List of mobile money operators in Nigeria (CBN licensed) - Startuppreneur

List of mobile money operators in Nigeria (CBN licensed)

It is no longer news that mobile phone has now gotten smarter, every day technologist keep adding function that is making it more useful and one of such functions is mobile money app that let you receive and transact money.

Before the advent of it, it was a hustle to send and receive money, you will have to get to bank where you will meet a long que but thanks to these mobile wallets you can now do all the major functions of banking right form the comfort of your home.


So who are these mobile money operators in Nigeria, how do they operate and which one to choose, all this question and other will be treated in this article stay tune.

Before we go into the list of mobile wallet I’m sure you will like to know what mobile money operator is and how different it is from online banking (neo bank)


What is a mobile money operator or wallet?

Mobile money is a web app or phone app builds by programmer that helps people to send and receive money from the comfort of wherever they are.

Though it is just setting foot in Africa It has been in existence for long especially in the West.

Mobile money operator are people or company build the app, they are the facilitator, once you click a send or receive button and get the money or the money get to the person you send to, the actual cash sending is usually done at the later day to the respective bank not instantly.

Deference between mobile money and online bank (neo bank)

There are difference between the two, mobile money is only for sending money and paying bill, while mobile banking is a full-fledged bank that only have presence on the internet, such bank are usually easy to set up and manage unlike physical bank.


Mobile money wallet are link to your bank account, it cannot make facilitate any transaction without connecting with your bank account.

Benefits of mobile money operator in Nigeria

It is easy and convenient

One of the advantages of mobile money is that it is very easy and convenient, with a phone and internet connection you can transact within Nigeria, Africa and to other countries of the world, isn’t that good, and you don’t need to que for forever before you make your transaction.

Low cost

Most of the mobile operator or wallet we have in Nigeria charges low transaction fee and some even go as far as given you free transaction unlike bank that will want to milk you dry.

Save Time

Mobile money give you time to do other things, unlike bank where you have to join long que and meet unhappy staff who keep wasting. With just a tap on your phone you will make your transaction.

Everywhere you go

Like MTN you can make transaction anywhere you go, you are not bound to any geographical location.

Mobile money operators in Nigeria

Paga mobile

Paga is one of the first mobile money in Nigeria, it was founded in 2011 by Tayo Aviosu with a focus to send, receive and pay bill such as DSTV, Nepa bill and others, over the year it has expanded to become a platform to save money and obtain loan.

QikQik (Quickteller)

Qikqik is a old man in Nigeria, they started as far back as 2012 when Nigeria internet is just picking up, it was founded by unity bank and Eartholeum network to help people receive, send and pay bill.

Apart from this function you can also apply for loan, buy event tickets and book flight.

Firstmonie by first bank

Afraid of losing revenue that comes with customer transaction, First Bank launch is own mobile wallet in 2013 to help people to send, receive and pay bill conveniently.

To have full function mobile app they partner with Celpay in Zambia and since then they have make a lot of changes to the app that make it one of the best mobile money in Nigeria.

Pocket Monie

Pocketmonie is a big brand in mobile money industry in Nigeria. In 2018 it was given mobile money operator of the year award to acknowledge their effort.

It was establish in 2010 to help people send receive and pay bill online.

MTN Momo

Momo is a mobile money wallet from MTN it allow people to receive, send and pay bills and shop online, bill such as Nepa, Gotv, Dstv and others.

You can also buy data and airtime form the platform, in short it is all purpose mobile app that cover all transaction you might carryout. One of the advantages of Momo is that they charge small fee compares to others.

Polaris Surepadi

Do you remember Polaris; bank that acquire Skye bank, they also have their own mobile wallet called surepadi but it is a little bit differ to others in fact it is a middle ground between Neo bank and mobile wallet, with the app you can open bank account, Bvn enrolment, send and receive money, bill paymen airtime and data purchase.

It was establish in 2020 perhaps due to fear of losing their customers to Fintech.

Kudi mobile

Kudi is another mobile money in Nigeria, that seeks to ease the process of transaction, like other above you can pay bill, send and receive money form the app.

Unlike other kudi did not stop there it also add POS to its service, they give out POS to agent who help people to send and receive money.


Palmpay is a mobile app that allows people to send, receive and pay their bill, it was established in 2019 targeting those that have no access to bank mostly rural areas and since then it has process millions of naira in transaction.


Opay is from Oparamini, a popular browser in Africa, though they enter into the mobile money industry late, they have risen to be one of the big fish in Nigeria.

It was founded in 2018 and the reason for it quick rise can be attributed to partnership with worldremit which make it possible for Nigeria to send and receive money from abroad, though they have suspend that now due to Nigeria monetary policy.

It major function is to help people save, send and receive money and they also give out POS to agent to help people send and receive money.


Umo is own by UBA and Afripay it was establish to help people send, receive and pay money online.


Eazimoney is a mobile money app own by Zenith bank, it main focus is to extend their banking function to mobile, you can send, receive an d pay bill just like other app above. To reduce any friction whatsoever they make the app as easy as possible.

Ecobank mobile money

Ecobank mobile money is own by Ecobank and it only purpose is to give people easy access to banking activities, the app allow people to send, receive and make payment, shop online, buy airtime and data.

Stanbic IBTC mobile money

This app is a response from Stanbic, it also perform the same function as those above; to help people send, receive and pay bill.

Gtbank mobile money

This app is own by Gtbank to help people send and receive money, pay bill and shop online.

Google wallet

The last on our list is google wallet, I’m sure you don’t know about this, you can also send, receive and pay bill with his app at small transaction fee.


Most of the mobile money operator / wallet in Nigeria are virtually having the same function, I will advise you to use mobile money of your bank, integrating both will be easy but if not do well to check mobile money that you want to use well as there are some that will add to your frustration when making transaction.

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