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Mobile money transactions in Nigeria reached N372.14 trillion in 2025, representing an 81.26 per cent increase from N205.31 trillion recorded in 2024, according to the Central Bank of Nigeria (CBN).
The sharp rise reflects continued expansion in digital financial services, increased agent onboarding and broader adoption of electronic payment channels across the country.
Data contained in the CBN’s 2025 Annual Report also showed that the volume of transactions processed by Mobile Money Operators (MMOs) increased by 65.77 per cent, rising to 28.74 billion transactions in 2025 from 17.34 billionrecorded a year earlier.
According to the apex bank, the growth demonstrates the increasing role of mobile money in advancing financial inclusion and supporting Nigeria’s transition to a digital payments economy.
“In 2025, the volume and value of payment services offered by MMOs through their agent touchpoints and innovative technology continued to increase. The volume of transactions rose to 28,741.83 million from 17,337.97 million in 2024. Similarly, the value of transactions increased to N372.14tn from N205.31tn,” the report stated.
The CBN attributed the growth to the continued expansion of agent networks, advances in digital financial solutions and stronger collaboration among ecosystem participants.
Payment service ecosystem continues to expand
The report showed that Nigeria had 84 licensed Payment Service Providers (PSPs) across different categories at the end of 2025.
These included eight Mobile Money Operators, seven Switching and Processing companies, 10 Payment Solution Services firms, 31 Payment Solution Service Providers, four entities holding combined Payment Solution Service Provider and Payment Terminal Service Provider licences, 10 Payment Terminal Service Providers, 10 Super Agents and four operators with dual Payment Terminal Service Provider and Super Agent licences.
Licensed Mobile Money Operators include OPay Digital Services Limited, PalmPay Limited, Pagatech Limited (Paga), eTranzact International Limited, Chams Mobile Limited, VTNetwork Limited, KongaPay Technologies Limited and Fortis Mobile Money Limited.
The CBN also reported continued growth across Nigeria’s broader electronic payments ecosystem.
The total value of retail electronic payment transactions increased by 26.07 per cent to N3,458.77 trillion in 2025.
According to the regulator, the increase was driven by changing consumer preferences, wider adoption of digital payment channels, growth in e-commerce and continued investment in payment infrastructure.
ATM transactions record strongest growth
Analysis of payment channels showed that Automated Teller Machine (ATM) transactions recorded the highest growth rate by transaction volume during the year.
ATM transaction volume increased by 61.94 per cent to 1.66 billion transactions.
USSD transactions also recorded growth of 20.89 per cent, reaching 669.55 million, while Point-of-Sale (POS) transaction volume rose 19.78 per cent to 15.66 billion transactions.
However, the report noted declines in transaction volumes processed through mobile applications, internet platforms and direct debit channels.
By transaction value, internet-based payments accounted for the largest share of retail electronic payments at 56.66 per cent.
Nigeria Electronic Funds Transfer (NEFT) transactions followed with 21.62 per cent, while mobile applications accounted for 11.13 per cent. POS terminals contributed 7.78 per cent, ATMs 2.30 per cent, direct debits 0.41 per centand USSD transactions 0.11 per cent.
In terms of transaction volume, internet payments represented 44.08 per cent of total retail e-payment activity, followed by POS terminals at 32.71 per cent and mobile applications at 18.04 per cent. ATM transactions accounted for 3.46 per cent, while USSD, NEFT and direct debits represented 1.40 per cent, 0.16 per cent and 0.15 per cent, respectively.
Digital payments continue to replace cheques
The CBN report also highlighted the continued decline in cheque usage as businesses and consumers increasingly adopt digital payment alternatives.
The value of cheque transactions fell by 49.78 per cent to N1.84 trillion in 2025 from N3.66 trillion recorded in 2024.
Cheque transaction volume also declined by 57.79 per cent, falling to 1.49 million transactions from 3.53 million during the same period.
To further modernise Nigeria’s payment ecosystem, the CBN said it is working with the Nigeria Inter-Bank Settlement System (NIBSS) to develop electronic cheque (e-cheque) and QR code payment capabilities.
The report also recorded increased activity within the wholesale payment system.
Interbank fund transfers processed through the Real Time Gross Settlement (RTGS) system rose by 10.70 per cent to 429,388 transactions, while transaction value surged by 107.39 per cent to N454.60 trillion, up from N219.20 trillion in 2024.
According to the CBN, the increase reflected stronger economic activity and a higher volume of high-value financial transactions.
Commenting on global trends, GSMA Director-General Vivek Badrinath said mobile money has evolved beyond simple money transfers into a comprehensive digital financial ecosystem.
“Mobile money has evolved from a simple way to move money into a global financial ecosystem, reshaping how hundreds of millions manage their financial lives. Adoption and regular use are surging, and value is scaling faster than volume,” he said.
Badrinath added that strengthening interoperability, digital public infrastructure, consumer protection and financial inclusion would be critical to ensuring mobile money continues to deliver secure and sustainable digital financial services globally.
The latest CBN data underscores the growing importance of digital payments, regulatory compliance, consumer protection and financial technology innovation in supporting Nigeria’s digital economy and expanding access to inclusive financial services.
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