WATCH THE VIDEO HERE The latest data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed that licensed mobile money operators including Palmpay, OPay, and 15 others processed transactions valued at N71.5 trillion between January and December 2024. This represents a 53.4% increase in transactions across mobile money platforms when compared with the N46.6 trillion recorded in the full year 2023. The volume of transactions across the fintech platforms also increased by 23%, jumping from 3 billion in 2023 to 3.9 billion in 2024, according to NIBSS data. Meanwhile, the mobile money operators in Nigeria are anticipating a bigger boom in transactions this year on the back of a projected increase in smartphone penetration in Nigeria. The mobile money operators Naijaonpoint recently reported that there are currently 17 companies licensed by the Central Bank of Nigeria as Mobile Money Operators. While the mobile money operators could also be referred to as fintechs, there are over 200 fintechs in Nigeria but only 17 are licensed as mobile money service providers. The surge in mobile money transactions is a reflection of the general upswing in e-payment in Nigeria in the year under review. According to NIBSS data, transactions across all electronic channels in the country hit an all-time high of N1.07 quadrillion in 2024.
Mobile money: Palmpay, OPay, others process N71.5 trillion transactions in 2024
