The volume of transactions on these fintech platforms also rose by 23%, increasing from 3 billion transactions in 2023 to 3.9 billion in 2024
OPay, Palmpay, Other Mobile Money Operators Process N71.5 Trillion Transactions in 2024 – Report
Recent data from the Nigeria Inter-Bank Settlement Systems (NIBSS) indicates that licensed mobile money operators, including Palmpay, OPay, and 15 others, processed transactions totaling N71.5 trillion between January and December 2024. This marks a significant 53.4% increase compared to the N46.6 trillion recorded in 2023.
The volume of transactions on these fintech platforms also rose by 23%, increasing from 3 billion transactions in 2023 to 3.9 billion in 2024, according to NIBSS data. Mobile money operators in Nigeria are expecting even greater growth in transactions this year, driven by an anticipated rise in smartphone penetration across the country.
According to a recent report by Nairametrics, there are currently 17 companies licensed by the Central Bank of Nigeria (CBN) as Mobile Money Operators. While these mobile money operators are also categorized as fintechs, it is worth noting that out of over 200 fintech companies in Nigeria, only 17 are licensed to provide mobile money services.
Mobile money refers to the use of mobile phones to initiate, authorize, and confirm the transfer of funds from current/checking, savings, or stored value accounts.
Despite a temporary setback caused by the CBN, which halted some leading mobile money operators from onboarding new customers for a month, the growth in transactions was still notable.
In April 2024, the Central Bank of Nigeria (CBN) ordered fintech companies such as OPay, Palmpay, Paga, Moniepoint, and Kuda Bank—none of which are in the mobile money sector—to halt the onboarding of new customers. This directive came amid concerns that their platforms were being exploited by criminal elements to facilitate foreign exchange operations through cryptocurrency trading. The suspension lasted for about a month before being lifted.
The increase in mobile money transactions reflects a broader rise in electronic payments in Nigeria during the reviewed year. According to data from the Nigeria Interbank Settlement System (NIBSS), transactions across all electronic channels in the country reached an unprecedented N1.07 quadrillion in 2024.
Industry analysts attribute the surge in electronic payment transactions to the recent cash shortage and the cashless policy implemented by the CBN, which restricted daily cash withdrawal limits.
