A global management consulting firm, the Boston Consulting Group, has projected that Nigeria stands to generate $1.5bn (about N330bn) from mobile money services by 2019. But financial experts say the heartwarming projection may remain a dream unless urgent steps are taken to institute a
model regulatory framework for mobile money services.

According to them, a collaborative effort between banks and telecommunications companies will drive mobile money services beyond the present stage. But they insist that such collaboration is not capable of
pushing the services further than 20 per cent growth if there is no defined regulatory framework.