked consumers over mobile phones from simple person-to-person transfers to more complex banking services
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