Nigeria’s mobile money story is one of quiet transformation built not in glass towers, but through millions of small daily transactions happening across markets, bus parks, and neighborhoods.
What began as a push for financial inclusion has now become one of the country’s biggest fintech success stories, powered by smartphones and a fast-growing digital economy.
As affordable smartphones found their way into more Nigerian hands, mobile wallets became the simplest bridge between cash and convenience. The results have been staggering. Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that mobile money transactions hit N20.71 trillion($13.95 billion) in Q1 2025, a jump of 1,518% from N1.28 trillion in Q1 2021.
According to an earlier report by Nairametrics, Donald Ubeh, Head of Risk and Compliance at PalmPay, says mobile money operators have helped raise Nigeria’s financial inclusion rate to 74% in 2023, up from 51% in 2016. Today, over 1.5 million agents are on the field, handling about 60% of all transactions and moving more than $1 trillion in 2023 alone.
Behind these numbers are the founders building the digital rails of Nigeria’s payment system visionaries, who saw opportunity where banks saw barriers.
Methodology
In this feature, we spotlight owners of Mobile Money Operators licensed by the Central Bank of Nigeria (CBN), the people reshaping how money moves across Africa’s largest economy.
Although there are 18 licensed Mobile Money Operators (MMOs) in Nigeria, this list focuses only on companies with publicly verifiable data footprints, including ownership records, founding history, and regulatory documentation. Other licensed operators not featured here either have limited public disclosures or closed documentation regarding their company ownership and control structures.
10. Prince Nnamdi Ekeh – Owner Kongapay Technologies Limited
- 10. Prince Nnamdi Ekeh – Owner Kongapay Technologies Limited
- 9. Tayo Oviosu – Owner of Pagatech Limited
- 8. Sahir Berry and Mahesh Nair – Co-founders, NowNow Digital Systems
- 7. Dr. Valentine Obi – eTranzact International Limited
- 6. George Zhu Zhaojiang – Founder, Chairman, Transsion Holdings
- 5. Peter Ojo – President, CEO VTNetwork Limited
- 4. Sir Demola Aladekomo – Founder and Chairman of Chams Mobile
- 3. Odunayo Eweniyi – Co-founder Piggyvest
- 2. Zhou Yahui – Owner Opay Digital Services Limited
- 1.
– Founder, Xpress MTS and Xpress Payments
Prince Nnamdi Ekeh is the Group CEO of Konga Online Nigeria Limited, where he has driven the company’s transformation into a profitable, innovation-led e-commerce powerhouse. Joining Konga in 2018 as Co-CEO, he led a team of over 1,000 employees and steered the company toward growth after years of losses.
- Before Konga, he founded Yudala Limited, Nigeria’s first omnichannel retail platform, which merged with Konga to form one of Africa’s strongest e-commerce entities.
- Ekeh is also a Director at the Leo-Stan Ekeh Foundation, championing education, digital access, and empowerment initiatives that have impacted over 250,000 people across Eastern Nigeria.
A graduate of Oxford’s Saïd Business School (MBA) and Lancaster University (B.A. in Economics and Politics), he has received multiple honors, including Forbes Africa recognition and a Young Global Leader Award by THISDAY in 2024. His leadership continues to redefine Africa’s digital business landscape.
10. Prince Nnamdi Ekeh – Owner Kongapay Technologies Limited
- 10. Prince Nnamdi Ekeh – Owner Kongapay Technologies Limited
- 9. Tayo Oviosu – Owner of Pagatech Limited
- 8. Sahir Berry and Mahesh Nair – Co-founders, NowNow Digital Systems
- 7. Dr. Valentine Obi – eTranzact International Limited
- 6. George Zhu Zhaojiang – Founder, Chairman, Transsion Holdings
- 5. Peter Ojo – President, CEO VTNetwork Limited
- 4. Sir Demola Aladekomo – Founder and Chairman of Chams Mobile
- 3. Odunayo Eweniyi – Co-founder Piggyvest
- 2. Zhou Yahui – Owner Opay Digital Services Limited
- 1. – Founder, Xpress MTS and Xpress Payments
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