In 2023, mobile money operators such as Opay, Palmpay, and 15 others facilitated transactions totaling N46.6 trillion, as disclosed by the Nigeria Inter-Bank Settlement Systems.
This figure marked the highest annual mobile money transactions in the country, showcasing a remarkable 140% surge from the N19.4 trillion recorded in 2022.
The substantial increase in transaction value was accompanied by a rise in transaction volume. In 2022, the country witnessed 714 million mobile transactions, whereas the number soared to 3.04 billion in 2023.
The surge in mobile money platform transactions, commonly known as fintechs, can be attributed to technical glitches experienced by Nigerians on banking apps early in the preceding year.
The cash scarcity situation prompted many individuals to turn to online banking, where mobile money operators played a crucial role by ensuring swift and seamless transactions, rescuing many Nigerians from inconveniences.
Consequently, this prompted a significant number of bank customers to open accounts with mobile money operators for their day-to-day financial transactions.
According to Nairametrics, the Central Bank of Nigeria has licensed 17 companies as Mobile Money Operators. It’s worth noting that although these mobile money operators fall under the category of fintechs, there are over 200 fintechs in Nigeria, with only 17 holding licenses as mobile money service providers.
Here are mobile money service providers:
Abeg Technologies Limited
eTranzact International Limited
Fortis Mobile Money Limited Funds And Electronic Transfer (FETS) Limited
Hedonmark Management Services Limited
KongaPay Technologies Limited (Formerly Internet Limited )
NowNow Digital Systems Limited (Formerly Contec Global Infotech Limited)
Opay Digital Services Limited (Formerly Paycom Nigeria Limited)
Parkway Projects Limited.
Teasy International Company Ltd.
Visual ICT Limited
Xpress MTS Limited