Having secured a provisional licence late last year, the vendor has been laying the ground for its services over the last few months, setting up a pilot in four cities and 11 rural locations.

The trial attracted around 7000 users, handled payments totalling more than 25 million Naira (£100,000) and created nearly 170 local jobs through its network of approved agents and support staff, claims Monitise.

Having secured the licence, the vendor says it will now work with Nigerian banks to help bring mobile phone-based financial services, including loans, insurance, pensions products and savings, to the mass market.

Users can register for the service via their handset, deposit money at registered agents, send cash to others - regardless whether the recipient is registered or not, top up airtime for pre-paid mobiles, pay salaries, withdraw funds at registered agents and check transaction histories.

Alastair Lukies, CEO, Monitise, says: "We will continue to work closely with the Central Bank of Nigeria and local partners to extend the services we offer and to enable anyone in Nigeria with a mobile handset to access the full range of mobile financial services."

Monitise has been steadily building up its presence in markets around the world, and has now set up shop in the US, India and Indonesia as well as Nigeria.