Nigeria’s Mobile Money Transactions Surge to N71.5 Trillion in 2024 Despite Regulatory Hurdles
The latest data from the Nigeria Inter-Bank Settlement Systems (NIBSS) reveals that licensed mobile money operators, including PalmPay, OPay, and 15 others, processed transactions worth N71.5 trillion between January and December 2024.
This marks a 53.4% increase from the N46.6 trillion recorded in 2023, reflecting the growing adoption of mobile money services in Nigeria. Transaction volumes also saw a 23% surge, rising from 3 billion in 2023 to 3.9 billion in 2024, according to NIBSS data.
Expanding Market and Growing Smartphone Penetration
With smartphone adoption expected to rise, mobile money operators anticipate an even stronger performance in 2025. Currently, 17 companies are licensed by the Central Bank of Nigeria (CBN) as Mobile Money Operators (MMOs). While these companies are part of Nigeria’s larger fintech ecosystem—comprising over 200 fintech firms—only a select few hold mobile money service provider licenses.
Mobile money services allow users to initiate, authorize, and confirm transactions using mobile phones, facilitating seamless fund transfers from current, savings, or stored value accounts.
Regulatory Challenges and Temporary Suspension
Despite this impressive growth, the sector faced a temporary setback in April 2024 when the CBN ordered a freeze on new customer onboarding for several fintech platforms, including OPay, PalmPay, and Paga, as well as non-MMO fintechs such as Moniepoint and Kuda Bank. The ban was imposed over concerns that these platforms were being exploited for illegal forex transactions linked to cryptocurrency trading.
Although the suspension lasted about a month, its impact on overall transaction volume was minimal, demonstrating the resilience and continued expansion of Nigeria’s mobile money ecosystem.
