OPay, Palmpay, and Others Processed N46.6 trillion Transactions in 2023 – NIBSS
Mobile Money Operators Processed Record N46.6 Trillion Transactions in 2023, Reports NIBSS.
In a recent report by the Nigeria Inter-Bank Settlement Systems (NIBSS), licensed mobile money operators, including prominent names like OPay and Palmpay, facilitated transactions totaling N46.6 trillion in 2023. This figure marks the highest annual mobile money transactions recorded in the country to date. Compared to 2022, the transaction value witnessed a staggering 140% increase from N19.4 trillion.
Notably, the volume of mobile money transactions also surged by 326% during the same period. In 2022, there were 714 million mobile transactions, while 2023 saw a remarkable rise to 3.04 billion transactions.
Driving Forces Behind the Surge:
The surge in mobile money transactions can be attributed to several factors. Firstly, technical issues faced by Nigerians on banking apps in early 2023 due to cash scarcity prompted many to turn to online banking solutions. Mobile money operators provided a reliable alternative during this period, facilitating seamless transactions without disruptions.
Additionally, incentives offered by operators such as OPay and Palmpay, including free transfers and cashbacks, played a significant role in attracting more users. These perks contributed to the growing popularity of mobile money services among bank customers.
Overview of Mobile Money Operators:
Nairametrics recently highlighted that there are presently 17 companies licensed by the Central Bank of Nigeria as Mobile Money Operators. While there are over 200 fintech companies in Nigeria, only 17 hold licenses to provide mobile money services.
Mobile money involves using mobile phones to initiate, authorize, and confirm the transfer of value from various accounts. The licensed companies include:
- Abeg Technologies Limited
- Chams Mobile
- eTranzact International Limited
- Fortis Mobile Money Limited
- Funds And Electronic Transfer (FETS) Limited
- Hedonmark Management Services Limited
- KongaPay Technologies Limited (Formerly Internet Limited)
- Mkudi Limited
- NowNow Digital Systems Limited (Formerly Contec Global Infotech Limited)
- Opay Digital Services Limited (Formerly Paycom Nigeria Limited)
- Pagatech Limited
- PalmPay Limited
- Parkway Projects Limited
- Teasy International Company Ltd.
- Visual ICT Limited
- VTNetwork Limited
- Xpress MTS Limited
It’s important to note that not all licensed companies are currently offering mobile money services, and some hold additional licenses for other payment ecosystem services.