List and Details of 17 Mobile Money Operators Licensed by Central Bank of Nigeria

Complete list of Companies Approved by CBN to  carry out Mobile Money Operations in Nigeria 

 By: Mfon Celebrity 

Due to the ongoing glitches experienced by users of commercial bank's mobile apps and other digital channel in the wake of the naira challenge, a lot of Nigerians have shifted focus to other financial services, especially fintechs like Opay, Palmpay and others for a better experience.

True to their expectations, fintechs licenced as mobile money operators by the Central Bank of Nigeria (CBN), have been providing relief for Nigerians in this trying time of naira scarcity.

Apart from swift transfers, mobile money are also offering perks such as zero charges and daily transfers for customers.

However, these freebies have become sort of concern for customers who are unaware of the status of this financial service providers as far as CBN licencing is concerned. Since some of these offers are too good to be true, most customers fear that, these banks are branchless they might run away with their money one day.

These banks have been licensed by the CBN so they may not disappear, the customer funds are also safe. Deposit in these fintechs are insured  by Nigeria Deposit Insurance Corporations (NDIC),unlike the  commercial banks.

For proper understanding, mobile money involves the use of mobile phone for initiation, authorization and confirmation of the transfers of a value out of current/checking,savings or stored value account. From the CBN, there are currently 17 companies approved and licensed as mobile money operators in Nigeria. Although, only a few are currently popular with these services.

Below are the 17 approved companies.

1.Abeg Technologies Limited: This financial institution is a division of Piggytech Global Limited. It was licensed a mobile money operator by the CBN in 2022. The company changed its name to "Pocket by Piggyvest" to emphasize its transition from a money transfer service to a social commerce platform (PocketApp).

2.Chams Mobile Limited: This company is licensed by CBN to provide mobile money operations and and agency banking services through KEGOW, this is a special mobile wallet that allow savings, debit cards and thrifts. The KEGOW wallet is also available for agents and business. Charm has also evolved into a digital product and services company.

3.eTranzact International Limited: eTranzact is Africa's premier e-payment solution provider, delivering  electronic transaction switching and processing payment solution across PoS, web,mobile,ATMs, and cards. This company owns a mobile money license which allows financial services over mobile.

4.Fortis Mobile Money Limited: This company as licensed by the CBN is to provide payment services in Nigeria. With a vast knowledge of the bottom of the  pyramid earned through a consistent working relationship with its sister bank- Fortis MFB, the company prides itself a leader in the financial inclusion of the unbanked and other sectors of the economy.

5.Funds and Electronic Transfer (FET) Limited: This company was incorporated in 2010 and got licensed by CBN in 2011. This company provides a safe and easy-to-use web, mobile App and agents platform which  enable users to transfer money from one point to another.

6.Hedonmark Management Services Limited: This company is a complete  solution provider, offering professional  and reliable Back Office Management Solution to small, medium, and corporate clients.

7.Mkudi Nigeria Limited: Mkudi was established in 2009 with purpose of providing mobile money services to Nigerians at large. This company allows both banked and unbanked personnel to send money via their mobile devices across Nigeria.

8.Nownow Digital Systems Limited: Nownow App as founded in 2018, provides a way for people and merchants to bank using their smartphones. These app allow customers to send money , receive money and pay bills without stress.

9.Pagatech Limited: This company was founded in 2009 by Tayo Oviosu, aims at helping billions of people to access financial services. This company solves two major problems , eliminating the use of cash for transactions  and providing finacial services. Pagatech now has over 20 million users.

10.Palmpay Limited: This company is one of the most popular financial services providers in Nigeria. It was launched in 2019, till date, it has provided over 5 million customers with convenient and affordable digital payment.

11.Parkway Projects Limited: This company serve mobile money operator and also as payment service provider. It is currently serving 3 thousand banks, government agencies, large corporate & SMEs across 30 African countries in multiple sectors of the economy.

12.Opay Digital Services Limited: Opay is an mobile money company for payments,transfers,loans, savings and other essential services for individual. The company boast of over 18 million active registered app users and 500 thousand agents in Nigeria who rely on the app to send and receive money.

13.Teasy International Company Limited:  This company was incorporated in 2011 and licensed by CBN in 2012 as a  mobile payment operator. The CBN granted this company commercial approval in 2013, and it is authorised to carry out agency banking in Nigeria.

14.Visual ICT Limited: This is a fast growing fintech startup and a mobile financial services provider licensed by the CBN to provide mobile money services. This company also provides a suit mobile financial services not limited to mobile services , agent networks, cash and electronic disbursements, payroll processing ,e-wallet management solutions, airtime top-up, inter-bank transfers, and  bill payments,

15.VTNetwork limited: This company does business VCASH,it provides International Money Transfer Operation (IMTO) services .VTNerwork allow users to make international transfer to 140 countries.

17.KongaPay Technologies Limited: This is a financial technology company and a subsidiary of leading  e-commerce group in Nigeria. As a licensed mobile money operator, it is vested with the responsibility of offering the most reliable and fastest payment services in the country. It is known to be the most preferred e-payment services in Africa.

17.Xpress MTS Limited: This company is a subsidiary of Express Holding l

Limited. It was licensed in October 2022 by the CBN . This company engages in mobile money services to Nigerians.

The aforementioned companies hold the responsibilities of offering mobile money services to Nigerians as licensed and approved by the CBN. Some of them are also licensed to provide additional services in the payment ecosystem.

In addition, MTN MoMo, Airtel smartcash also offer financial services via mobile. They belong to a different licensed category known as "Super-Agent Authorization" orchestrate by the CBN.