African regulators must step up and be ahead of the mobile money players. The transaction cost is really high. Some people that signed for Nigeria are already watching that cost.
The plot above obtained from Equity Bank Uganda shows that customers that engage in lower transactions can spend more than 10% on fees for mobile money. As the value of the transaction increases, the costs drop.
Nigerian authorities must stay ahead of these costs and not be reactive. We cannot afford a repeat of the golden days of MTN where they cleaned the people with fees. We also have to look at encouraging group transaction, if permissible, as volume reduces costs.