List of CBN Licensed Mobile Money Operators in Nigeria

List of CBN Licensed Mobile Money Operators in Nigeria

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Mobile banking is a service given by a bank or other financial institution that allows its customers to make financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike linked internet banking, it makes use of software, sometimes referred to as an app, offered by the financial institution for the purpose. Mobile banking is typically available around the clock. Some financial organisations restrict which accounts can be accessed via mobile banking, as well as the amount that can be transacted. Mobile banking is dependent on the availability of an internet or data connection to the mobile device.
Transactions via mobile banking are dependent on the features of the mobile banking app provided and typically include obtaining account balances and lists of recent transactions, electronic bill payments, remote check deposits, P2P payments, and funds transfers between a customer’s or another’s accounts. Some apps also allow customers to download and print copies of their statements at their convenience. Using a mobile banking app improves use, speed, and flexibility while also increasing security because it combines with the user’s built-in mobile device security features.
Money operators’ main goal is to provide their consumers with the convenience of doing monetary transactions over the phone. The Central Bank of Nigeria licences and regulates money operators in Nigeria to undertake activities such as sending money, receiving money, and making other bill payments.

The following is a List of CBN Licensed Mobile Money Operators in Nigeria.


Paga Mobile is one of Nigeria’s most notable CBN-licensed mobile money operators. Tayo Oviosu founded Paga, as it is often known, in 2009. It started operations in 2011. Paga subscribers can transfer money and make payments using their mobile phones. It eliminates the need for banks to conduct cashless transactions. Aside from the ability to pay Cable TV (DSTV, GoTV) bills and other online utility bills, it also provides basic banking services such as Merchant services and Savings accounts.

First Bank’s Firstmonie, often known as Firstmonie, is a mobile money payment service owned by First Bank of Nigeria. It was dedicated on September 19th, 2013. Firstmonie users and subscribers can utilise their mobile phones to make transactions, pay bills, and buy online. Celpay in Zambia is powering it, in conjunction with Fundamo, a Visa group credited for launching the world’s first mobile banking service in emerging nations.


MTN’s MoMo service went live on September 19, 2019. MTN Telecommunication designed and introduced it as a mobile payment outlet. MoMo was derived from Mobile Money. It allows its customers and users to transfer, receive, and save money using their mobile phones. Momo also allows its users to pay a variety of bills. MoMo can also be used to shop online. MoMo might also be used to buy data and airtime. Unlike normal banks in Nigeria, MTN Mobile Money Nigeria does not impose additional fees for most transactions.


Pelumi Aboluwarin and Yinka Adewale founded Kudi Mobile in 2016. It is one of Nigeria’s most prominent mobile money operators. People can use their mobile phones to perform cash transactions and pay bills using the Kudi mobile app. People can also generate money online by becoming Kudi Agents. Kudi Agents use mobile phones and POS to assist customers with cash transfers, withdrawals, and other transactions.


In 2018, the Opera Group, one of Nigeria’s most popular browsers, launched OPay. OPay enables consumers to use their mobile phones to send, save, and receive money, as well as conduct other cash activities. OPay and WorldRemit announced a collaboration to allow Nigerians to receive money from nations such as the United States. OPay also allows users to generate actual money online by becoming OPay Agents.


Polaris SurePadi is Polaris Bank Limited’s mobile money service. It will be dedicated in 2020. SurePadi’s mission is to make banking processes more comfortable and simple. It aids its users and subscribers with cash deposits, account opening, cash withdrawals, BVN enrollment, bill payment, and data and airtime purchases. It also offers a wide range of excellent services.


PalmPay is an electronic wallet that aims to make cash transactions easier while also providing solutions for people who have limited or no access to banks. Transnet and NetEase jointly own PalmPay. It was founded in 2019. It can be used to both transmit and receive money. It can also be used to pay a variety of bills, purchase data and airtime, and conduct a variety of other online activities.

QikQik (Quickteller) is a licenced electronic money operator in Nigeria. It was launched in 2012 by Unity Bank and is powered by Eartholeum Networks. QikQik allows its users and subscribers to undertake services such as cash transfer, bill payment, and airtime and data purchasing. QikQik also allowed users to shop, apply for loans, book flights, and purchase event tickets.


PocketMonie was founded in 2010. Users and subscribers can utilise this site to pay bills, buy airtime and data, and send and receive money. It also allows its users to conduct a wide range of online monetary transactions. In 2018, PocketMonie was named Mobile Operator of the Year. PocketMonie also offers agents who help customers conduct quick online cash transactions.

  • U-MO

UBA introduced U-Mo in collaboration with AfriPay in 2011. It was Nigeria’s first mobile money service. U-Mo offers three types of accounts: U-Mo Gold, U-Mo Silver, and U-Mo Platinum. It is a platform that allows its users to conduct a variety of monetary transactions using their mobile phones.


EazyMoney allows its users to send and receive money using their mobile phones via the EazyMoney mobile app. Zenith Bank operates EazyMonie. Its goal is to provide alternative banking solutions to people who do not have access to banks. EazyMoney also enables its users to do a variety of monetary transactions, such as utility bill payments.


Google Wallet is a mobile payment system that was created by Google. Google Wallet users can use their mobile phones to make cash payments and transfer money. It provides its users with a free service.


GTbank owns GTbank Mobile Money. It allows its customers to conduct a wide range of online cash transactions such as utility bill payments, data and airtime purchases, money sending and receiving, and many other operations.


IBTC Stanbic Stanbic IBTC powered Mobile Money. It enables its customers to do online banking transactions such as sending and receiving money, as well as paying utility bills such as DSTV and GoTV subscriptions. It also alleviates the stress of having to go to the bank.


Ecobank Mobile Money was introduced by Ecobank. It allows its users to conduct a wide range of cash transactions without having to visit a bank by using mobile phones. One could pay utility bills, buy airtime and data, send and receive money, and engage in other online activities.

Internet banking is less secure than mobile banking. In contrast to internet banking, which can be done on any number of internet-connected devices, including smartphones, tablets, laptops, and desktop computers, mobile banking can only be done from a single device (a smartphone or tablet) that has a SIM card and a phone number that is already registered with the bank account. When conducting online banking, a hacker must obtain the username and password, which can be done by remotely installing keystroke logging software on the victim’s device. However, when conducting mobile banking, the fraudster must either steal a mobile device with a SIM card whose phone number is already registered with the bank account or steal the SIM card itself.

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