Nigerians conducted mobile money transactions worth N372.14tn in 2025, representing an increase of 81.26 per cent from N205.31tn recorded in 2024, as expanding agent networks and wider adoption of digital financial services accelerated the country’s transition to electronic payments.
- +Mobile money transactions surge 81% to N372tn – CBN report
The figures are contained in the Central Bank of Nigeria’s 2025 Annual Report, which also showed that the volume of transactions processed by Mobile Money Operators rose by 65.77 per cent to 28.74 billion in 2025 from 17.34 billion in the previous year.
The figures are contained in the Central Bank of Nigeria’s 2025 Annual Report, which also showed that the volume of transactions processed by Mobile Money Operators rose by 65.77 per cent to 28.74 billion in 2025 from 17.34 billion in the previous year.
The report stated, “In 2025, the volume and value of payment services offered by MMOs through their agent touchpoints and innovative technology continued to increase. The volume of transactions rose to 28,741.83 million from 17,337.97 million in 2024. Similarly, the value of transactions increased to N372.14tn from N205.31tn.”
It attributed the growth to “the increased onboarding of agents, advancements in digital financial solutions, and collaborations with relevant stakeholders.”
The report showed that Nigeria had 84 licensed Payment Service Providers across various categories as of the end of 2025. These comprised eight Mobile Money Operators, seven Switching and Processing companies, 10 Payment Solution Services firms, 31 Payment Solution Service Providers, four operators holding combined Payment Solution Service Provider and Payment Terminal Service Provider licences, 10 Payment Terminal Service Providers, 10 Super Agents, and four operators with both Payment Terminal Service Provider and Super Agent licences.
Some of the licensed Mobile Money Operators in Nigeria include OPay Digital Services Limited, PalmPay Limited, Pagatech Limited (Paga), eTranzact International Limited, Chams Mobile Limited, VTNetwork Limited, KongaPay Technologies Limited, and Fortis Mobile Money Limited.
The report also highlighted continued growth in the broader electronic payments ecosystem, with the value of retail e-payment transactions increasing by 26.07 per cent to N3,458.77tn in 2025.
According to the CBN, “The increases reflected user preferences, adoption of digital channels, growth in e-commerce, and infrastructure improvements.” An analysis of transaction volumes across payment channels showed that Automated Teller Machine transactions recorded the highest growth rate during the year.
The report stated that ATM transaction volume rose by 61.94 per cent to 1.66 billion transactions, followed by a 20.89 per cent increase in USSD transactions to 669.55 million and a 19.78 per cent rise in Point-of-Sale transactions to 15.66 billion.
It, however, noted that transaction volumes declined through mobile applications, internet/web platforms, and direct debit channels.
The CBN’s payment channel distribution showed that internet-based payments accounted for the largest share of retail e-payment value at 56.66 per cent in 2025. This was followed by Nigeria Electronic Funds Transfer transactions at 21.62 per cent, mobile applications at 11.13 per cent, POS terminals at 7.78 per cent, ATMs at 2.30 per cent, direct debits at 0.41 per cent, and USSD at 0.11 per cent.
The report further showed that cheque usage continued to decline as businesses and consumers increasingly embraced digital payment alternatives. It stated that the value of cheque transactions dropped by 49.78 per cent to N1.84tn in 2025 from N3.66tn in 2024, while transaction volume fell by 57.79 per cent to 1.49 million from 3.53 million over the same period.
According to the CBN, “To align with modern payment expectations, e-cheque and QR code functionalities were being developed by the Bank in collaboration with NIBSS.” The report also showed increased activity in the wholesale payment system.
It disclosed that the volume of interbank funds transfers through the Real Time Gross Settlement system rose by 10.70 per cent to 429,388 from 387,890 in 2024, while the value of transactions more than doubled, increasing by 107.39 per cent to N454.60tn from N219.20tn.
The CBN attributed the growth to increased processing of high-value transactions driven by improved economic activity.
The Director-General of the GSMA, Vivek Badrinath, recently said, “Mobile money has evolved from a simple way to move money into a global financial ecosystem, reshaping how hundreds of millions manage their financial lives. Adoption and regular use are surging, and value is scaling faster than volume.”
Badrinath added, “By prioritising interoperability, digital public infrastructure, consumer protection, and financial health outcomes for women, mobile money can continue to provide safe, inclusive, and sustainable digital financial services globally.”
