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Nigeria’s Mobile Money Transactions Hit N71.5 Trillion in 2024 Despite Regulatory Challenges

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Nigeria’s Mobile Money Transactions Hit N71.5 Trillion in 2024 Despite Regulatory Challenges
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Nigeria’s mobile money sector continues to expand at an unprecedented rate, with transactions reaching N71.5 trillion in 2024, according to recent data from the Nigeria Inter-Bank Settlement Systems (NIBSS). This represents a 53.4% surge from the N46.6 trillion recorded in 2023, signaling the increasing reliance on digital payment solutions across the country.

In addition to the value of transactions, volume also saw significant growth, climbing by 23%—from 3 billion transactions in 2023 to 3.9 billion in 2024. Leading mobile money operators such as PalmPay, OPay, and others played a major role in driving this expansion.

Market Growth and the Role of Smartphone Penetration

With smartphone adoption steadily rising in Nigeria, mobile money operators are optimistic about further growth in 2025. Currently, 17 companies are licensed by the Central Bank of Nigeria (CBN) as Mobile Money Operators (MMOs), playing a crucial role in the country’s rapidly evolving fintech ecosystem, which consists of over 200 firms.

Mobile money services enable seamless financial transactions by allowing users to send, receive, and manage funds directly from their mobile devices, eliminating the need for traditional banking channels.

Regulatory Hurdles and Market Resilience

Despite its impressive growth, the sector faced regulatory challenges in April 2024, when the CBN temporarily suspended new customer onboarding for several fintech platforms, including OPay, PalmPay, and Paga, as well as non-MMO fintechs like Moniepoint and Kuda Bank. The suspension was reportedly due to concerns over the potential misuse of these platforms for illegal forex transactions linked to cryptocurrency trading.

However, the ban lasted approximately a month and had minimal impact on overall transaction volumes, demonstrating the resilience and continued expansion of Nigeria’s mobile money ecosystem.

As digital payments become more deeply integrated into everyday transactions, Nigeria’s mobile money sector is poised for even greater milestones in the coming years.

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