Nigerians MMOs, OPay, PalmPay and 15 others, processed N71.5 trillion transactions in 2024
NIBSS said mobile money operators processed N71.5 trillion worth of transactions between January and December 2024.
Nigerians MMOs, OPay, PalmPay and 15 others, processed N71.5 trillion transactions in 2024
Seventeen (17) fintech companies are currently operating and licensed as mobile money operators (MMOs) by the country’s apex bank; the Central Bank of Nigeria (CBN). Mobile money means using a mobile phone to send, approve, and confirm money transfers from a current, savings, or stored value account. The seventeen fintech companies, including OPay and PalmPay—which dominate the MMO Market, are said to processed N71.5 trillion transactions between January and December 2024, according to a recent data released by the Nigeria Inter-Bank Settlement Systems (NIBSS). However, it’s worth mentioning that there are over 200 fintech companies in Nigeria but only seventeen of them are licensed and currently operating as mobile money operators in the country. Other fintechs companies focuses on offering other financial services with different licensing agreements from the CBN. The seventeen fintech companies currently operating as mobile money operators in Nigeria are; Pocket by Piggyvest (Abeg Techn…
About the author
Temmy Samuel is a seasoned journalist with extensive experience in consumer tech, economy, finance, business, money and politics. Currently, he’s studying Accounting at the Federal University of Oye-Ekiti.
