Nigeria’s mobile money sector experienced expansion in 2024, with licensed operators, processing transactions worth N71.5 trillion between January and December.
This represents a 53.4% surge from the N46.6 trillion recorded in 2023, signaling the deepening reliance on digital financial services across the country.
The volume of mobile money transactions also jumped by 23%, rising from three billion in 2023 to 3.9 billion in 2024, according to the Nigeria Inter-Bank Settlement System (NIBSS).
As digital adoption accelerates, industry analysts predict an even greater expansion in 2025, driven by rising smartphone penetration and a growing preference for seamless, cashless transactions.
At present, 17 companies are licensed by the Central Bank of Nigeria (CBN) as Mobile Money Operators (MMOs), a select category within Nigeria’s broader fintech ecosystem of over 200 firms.
While all fintechs provide digital financial solutions, only these licensed MMOs are authorised to offer mobile money services, enabling millions of Nigerians to send, receive, and store money with ease.
