Mobile money transactions surge 81% to N372tn – CBN report

Nigeria's embrace of digital financial services has accelerated, with mobile money transactions soaring by 81.26% to reach N372.14 trillion in 2025. This significant increase from N205.31 trillion in 2024 highlights the nation's rapid transition to electronic payments, driven by expanding agent networks and wider adoption of digital solutions.

The Central Bank of Nigeria's 2025 Annual Report reveals that the volume of transactions processed by Mobile Money Operators (MMOs) also saw substantial growth, increasing by 65.77% to 28.74 billion transactions in 2025, up from 17.34 billion in the previous year. This surge is attributed to increased agent onboarding, advancements in digital financial solutions, and effective collaborations with various stakeholders.

By the end of 2025, Nigeria had licensed 84 Payment Service Providers across different categories. These include eight Mobile Money Operators, seven Switching and Processing companies, and numerous other service providers. Prominent licensed MMOs include OPay Digital Services Limited, PalmPay Limited, Pagatech Limited (Paga), and eTranzact International Limited.

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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.

The report also noted continued growth in the broader electronic payments ecosystem, with the value of retail e-payment transactions rising by 26.07% to N3,458.77 trillion in 2025. This expansion is linked to user preferences for digital channels, the growth of e-commerce, and improvements in payment infrastructure.

While Automated Teller Machine (ATM) transactions recorded the highest growth rate in volume, USSD and Point-of-Sale transactions also saw increases. However, transaction volumes declined through mobile applications, internet/web platforms, and direct debit channels, indicating a dynamic shift in payment channel usage.

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The increases reflected user preferences, adoption of digital channels, growth in e-commerce, and infrastructure improvements.