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 Technologies Limited)
- Chams Mobile Limited
- eTranzact International Limited
- Fortis Mobile Money Limited
- Funds And Electronic Transfer (FETS) Limited
- Hedonmark Management Services Limited
- MKudi Nigeria Limited
- Nownow Digital Systems Limited
- Pagatech Limited
- Palmpay Limited
- Parkway Projects Limited
- Opay Digital Services Limited
- Teasy International Company Limited
- Visual ICT Limited
- VTNetwork Limited (VCASH)
- Xpress MTS Limited
- Kongapay Technologies Limited
There was a 53.4% rise in mobile money transactions compared to the ₦46.6 trillion recorded in 2023. The number of transactions on fintech platforms also grew by 23%, increasing from 3 billion in 2023 to 3.9 billion in 2024, according to NIBSS data.
The rise in mobile money transactions shows the overall growth of e-payments in Nigeria. NIBSS data says that total electronic transactions reached a record ₦1.07 quadrillion in 2024.
