We compare the mobile money ecosystem development between Kenya (high) and Nigeria (low). Mobile money ecosystem emergence depends on network externalities of user and agent networks. In Kenya, conditions were such that a critical mass of fragmented user and agent networks could be quickly reached. The Nigerian conditions forced regulators to de facto require user networks to be developed from scratch by new actors. The Nigerian mobile money system may not be a failure, but requiring more time to reach critical mass.
LEPOUTRE, J. et OGUNTOYE, A. (2018). The (Non-)Emergence of Mobile Money Systems in Sub-Saharan Africa: A Comparative Multilevel Perspective of Kenya and Nigeria. Technological Forecasting and Social Change, 131, pp. 62-275.