Data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) has revealed a significant surge in mobile money transactions in 2023, with licensed mobile money operators including Opay, Palmpay, and 15 others processing transactions valued at N46.6 trillion.
The NIBSS data indicated that the total value of mobile money transactions in 2023 experienced a staggering 140 per cent increase compared to the previous year, reaching N46.6 trillion, marking the highest annual mobile money transactions in the country to date.
In addition to the substantial increase in transaction value, the volume of mobile money transactions also witnessed a remarkable surge, soaring by 326 per cent from 714 million transactions in 2022 to a staggering 3.04 billion transactions in 2023.
The surge in mobile money transactions can be attributed to the technical challenges experienced by Nigerians on banking apps early in the year, which prompted many to turn to mobile money platforms for seamless transactions amid cash scarcity.
The swift and hassle-free transactions offered by mobile money operators such as Opay and Palmpay further facilitated the adoption of their platforms by bank customers.
Furthermore, attractive incentives such as free transfers and cashbacks on transactions offered by OPay, Palmpay, and other mobile money operators played a pivotal role in attracting more customers and driving the surge in mobile money transactions.
It is worth noting that there are currently 17 companies licensed by the Central Bank of Nigeria as Mobile Money Operators, including Abeg Technologies Limited, Chams Mobile, eTranzact International Limited, and others listed above.
While these licensed operators contribute significantly to the mobile money ecosystem, it is important to recognize that not all of them are currently providing the service, and some possess additional licenses enabling them to offer various other services in the payment ecosystem.
