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 N41.5 trillion between January and July this year.
This represents a 74% increase in transactions across the mobile money platforms when compared with the N23.9 trillion recorded in the same period last year.
In the full year 2023, all the mobile money operators processed transactions valued at N46.6 trillion, which came as the country’s highest annual mobile money transactions.
With N41.5 trillion already recorded in seven months, the mobile money operators are poised to break another record in terms of transaction value this year.
Nairametrics 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 first seven months of this year. According to NIBSS data, transactions across all electronic channels in the country from January to July hit N566.3 trillion.
The seven-month figure is already close to the N600 trillion recorded in the full year 2023 with five months of records to add for this year.
Source: https://nairametrics.com/2024/10/07/palmpay-opay-other-mobile-money-operators-process-n41-5-trillion-transactions-in-7-months/
