Transactions by Mobile Money Operators (MMOs) in Nigeria rose to N17.2 trillion in the first quarter (Q1) of 2024.
This is according to data released by the Nigeria Inter-Bank Settlement Systems (NIBSS).
Mobile money operators in Nigeria, comprise fintechs like OPay, Palmpay, and others.
There are over 200 fintechs in Nigeria but only 17 are licensed as mobile money service providers.
The mobile money transactions figure for Q1 2024 represents an 89 per cent year-on-year increase when compared with the N9.1 trillion transactions recorded in the same period in 2023.
Further analysis of the three-month data shows that mobile money transactions maintained steady growth each month. In January, transactions valued at N5.2 trillion were recorded, and by February, mobile money transactions rose to N5.5 trillion, and by March, it was N6.5 trillion.
