Despite Nigeria's huge population, huge consumer market and the vast number of mobile money operators (MMOs), the uptake of mobile money services has been the lowest in Africa. The introduction of mobile money services into the market after an elaborate licensing and regulatory process by the Central Bank of Nigeria was expected to accelerate financial inclusion and increase the overall number of transactions in the country. This was however not the case as the expected result of increased financial inclusion was not achieved. Although various reasons have been suggested as the cause of this, the paper argues that the lack of sustainable business models for the creation of mobile money services has been one of the greatest hindrances. Existing business models for mobile money services have proven to be unsustainable and unprofitable. Through case studies of existing mobile money operators, this paper investigates the reasons for unsuccessful deployment of mobile money services by MMOs in Nigeria and proceeds to develop a framework for sustainable business models for this market. Results of this study suggest that MMOs should pay close attention to all aspects of the business models they deploy in the creation of mobile money services with particular emphasis on the value proposition, customer segments and scale.

尽管尼日利亚人口众多，消费者市场庞大且移动货币运营商（MMO）数量众多，但移动货币服务的使用率一直是非洲最低的。尼日利亚中央银行经过精心的许可和监管程序后，将移动货币服务引入市场，预计将加速金融包容性并增加该国的交易总数。但是，情况并非如此，因为没有实现增加金融普惠的预期结果。尽管已经提出了各种原因，但是本文认为，缺乏用于创建移动货币服务的可持续商业模型一直是最大的障碍之一。事实证明，用于移动货币服务的现有业务模型是不可持续的且无利可图的。通过对现有移动货币运营商的案例研究，本文调查了MMO在尼日利亚未能成功部署移动货币服务的原因，并着手为该市场开发可持续商业模式的框架。这项研究的结果表明，MMO在创建移动货币服务时应密切注意其部署的业务模型的各个方面，尤其要强调其价值主张，客户群和规模。