In Nigeria, mobile payment systems weren't licensed by the Nigerian Central Bank until December 2010 - 2 months ago. So, until this time, mobile payment and transaction entrepreneurs had to be highly creative in order to meet consumer demands - thus the use of mobile credits as cash.
In December, 16 companies were given a provisional license to do mobile payments and banking. 6 of them are bank linked, and 10 of them are independent. A truly hot climate for mobile banking is emerging in Nigeria, where all players were forced to start at the same time, no matter their size or reach. Notably, only one mobile operator was included, MTN.
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