The EFInA Access to Financial Services in Nigeria 2010 survey showed that 25.4 million Nigerian adults are banked, which is equivalent to 30% of the adult population; whilst 49.2 million adults own a mobile phone which is equivalent to 58% of the adult population. Of the 49.2 million adults that own a mobile phone, 25.3 million are unbanked; this clearly demonstrates the potential for using mobile phones as a distribution channel for providing financial services to the unbanked........