Mobile Money Transactions up 74% to N41.5trn in 7 Months

Licensed mobile money operators, including major players like OPay, processed transactions worth N41.5 trillion between January and July 2024, data from the Nigeria Inter-Bank Settlement Systems (NIBSS) revealed.

This marks a 74 per cent increase from the N23.9 trillion recorded during the same period in 2023.

Mobile money refers to using mobile phones to initiate, authorize, and confirm the transfer of funds from current/checking, savings, or stored value accounts. There are currently 17 companies licensed by the Central Bank of Nigeria (CBN) as Mobile Money Operators (MMOs). While fintech companies are widespread, only 17 hold licenses for mobile money services among Nigeria’s over 200 fintechs.

The significant increase in mobile money transactions is part of a broader rise in electronic payments in Nigeria. NIBSS data showed that e-payment transactions across all channels reached N566.3 trillion between January and July this year.

In 2023, mobile money operators processed N46.6 trillion in transactions, marking the country’s highest annual mobile money total. With N41.5 trillion already recorded in the first seven months of 2024, mobile money operators are on track to set a new record for transaction value this year.