Mobile money: Palmpay, OPay, others process N71.5 trillion transactions in 2024
Mobile money transactions in Nigeria have experienced remarkable growth, with the latest data from the Nigeria Inter-Bank Settlement Systems (NIBSS) showing a significant increase in the total value processed by licensed mobile money operators. In 2024, operators such as Palmpay, OPay, and 15 others facilitated transactions worth N71.5 trillion, reflecting a 53.4% rise compared to the N46.6 trillion recorded in 2023. This surge indicates the growing reliance on mobile payment solutions in the country.
The volume of mobile money transactions also grew substantially, increasing by 23%. From 3 billion transactions in 2023, the number jumped to 3.9 billion in 2024, according to the NIBSS data. This rise in transaction volume points to a broader adoption of mobile financial services in Nigeria, driven by convenience and accessibility.
Industry players expect even greater growth in mobile money services in 2025, anticipating a boost in transactions due to a projected increase in smartphone penetration across the country. The Nigerian mobile money sector is currently dominated by 17 licensed operators, including well-known names like Palmpay and OPay. While many fintech companies exist in Nigeria, only these 17 are officially recognized as mobile money service providers.
The growth in mobile money transactions comes despite a temporary setback earlier in 2024 when the Central Bank of Nigeria (CBN) ordered a suspension on several fintech operators, including OPay, Palmpay, and others. The suspension was imposed in April due to concerns over criminal activities on these platforms, such as the use of mobile money for illicit foreign exchange dealings. However, the suspension was lifted after one month, allowing the companies to resume operations.
The rise in mobile money transactions aligns with the broader surge in electronic payment systems in Nigeria. NIBSS data also highlighted that e-payment transactions across all channels reached a record N1.07 quadrillion in 2024, partly influenced by the CBN’s cashless policy, which limits cash withdrawals and encourages digital transactions.
Source: Nairametrics