By the close of 2023, mobile money had added a staggering $720 billion to the GDP of countries that adopted it—transforming financial ecosystems across the developing world.
At the center of this transformation is Sub-Saharan Africa, with Nigeria playing a pivotal role as both a growth engine and innovation leader in the mobile financial services space.
With over 1.1 billion registered mobile money accounts across the region, Africa has emerged as the undisputed epicenter of mobile financial inclusion.
In 2023 alone, West Africa accounted for more than a third of all new and active 30-day mobile money accounts globally, driven in large part by Nigeria’s rapidly digitising economy.
Speaking on this revolution, Ola Williams, Managing Director of Microsoft Nigeria and Ghana, described the success of mobile money in Nigeria as “a living case study of how adopting General-Purpose Technologies (GPTs), such as the Internet, can spark economic transformation at scale.”
“Mobile money wasn’t just about convenience—it reshaped livelihoods, expanded access to financial services, and significantly boosted GDP,” Williams said. “Now, with AI on the horizon as the next GPT, Nigeria is once again at a critical juncture to lead another wave of innovation.”
The World Trade Organization estimates that artificial intelligence could contribute up to $136 billion in productivity gains, cost savings, and revenue increases to Sub-Saharan Africa by 2030.
Nigeria is projected to benefit from 43 per cent of this value—largely due to its proactive AI strategy, growing tech ecosystem, and youthful digital workforce.
Much like mobile money’s rise, the key to AI’s success in Nigeria will lie in solving practical, local problems. Mobile money solutions gained traction by providing easy ways for Nigerians to send and receive money, open accounts, and access loans—especially in communities with limited banking infrastructure.
Between 2011 and 2021, access to financial services surged by nearly 16 per cent nationwide, thanks to mobile-led innovations by companies like Flutterwave, OPay, and Paga.
“Mobile money taught us that local relevance is crucial,” Williams noted. “AI must follow the same path: understanding the country’s challenges, addressing real societal needs, and building inclusive, trustworthy systems.”
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Regulation was central to mobile money’s success. The Central Bank of Nigeria (CBN) laid the groundwork by establishing a robust regulatory framework that prioritized Know Your Customer (KYC) and Customer Due Diligence (CDD), ensuring that services were not only accessible but secure. Experts argue that similar care is needed for AI.
“Building public trust is key,” said Dr. Ifeoma Nkem, a digital policy consultant. “Strong AI governance—anchored in ethics, transparency, and local impact—is the only way to drive wide adoption. It’s not just about how powerful the technology is, but whether people believe in and benefit from it.”
As with mobile money, infrastructure will be the backbone of Nigeria’s AI ambition. Telecom providers were instrumental in expanding mobile coverage to rural areas, enabling financial access for millions. Today, AI innovation requires even more aggressive investment in infrastructure—especially in data centers, high-speed connectivity, and cloud computing.
“AI capabilities are doubling every six months,” Williams emphasized. “This means Nigeria needs to move fast, investing in scalable digital infrastructure. Partnerships between the public and private sectors will be crucial.”
Several Nigerian enterprises have already begun this journey. WallX, for example, offers AI-powered tools for SMEs to manage international payments and evaluate creditworthiness, while Access Holdings uses Microsoft’s Copilot for Microsoft 365 to streamline data analysis, automate administrative tasks, and improve customer engagement.
But true economic impact comes not just from innovation hubs, but from broad diffusion of technology. According to Professor Jeffrey Ding of George Washington University, countries grow fastest not by inventing GPTs, but by adopting them widely across industries.
For Nigeria, this means deploying AI in agriculture, health, education, and logistics—not just banking and fintech. “AI must be democratized,” said Williams. “The goal is not just to create smarter companies, but to build a smarter nation.”
As Nigeria did with mobile money, it now has the chance to shape AI adoption in a way that uplifts local communities, boosts economic resilience, and positions the country as a global technology exporter
With the right regulatory support, targeted investment, and a commitment to inclusion, AI could become Nigeria’s next great economic success story.
“From mobile to machine learning, our journey proves one thing,” Williams concluded. “When we get technology adoption right, Nigeria doesn’t just catch up—we lead.”