In a dynamic landscape of digital transactions, Mobile Money Operators, spearheaded by Moniepoint, eTranzact, and Flutterwave, surged to a remarkable $144 billion in transactions in 2022, according to a comprehensive report by Techcabal Insights.
Moniepoint emerged as the frontrunner, boasting an impressive $100 billion in transactions, solidifying its position as the foremost switching and processing platform. Following closely behind was eTranzact, with an annual transaction value of N50 trillion ($34.5 billion), positioning itself as a key player in the switching and processing realm. Flutterwave, with $9 billion in transactions, also made significant strides in the mobile money arena.
The 2024 Nigeria Payment Outlook report highlighted that 35.5% of Nigerians aged 15 and above possessed a debit card in 2021, with Verve leading the charge by issuing approximately 35 million active payment cards in 2022.
The landscape of mobile money operators is diverse, with Opay, Palmpay, and Pagatech reigning supreme in terms of user base and app downloads on Google Play. Opay boasts approximately 30 million users, while Palmpay and Pagatech command user bases of about 25 million and four million, respectively.
Payment Solutions Service Providers (PSSPs), including Nomba, Flutterwave, and Appzone, showcased substantial monthly transactions, with figures reaching $1 billion, $9 billion, and $2 billion, respectively.
Additionally, Payment Terminal Service Providers (PTSPs) like Nomba, Wi-Pay, and Computer Warehouse Group facilitated transactions exceeding $3 million and N1.7 billion, as reported by Techcabal.
Super-agents play a pivotal role in facilitating payments on the ground level. Kippa, with over 500,000 agents and processing $3 billion in transactions, along with MTN's MoMo and Nomba, emerged as key players in this category.
The report emphasized Interswitch's dominant role as the sole company with a payments service holding license, solidifying its position in the payments ecosystem.
Over the past two decades, Nigeria's payment system has undergone a remarkable transformation, transitioning from manual processes to a sophisticated digital infrastructure processing trillions of Naira in value. Newcomers and subsidiaries, including Sterling Bank's Alternative bank, have emerged to cater to evolving customer needs, signaling a shift towards modern banking solutions.
Furthermore, mobile communications industry players such as MTN, Airtel, and Globacom have ventured into the payments ecosystem with initiatives like Mobile Money and Payment Service Banks (PSBs), aiming to promote financial inclusion and bolster Nigeria's payment infrastructure.
As Nigeria's payment system continues to evolve, regulatory bodies like the Central Bank of Nigeria (CBN), supported by entities like the Nigeria Deposit Insurance Corporation (NDIC) and the Nigerian Inter-Bank Settlement System (NIBSS), play a crucial role in ensuring a robust and efficient financial ecosystem, characterized by minimal risks and seamless transactions.
0 Comments