Mobile money operators (MMOs) have been identified as critical in driving financial inclusion in NigeriaThe MMOs see a robust 2025 for the industry as they bank on increasing smartphone market and adoption in the countryPalmPay, one of the most prominent players in the ecosystem, projects a more substantial market for the company in the new year
Henzodaily.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Mobile Money Operators (MMOs) are optimistic about a robust year for the industry after recording some milestones in 2024.
They project stronger internet and smartphone access in the new year, driving their operations.
Mobile operators forecast a robust year for MMOs
Credit: Ugur Karakoc
Source: Getty Images
PalmPay rolls out the drum
PalmPay’s head of marketing and communications disclosed this on Friday, January 17, 2025, at a media roundtable in Lagos attended by Henzodaily.ng.
According to him, the future of MMOs and mobile banking in Nigeria is robust as smartphone access, a key component of their operation, surges.
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He disclosed that Nigeria has about 170 million active mobile phone users, which will drive MMOs operations in the future as Nigeria achieved a 75% financial inclusion rate in 2023, a milestone PalmPay helped to achieve.
The company disclosed that PalmPay has helped drive $2 billion in foreign direct investment (FDI) into Nigeria, processed about N1 trillion in transactions and currently service 1.5 million businesses nationwide.
A more robust future ahead
PalmPay’s Managing Director, Chika Nwosu, explained that the company’s growth has been phenomenal since launching in 2019.
He said the firm has about 35 million users across Nigeria and serves 1.5 million customers.
With a presence in five African countries, PalmPay seeks to create balance and promote financial inclusion.
“Today, PalmPay serves over 35 million customers and 1.2 million business users with digital accounts, real-time payments, and savings and credit solutions,” he said.
He highlighted the company’s achievements in Nigeria, including its $6 billion transaction value, 16 million monthly active users, 99.5% transaction success rate, and 75% customer retention rate.
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The company hopes to collaborate with regulators such as CBN to ensure financial inclusion in Africa’s most populous country.
Moniepoint, Opay, Palmpay, others to block PoS operators’ accounts
Henzodaily.ng earlier reported that Nigerian banks and fintech companies are set to block accounts of Point of Sale (PoS) operators yet to register their businesses with the Corporate Affairs Commission (CAC) before July 7, 2024.
Henzodaily.ng earlier reported that the Central Bank of Nigeria, in a memo issued on April 30, 2024, directed all non-individuals on the agent banking authorisation to immediately take steps to register their businesses with the CAC in line with Section 863 of the Companies and Allied Matters Act (CAMA) 2020.
The directive made it mandatory for PoS terminals, whether agents, merchants, or individuals, to register with CAC before the commencement of business.
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Source: Henzodaily.ng