Opay, PalmPay, Others Process N46.6 Trillion as List Shows CBN-Approved Mobile Money Operators

Opay, PalmPay, Others Process N46.6 Trillion as List Shows CBN-Approved Mobile Money Operators

  • New data from the Nigeria Interbank Settlement System (NIBBS) shows that mobile money operators processed N46.6 trillion last year
  • The development reveals the growing acceptance of money mobile transactions and operators in Nigeria
  • There are about 17 mobile money operators in Nigeria led by Opay, Paga and PalmPay

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

The Nigeria Interbank Settlement Systems (NIBBS) data has revealed that 17 licensed mobile money operators processed transactions valued at N46.6 trillion in 2023.

The figure was Nigeria's highest annual mobile money transactions, representing a 140% increase compared to the N19.4 trillion transactions recorded across the platforms in 2022.

Mobile money operators in Nigeria had a robust 2022, processing a record value of transactions
Mobile money operators processed N46.6 trillion naira in 2023. Images for illustration purpose. Credit: Novaris
Source: Getty Images

More Nigerians adopt mobile money operators

The development shows the rising adoption of mobile money operations facilitated by fintech firms in Nigeria.

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The NIBBS data says the volume of mobile money transactions also rose by 360% in 2023.

Legit.ng reported that the data indicated that NIBBS Instant Payments (NIP), launched in 2011, facilitated real-time inter-bank transfers to ensure instant value.

A breakdown of NIBBS data shows a 75.96% rise in electronic payment channels, surging to 11.05 billion transactions.

The total value of NIPs reached N600.36 trillion, with point-of-sale (PoS) transactions amounting to N10.7 trillion, highlighting the growing acceptance of cashless transactions in Nigeria.

According to a Daily Trust report, December 2023 saw the highest transaction volume of N71.9 trillion, showing increased digital transactions during the yuletide season.

Despite cash scarcity in March, e-payment volume hit 1.1 billion transactions with a lower value than in December.

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NIBBS processed about 9.7 billion transactions in 2023, a 90% rise from 2022, emphasising the nation's shift towards digital transactions.

Monthly electronic transactions ranged from N38.9 trillion in January to N48.3 trillion in March 2023, driven by the changing cashless landscape.

According to reports by Nairametrics, the list of licensed mobile money operators increased to 17.

Full list of approved mobile money operators

  • Abeg Technologies Limited
  • Chams Mobile
  • eTranzact International Limited
  • Fortis Mobile Money Limited
  • Funds And Electronic Transfer (FETS) Limited
  • Hedonmark Management Services Limited
  • KongaPay Technologies Limited (Formerly Internet Limited )
  • Mkudi Limited
  • NowNow Digital Systems Limited (Formerly Contec Global Infotech Limited)
  • Opay Digital Services Limited (Formerly Paycom Nigeria Limited)
  • Pagatech Limited
  • PalmPay Limited
  • Parkway Projects Limited.
  • Teasy International Company Ltd.
  • Visual ICT Limited
  • VTNetwork Limited
  • Xpress MTS Limited

Nigerians abroad set to launch SME Bank

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Legit.ng reported that Nigerians in the US, Canada, the Caribbean, Europe and South Africa are set to establish an N100 billion Venture Capital Fund and a specialised bank targeted at Nigeria's Small and Medium Enterprises sector.

The move is due to the market-friendly reforms introduced by the Nigerian government and the need for more foreign direct investment (FDI) to boost domestic production in Nigeria.

FDI sources into Nigeria are drying up, but annual diaspora remittances are set to grow by over $20 billion, per a World Bank Migration and Development report released in 2023.

Source: Legit.ng

Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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