Last Updated on August 15, 2023
Definition of mobile banking:
Mobile banking is a digital financial service that allows customers to manage their bank accounts or carry out transactions via a mobile device.
Overview of Nigeria’s financial industry:
Nigeria’s financial industry is the largest in Africa and is dominated by commercial banks, microfinance institutions, and fintech companies.
Importance of mobile banking in Nigeria:
In Nigeria, a large population and low financial inclusion rates make mobile banking crucial. Rising smartphone use and internet penetration are transforming the banking industry.
Mobile banking bridges the gap between banked and unbanked Nigerians. It gives underserved communities access to financial services. Customers enjoy the convenience and speed, conducting transactions at home or work.
Mobile banking bolsters Nigeria’s economy, promoting financial inclusion. It boosts e-commerce and online payments, reducing banking service costs. This creates jobs like mobile banking agents, app developers, and customer service representatives.
In essence, mobile banking democratizes financial services in Nigeria. It empowers individuals, businesses and provides job opportunities. This upward trend will likely continue, shaping Nigeria’s banking future.
Growth of Mobile Banking in Nigeria
Mobile banking has seen significant growth in Nigeria over the years, with the country now being regarded as one of the fastest-growing mobile banking markets in the world. In this section, we will examine the history, factors, and current statistics surrounding the growth of mobile banking in Nigeria.
Brief history of mobile banking in Nigeria
- Mobile banking in Nigeria dates back to the early 2000s when the country’s first mobile operator, Mtel launched its mobile banking service, MTN MobileMoney.
- The introduction of GSM technology in Nigeria in 2001 opened up the mobile banking market, and numerous financial institutions began to offer mobile banking services to their customers.
- The Central Bank of Nigeria (CBN) also played a crucial role in the growth of mobile banking in Nigeria by providing the regulatory framework and guidelines for financial institutions offering mobile banking services.
Factors that have contributed to its growth
- The increasing adoption of smartphones and mobile internet penetration in Nigeria has contributed significantly to the growth of mobile banking. As of 2021, Nigeria has over 104 million internet users and over 173 million mobile phone users.
- The ease of access and convenience that mobile banking offers have also contributed to its growth. Nigerians can now easily carry out banking transactions from the comfort of their homes or offices using their mobile devices.
- The COVID-19 pandemic also played a significant role in the growth of mobile banking in Nigeria as people had to rely more on digital channels to carry out transactions due to the restrictions on movement and social distancing measures.
Mobile banking statistics in Nigeria
- Nigeria has over 40 mobile banking service providers, including commercial banks, microfinance banks, and mobile network operators.
- The total value of mobile banking transactions in Nigeria in 2020 was over N21 trillion, representing a 111% increase from 2019.
- The total number of mobile banking transactions in Nigeria in 2020 was over 3 billion, representing a 52% increase from 2019.
- Nigeria’s leading mobile banking service providers include USSD-based platforms like GTBank’s 737, Zenith Bank’s *966#, and First Bank’s *894#, among others.
- Mobile money platforms such as Paga, OPay, and Flutterwave are also gaining popularity in Nigeria, especially in underserved communities where traditional banking is not readily accessible.
Factors like greater mobile internet access, convenience, and the COVID-19 pandemic have significantly boosted mobile banking in Nigeria. As financial institutions and mobile network operators refine their services, we expect further adoption. Digital proficiency among Nigerians also continues to grow, promising more uptake.
Mobile Banking Job Opportunities in Nigeria
Nigeria’s banking industry is one of the most advanced and innovative in Africa. With the growth of technology, mobile banking has become popular in Nigeria, and this has led to a high demand for mobile banking professionals. Let’s explore the different types of mobile banking jobs, companies that offer such jobs in Nigeria, and the requirements for landing a mobile banking job.
Types of Mobile Banking Jobs
- Mobile Application Developer: Creating and maintaining mobile banking applications that can run on both web and mobile devices.
- Customer Service Officer: Handling customers’ queries and issues on mobile banking.
- Mobile Banking Sales Representative: Marketing and selling mobile banking products and services to potential customers.
- Mobile Banking Operations Officer: Managing and monitoring the mobile banking system to ensure that it runs smoothly.
- Mobile Banking Analyst: Analyzing and monitoring the mobile banking market trends, customer preferences and needs, and making recommendations on new products to meet their needs.
Examples of Companies that Offer Mobile Banking Jobs
- GTBank: The bank has a mobile app that allows customers to do mobile banking. They also have a dedicated team for mobile banking operations and customer support.
- Zenith Bank: The bank has a mobile banking app and employs mobile banking analysts to track customer preferences and design innovative products.
- First Bank: The bank has a mobile banking app, and also employs mobile banking sales representatives to market its products and services.
- UBA Bank: The bank has a mobile banking app and employs mobile banking operations officers to ensure the smooth running of its mobile banking services.
- Access Bank: The bank has a mobile banking app and employs customer service officers to handle customer queries and complaints.
Requirements for Landing a Mobile Banking Job in Nigeria
- Education: A degree in computer science, information technology, marketing, economics or any related field is required for entry-level mobile banking jobs in Nigeria.
- Technical Skills: For technical mobile banking jobs such as mobile application developer and mobile banking operations officer, candidates require technical skills such as programming languages, software development, hardware/software installation, and maintenance.
- Soft Skills: Candidates must possess soft skills such as good communication, teamwork, problem-solving, and analytical skills for mobile banking customer service and mobile banking analyst roles.
- Experience: Employers prefer candidates with relevant work experience in a similar role in the banking industry or IT field for senior-level mobile banking roles.
- Industry certification: Holding professional certifications in areas such as programming languages, database management, or project management can be an added advantage in mobile banking job applications.
In a nutshell, mobile banking is a growing sector in Nigeria, offering a wide range of job opportunities. This sector is expected to grow even more significant with the increasing use of smartphones and other mobile devices. Interested candidates must meet the educational, technical, and soft skills requirements, and have relevant work experience or industry certifications to be competitive in the mobile banking job market in Nigeria.
Advantages of a Mobile Banking Career in Nigeria
Mobile banking has emerged as a rapidly growing sector in Nigeria, providing various employment opportunities to finance professionals.
The ongoing digital transformation has created a huge demand for skilled mobile banking professionals and offers lucrative salary packages. Here are some of the advantages of pursuing a career in mobile banking in Nigeria:
High Demand for Mobile Banking Professionals
As the number of mobile users continues to rise in Nigeria, mobile banking has become an attractive financial service. Therefore, there has been an increase in demand for mobile banking services, which has consequently led to a high demand for mobile banking professionals.
Financial institutions, including banks, fintech companies, and payment services providers, are seeking out experienced mobile banking professionals to join their staff.
The COVID-19 pandemic has made mobile banking services essential. It encourages home stay, reducing use of physical banks. This spotlight on mobile banking raises demand for its professionals.
Attractive Salary Packages
Mobile banking professionals in Nigeria receive very attractive salary packages. According to Glassdoor, mobile banking professionals in Nigeria earn an average salary of ₦6,500,000 per annum, which is higher than the average salary earned by finance professionals in other sectors.
Moreover, mobile banking professionals have access to many benefits including life insurance, health insurance, and pension plans. Financial institutions often provide training opportunities to their employees to help them grow and develop their careers.
Opportunities for Career Growth and Learning
A career in mobile banking in Nigeria provides numerous opportunities for professional growth and learning. Professionals in this sector have access to many training opportunities, both external and internal, to help them develop their skills and knowledge in mobile banking.
The mobile banking sector in Nigeria is dynamic, which means it is constantly evolving, thereby providing professionals with opportunities to learn new skills and technologies. Professionals in this sector can specialize in different areas such as product development, risk management, customer experience, and marketing.
Basically, a career in mobile banking in Nigeria is promising due to the growing demand for mobile banking services. The sector offers attractive salary packages, significant opportunities for professional growth and learning, and the chance to specialize in different areas.
Challenges of Mobile Banking Jobs in Nigeria
While mobile banking job opportunities in Nigeria offer several benefits, there are also challenges that come with pursuing a career in this field.
Limited availability of job opportunities
- Despite the growing demand for mobile banking services, job opportunities in this field are limited.
- Most banks in Nigeria have already integrated mobile banking services, which means there are fewer vacancies available.
- This means that job seekers may have to compete fiercely for the few available positions.
Competition for jobs
- As mentioned earlier, there are limited job opportunities in the mobile banking sector, so competition is high.
- Candidates need to stand out in terms of experience, skills, and academic qualifications to secure a position.
- Employers are looking for individuals with a proven track record of success, which can make it challenging for fresh graduates or those without experience to get a job.
Requirement for technical skills and knowledge
- The mobile banking industry is heavily reliant on technology, which means that technical skills and knowledge are necessary.
- Candidates applying for mobile banking jobs in Nigeria must have a good understanding of technology, programming tools, and mobile app development.
- Individuals without technical skills will not be considered for most job opportunities.
In essence, mobile banking offers several job opportunities in Nigeria, but candidates must be aware of the challenges involved. The limited availability of jobs, high competition, and the need for technical skills and knowledge are some of the challenges that candidates may encounter.
A career in mobile banking in Nigeria is a promising opportunity for those seeking to enter the financial industry. The benefits of a mobile banking career include high demand, job security, competitive salary, and the potential for career growth.
Pursue a mobile banking career by securing a degree in finance, economics, or business administration. Boost credentials with relevant certifications.
Rapid growth awaits Nigeria’s mobile banking industry, promising plenty of job opportunities. As tech advances and mobile banking popularity grows, demand for professionals will rise.
Stay updated with industry trends and acquire necessary skills to remain competitive. Nigeria’s financial industry is thrilling, offering a rewarding mobile banking career.