In Nigeria, fight between telcos, banks hurts financial inclusion | Business and Economy

Lagos, Nigeria – Comfort Oluwaseyi has a time-tested shortcut for sending money to everyone.

For the 40-year-old fruit trader at Ikeja, in the heart of Nigeria’s commercial capital Lagos, all it takes is dialling *737# on her Itel 2160, a non-smartphone which costs 7,000 Nigerian naira ($15).

Within seconds, the operation is concluded and recipients, usually her suppliers, are sorted. The fee? Only 6.98 naira per transaction, deducted directly from her bank account.

“I cannot afford a smartphone but the phone I use still serves me well,” Oluwaseyi told Al Jazeera. “This phone…