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According to its Maya Declaration the Central Bank of Nigeria (CBN) has committed to reducing “the percentage of adult Nigerians that are excluded from financial services from the current 46.3% (39.2 million adult Nigerians) to 20% by the year 2020.” Mobile financial services are a core component of the national financial inclusion strategy (FIS) the CBN launched on October 23, 2012, to achieve this objective. Mobile payments are a key asset to enable the development of provision of other services in areas such as health, agriculture, welfare, etc. Mobile money is a sustainable, scalable approach to providing convenient and affordable financial services to the unbanked. More than one billion customers in developing markets have access to a mobile phone, but do not have a formal bank account. Mobile money in sub-Saharan Africa has a potential of 134 million customers. Of the 20 countries that use mobile money in the world, 15 are in Africa. Visa Incorporated and Fundamo, the Visa-owned mobile money platform, have said the Nigerian market has potential to lead the world in mobile money, but only 35 per cent of the citizens are aware of mobile money. The market in Kenya is considered the most developed. But the Kenyan model has proved difficult to replicate elsewhere. In Nigeria the huge possibilities remain untapped. Their study stated that there were 110 million mobile subscribers in Nigeria, but only 56 million of them had bank accounts, making it one of the most exciting mobile money markets in the world. In Nigeria, of the 25.5 million adults who have a bank product, 4.8 million are aware of mobile money products; 400,000 adults (0.5 percent of the adult population) are registered with any mobile money operator, and mobile money is often used to buy airtime, according to a 2012 survey by EFInA. The Central Bank of Nigeria wants to monitor cash in circulation to ensure price and economic stabilisation and it has thus licensed commercial banks and other companies as mobile money operators. The push by mobile telephone companies to add mobile payment to their services has continued to attract reactions, with analysts warning that it is not yet time for them to compete with banks originally licensed to render the services. The potential for mobile payments in Nigeria is huge. Demand might be seen as low now, but that is because the industry is still a way off in exploiting the full potential of the market. But the lack of a definitive business model is crippling adoption; the volume of mobile money transactions in Nigeria is creeping. So some of the questions on the lips of many experts has remained- Is a poor business model or regulation hindering the sector? Will a telco-driven model in Nigeria spur faster adoption of the mobile money service? Sub-Themes Some other topics that would be considered at the conference include:

Building more alliances within the private sector: Identifying how MNOs need to do a better job not just of coordinating their advocacy efforts with each other, but also aligning with other private sector players who also stand to benefit from the reform of financial sector regulation that would enable mobile money, such as merchants, utilities providers, and financial service providers (e.g. MFI’s and banks).
Possible cross-industry collaborations: Can banks and mobile network operators collaborate to drive adoption? Will the Indian business model work? That is, banks and MNOs set up an Interbank Payment System, a mobile based funds transfer service for users registered with participating companies. Or can interested parties form a special purpose vehicle?
Introducing the culture of “better regulation”: Despite the evidence that exists around how mobile network operators can contribute to financial inclusion via mobile money, some regulators are still highly resistant. So what can we do to help create an enabling regulatory environment for mobile money?
Marketing strategy: Different arguments have surfaced as to what factors and marketing strategies can really spur the growth in the usage of Mobile Money in Nigeria. To raise awareness and drive adoption, some have said providers needed to educate consumers on the key benefits and uses of mobile money services, whilst tackling barriers to uptake. Some have also said the proper management of the agents will

The role of financial regulators in helping to make non-bank e-money providers sound and effective. Organisations can participate as sponsors of the Summit in any of the categories as follows:

Gold Sponsor (Session Sponsor): Sponsorship Value: 4 Million Naira

Silver Sponsor: Sponsorship Value: 3 Million Naira

Bronze Sponsor: Sponsorship Value: 2 Million Naira

Sponsors of the round table, organizations will enjoy the following benefits among others: Gold Sponsor Sponsorship Value:

Speaking opportunity
Free 3 months online banner advertising opportunity on BusinessDay website
Full page colour advert in the event brochure
Exhibition space at conference venue
Use of company’s logo on all conference materials; both print and online versions
5 free passes for company’s executives, including the CEO
Branding opportunities at the conference venue.

Silver Sponsor Sponsorship Value:

Opportunity to speak as a panelist
Free 2 months online banner advertising opportunity on BusinessDay website
Full page colour advert in conference brochure
Exhibition space at conference venue
Use of company’s logo on all conference materials; both print and online versions
3 free passes for company’s executives, including the CEO
Branding opportunities at the conference venue.

Bronze Sponsor Sponsorship Value:

Opportunity to speak as a panelist
Free 1month online banner advertising opportunity on BusinessDay website
Full page colour advert in conference brochure
Exhibition space at conference venue
Use of company’s logo on all conference materials; both print and online versions
3 free passes for company’s executives, including the CEO
Branding opportunities at the conference venue.

Conference Details: Date: July 18th, 2013. Venue: The Civic Centre, Ozumba Mbadiwe Street, Victoria Island, Lagos. Time: 10:00am We will let you have in the coming week, further details about the conference, including speakers and any other information relevant to your participation in this event. For first line contact on this, call 08034019000, Amadi Iheukwumere on 07082256051 and Adebusola on 08176735693, or email to: amadi [at] businessdayonline.com and adebusola [at] businessdayonline.com