How many mobile money operators are in Nigeria?

How many mobile money operators are in Nigeria?

21 mobile money operators
Mobile Payments Framework The Central Bank of Nigeria implements a Mobile Banking Framework in collaboration with the deposit money banks, payment service providers and other stakeholders. Under the existing guidelines, a total of 21 mobile money operators’ licenses have been issued by the CBN.

Does Nigeria have mobile money?

Mobile money involves the use of mobile phones for the initiation, authorisation and confirmation of the transfer of a value out of a current/checking, savings, or stored value account. Nigeria’s mobile money landscape is, however, dominated by banks, technology and financial services companies.

How do I become a mobile money agent in Nigeria?

Requirements: You must have been engaged in commercial activity for a minimum of 12 months; must have a physical shop (a permanent structure); must be willing to render financial services; and must have a minimum working capital of N50,000 (for unregistered business) and N250,000 (registered business).

Who are mobile money operators in Nigeria?

List of licensed mobile money operators in Nigeria

• Paga Mobile.
• MTN’s Momo.
• First Banks’ Firstmonie.
• Kudi Mobile.
• UBA Moni Agent.
• Polaris Sure Padi.

How many Fintech companies are in Nigeria?

For example, Nigeria today is home to over 250 fintech solutions. Yes, key stakeholders (banks, telecom companies, and the government), enablers, and funding partners (i.e., universities and research institutions, investors, incubators, technology, and consumers) have made this possible.

Can you use mobile money to send money to Nigeria?

Which mobile money accounts can I send to in Nigeria? You can send to any of the following mobile money accounts: OPay. Paga Money.

Which countries use MTN mobile money?

Mobile Money is a mobile payments system based on accounts held by a mobile operator and accessible from subscribers’ mobile phones….Current Mobile Money Presence in African Countries.

How do I register as a mobile money agent?

Registration process

1. Dial *5051#. (
2. Select Register and send.
3. Select your region in which you intend to operate and send.
4. You will receive a reference number via SMS.
5. Write the reference number received on the MoMo registration forms.
6. MTN MoMo Agent will call and also visit your location for inspection.

How do I start a mobile money agent?

For one to be licensed as an agent, you need to:

1. Present an Identity Card.
2. Present a letter of introduction/recommendation from the Local Council.
3. Have a deposit of UGX 80,000/= (Eighty Thousand Shillings) to purchase the kit.
4. Fill in an application form.
5. Have starting Float of UGX 2,000,000/= (Two Million shillings)

Which money agent is the best in Nigeria?

There are many licensed money agents in Nigeria….However, some of the most popular ones are:

• Paga Mobile.
• MTN’s Momo.
• First Banks’ Firstmonie.
• Kudi Mobile.
• UBA Moni Agent.
• Polaris Sure Padi.

Which e wallet is best in Nigeria?

Here are some of the best eWallets in Nigeria.

• Skrill. Skrill Nigeria is one of the most popular eWallets in the world and with good reason.
• Quickteller.
• Transferwise.
• Neteller.
• Ecopayz.

Which is the best mobile money provider in Nigeria?

Mobile Money operators have gained some popularity in Nigeria. Most of these mobile money operators won the hearts of many Nigerians with their superb ads on TV, social media, and print media, as well as their exquisite and seamless financial services. Paga is one of the most popular mobile money platforms in Nigeria.

How is mobile money used in financial transactions?

Mobile money is an aspect of financial transactions where financial values are transferred from one person to another making use of the Unstructured Supplementary Service Data (USSD) platform on mobile networks.

When was electronic fund transfer introduced in Nigeria?

The electronic fund transfer platform was introduced by the Central Bank of Nigeria (CBN) on the 1 ST of January, 2012 to complement the entire spectrum of cashless economy policy of the Federal Government. The cashless policy is being embraced more and more in most economies of the world.