Like commercial banks, the Nigeria Deposit Insurance Corporation (NDIC) recently increased the maximum pass-through deposit insurance coverage for mobile money customers from N500,000 to N5 million per customer. This move means that if any mobile money company shuts down today, each depositor is guaranteed to receive their deposits up to N5 million from the NDIC.
This move became necessary as the recent liquidation of Heritage Bank and scare over the fate of depositors' money has raised more concerns for users of fintech companies licensed to operate as mobile money operators (MMOs) such as Opay, Palmpay, Paga and the likes.
While there are some other mobile money operators owned and operated by commercial banks, according to the NDIC database, in no particular order these are the 18 non-bank-led mobile money operators insured by the Corporation:
Kongapay Technologies Limited
KongaPay, a financial technology company and a subsidiary of Nigeria's leading e-commerce group – Konga, is a licensed mobile money operator in Nigeria. KongaPay is committed to offering the country's most reliable and fastest payment service and hopes to become one of the most preferred e-payment service providers in Africa.
Pagatech Limited
Paga was founded in early 2009 by Tayo Oviosu to make it simple for one billion people to access and use money. Licensed by the CBN as a mobile money operator, said it is solving two major problems in the world – eliminating the use of cash for transactions and providing access to financial services.
NowNow Digital Systems Limited
Founded in 2018, NowNow App provides a new way for people and merchants to bank using their smartmobile phones. The company, licensed as a mobile money operator by the CBN, is focused on building a mobile app that supports fast money transfers and bill payments.
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. The company also owns a mobile money license, which allows it to provide financial services over mobile.
Palmpay Limited
Palmpay, a popular fintechs used by Nigerians for financial services, is also a licensed mobile money operator by the CBN. PalmPay launched its service in Nigeria and Ghana in 2019 and boasts of providing over 5,000,000 customers with convenient and affordable digital payments.
VTNetwork Limited
VTNetwork Limited runs its business as VCASH, a CBN-licensed mobile payment operator. The company also provides International Money Transfer (IMTO) services in Nigeria. The company allows users to transfer money locally and internationally with capabilities in 140 countries.
Chams Mobile
The CBN licensed Chams Mobile Limited to provide mobile money operations and agency banking services through KEGOW. Its unique mobile wallet allows special savings, debit cards, and thrifts. The KEGOW wallet is also available for agents and businesses. Chams Mobile has evolved into a digital products and services company.
Mkudi Limited
Established in 2009, MKudi Nigeria Limited exclusively provides mobile money transfer services to the Nigerian Public. MKudi allows unbanked and banked personnel to send money via mobile devices across Nigeria.
Abeg Technologies Limited
Abeg Technologies Limited, a Piggy Tech Global Limited division, was issued a mobile money license by the CBN in 2022. The company has since changed its name to "Pocket by Piggyvest" to emphasize transitioning from a money transfer service to a social commerce platform (PocketApp).
Opay Digital Services Limited
OPay is a one-stop mobile-based platform for payments, transfers, loans, savings, and other essential services for every individual. Licensed by the CBN as a mobile money operator, OPay boasts over 18 million registered app users and 500,000 agents in Nigeria who rely on its services to send and receive money, pay bills, and many more.
Fortis Mobile Money Limited
The CBN licensed Fortis Mobile Money to provide mobile payment services in Nigeria in 2011. The company provides a safe and easy web, mobile app, and agent platform that enables the transfer of money.
Hedonmark Management Services Limited
Hedonmark provides professional and reliable back-office management solutions to small, medium, and corporate clients. The company is also among the companies licensed as mobile money operators in Nigeria.
Parkway Projects Limited
The CBN licensed Parkway Projects Limited as a mobile money operator and payment service provider. The company has been doing more to provide transaction solutions to businesses. Launched in Nigeria in April 2004, it currently serves over 3,000 banks, government agencies, large corporates & SMEs across 30 African countries in multiple sectors of the economy,
Teasy International Company Limited
Teasy International Company Limited was incorporated in 2011 and was licensed by the Central Bank of Nigeria (CBN) in December 2012 as a Mobile Payments Operator. Teasy was granted commercial approval by the CBN in July 2013. The company carries out agency banking activities in Nigeria with its mobile payments licence.
Visual ICT Limited
Visual ICT Limited is a fast-growing fintech startup and a mobile financial services provider licensed by the CBN to provide mobile money services.
The company provides a suite of mobile financial services not in any way limited to mobile money services, agent networks, cash and electronic disbursements, payroll processing, e-wallet management solutions, airtime top-up, inter-bank transfers, bill payments, as well as financial solutions uniquely designed to suite the diverse needs of its clients and drive financial inclusion.
Xpress MTS Limited
Xpress MTS Limited, a subsidiary of Xpress Holdings Limited, was granted a mobile money operator licence by the CBN in October last year. The licence allows the company to leverage mobile technology to deliver Nigerian financial services.
Cellulant Nigeria Limited
Cellulant is a leading Pan African payments company that provides locally relevant and alternative payment methods for global, regional, and local merchants.
The company provides a single API payments platform enabling businesses to collect payments online and offline while allowing anyone to pay from their mobile money, local and international cards, or bank.
