Central Bank of Nigeria Approves 17 Fintechs as Mobile Money Operators in Nigeria

The Central Bank of Nigeria (CBN) has granted licenses to 17 fintech startups to provide mobile money services in Nigeria.

The recent frustrations experienced by bank customers following the failure of several traditional bank apps as well as USSD codes have spurred a lot of Nigerians to resort to various fintech startups to carry out transactions.

These fintechs no doubt offered relief to Nigerians especially businesses at the time of unprecedented transaction failures by enabling the swift transfer of funds coupled with various juicy offers such as zero transfer charges, bonuses, daily rewards, etc.

Having noticed the large percentage of Nigerians using various fintechs to carry out daily transactions, the Central Bank of Nigeria deemed it fit to authorize fintech operators with existing facilities in order to better regulate them and ensure that citizens putting their hard-earned money in the hands of approved and trusted fintech operators.

The CBN also released a regulatory framework for agent banking operations, which includes several restrictions to mitigate risks in the financial sector.

In a 31-page document, the CBN dedicated section 8.3 to outline prohibited activities for agents. Investors King reports that one of the key restrictions in the guidelines is that agents must not use the purchase option on PoS terminals for cash-in and cash-out transactions.

The CBN also warned agents against transactions where a receipt or acknowledgment cannot be generated. The CBN observed that the agent banking initiative has led to the proliferation of financial service agents across Nigeria.

Check Out The CBN List of Approved Mobile Money Operators in Nigeria

1.) PalmPay

PalmPay is a fintech company that offers digital payment services for consumers and merchants. The fintech startup specializes in digital finance and also provides payment experience for consumers and businesses by making financial services. Their app is their formal financial account, and they build an online and offline payments ecosystem that brings digital products from marketplaces.

2.) Kongapay

Konga Pay is a secure payment method that allows its customers to pay for stuff without using debit cards. It works by Konga’s e-commerce technology integrating with the internet banking portals of major Nigerian banks.

3.) Xpress MTS Limited

Xpress MTS Limited is a subsidiary of Xpress holdings limited, which was granted a mobile money operator license by the CBN last year October. The fintech startup is building an ecosystem to enable people to digitally send and receive money with ease while creating simple financial access for everyone everywhere.

4.) Pagatech Limited

Pagatech Limited operates as a mobile payment company. The Company offers mobile payment services that enable users to send cash, purchase airtime credit, pay bills, and pay retailers. Pagatech serves customers in Nigeria.

5.) Abeg Technologies

Abeg Technologies is a mobile payment application that offers to pay bills, buy airtime, and send and receive money digitally. Abeg fully changed its name to “Pocket by Piggyvest” to emphasize its transition from a money transfer service to a social commerce platform (PocketApp).

6.) Chams Mobile Limited

Chams mobile limited is a fintech startup that is licensed by the Central Bank of Nigeria (CBN) to provide Mobile Money Operations and Agency Banking services. The startup has a special savings wallet KEGOW that allows special savings, debit cards, and thrifts. The wallet is also available for individuals and businesses.

7.) Fortis Mobile Money

Fortis Mobile Money is licensed by the Central Bank of Nigeria (CBN) to provide mobile payment services in Nigeria. It also provides a mobile wallet solution in Nigeria. Users can send/receive money, buy airtime for telecom lines, and make purchases at partner stores such as supermarkets, pharmacies, restaurants, hotels, etc from the wallet. They can pay bills and recharge cable TV subscriptions. Also allows them to book and pay for road transport.

8.) Parkway Projects Limited

Parkway is a leading financial technology provider creating modern banking experiences, proudly developed by Africans and delivered through Africa’s leading banks to businesses and individuals across the continent. Parkway provides simple, intuitive, end-to-end corporate, retail, and transaction banking solutions.

9.) Teasy mobile money

Teasy Mobile Money is a mobile financial platform, offering a virtual wallet to load money by visiting an agent location. Teasy Mobile Money serves in the B2C and B2B space in the FinTech market segments. Teasy Mobile Money’s competitors include Flutterwave, Interswitch, Nuvei, and OPay. Teasy Mobile Money ranks 29th among 50 active competitors.

10.) Nownow Digital Payments

NowNow Digital Payment Systems Ltd provides financial services to Consumers, Agents, and SMES. The company is licensed by the Central Bank of Nigeria as a mobile Solutions Provider. NowNow is on a mission to help Africans get access to financial services.

11.) VTNetwork Limited

VTNetwork, which is doing business as VCASH, is a CBN-licensed payment operator that provides International money transfer services in Nigeria. The startup allows users to transfer money locally and internationally within capabilities in 140 countries.

12.) Opay

OPay is licensed by CBN, insured by the NDIC, and trusted by over 18 million users. The startup enables users to accomplish more with their money by providing smart financial services. OPay is a mobile money platform with an extensive range of services that merchants can offer to their clients. The goal of the company is to help unbanked people.

13.) Visual ICT Limited

Visual ICT Limited is a fast-growing Fintech Startup and a Mobile Financial Services Provider licensed by the Central Bank of Nigeria to provide Mobile money services. Visual ICT works with all players in the financial services arena including the Central Bank of Nigeria, Commercial Banks, Telecommunications Operators, Technology Vendors, and Financial Services Applications Developers as well as Prepaid Bill Issuers and Switching Companies.

14.) Mkudi Nigeria Limited

M Kudi Nigeria Limited was established in 2009 for the exclusive purpose of providing Mobile Money Transfer Services to the Nigerian Public. M Kudi allows both unbanked and banked personnel to send money via their mobile device across Nigeria. Since going live, Mkudi has been building its partner network to include banks, telecommunication operators, and a robust, trustworthy Agent Network.

15.) Hedonmark Management Services

Hedonmark is a fintech startup that allows users to make payments from the comfort of their homes or on the go. It is also a solution provider, proffering professional and reliable back-office management solutions to small, medium, and corporate clients.

16.) Funds and Electronic Transfer (FETS) Limited

Funds & Electronic Transfer Solutions Limited is a Central Bank of Nigeria (CBN) licensed mobile money operator. It has an online e-wallet system that offers easy money transfer, bill payment, top-up airtime, and other mobile payment services.

17.) eTranzact International Limited

eTranzact is Africa’s premier e-payments solution provider delivering electronic transaction switching and payment processing solutions across POS, web, mobile, ATMs, and Cards.