Meet 10 owners of CBN-licensed Mobile Money Operators in Nigeria

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.

 Prince Nnamdi Ekeh – Owner Kongapay Technologies Limited  

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.

Tayo Oviosu – Owner of Pagatech Limited 

Tayo Oviosu is a Nigerian-American entrepreneur and the Founder and Group CEO of Paga, a leading mobile payments company licensed by the Central Bank of Nigeria (CBN). Founded in 2009, Paga’s mission is to simplify how people access and use money by digitizing cash and promoting financial inclusion across emerging markets. Today, it serves over 20 million users in Nigeria.

• Originally from Edo State, Oviosu holds a Bachelor’s degree in Electrical and Electronics Engineering from the University of Southern California and an MBA from the Stanford Graduate School of Business.

Before launching Paga, he held roles at Deloitte Consulting, Cisco Systems, and Travant Capital Partners, where he gained extensive experience in strategy, corporate development, and private equity. He is also the co-founder of Kairos Angels, an investment platform supporting early-stage African startups. Oviosu’s vision continues to shape Africa’s digital payments and fintech landscape.

Sahir Berry and Mahesh Nair – Co-founders, NowNow Digital Systems 

Sahir Berry and Mahesh Nair are the co-founders of NowNow Digital Systems, a pioneering African fintech company established in 2018 to drive financial inclusion and job creation through digital innovation. The company launched its first mobile wallet in 2017 and, by 2018, evolved into a full-fledged embedded finance platform serving agents, consumers, and small businesses across Nigeria and other African markets.

• As Chief Executive Officer, Sahir Berry brings entrepreneurial vision and strategic leadership to NowNow. Before founding the company, he served as Managing Director at Sportwagen Performance in New Delhi.

• He holds a Bachelor’s degree in International Business from Suffolk University’s Sawyer Business School and a Master’s degree in Hospitality Administration and Management from Les Roches International School of Hotel Management.

• Mahesh Nair, the Chief Operating Officer, has over 15 years of global experience across fintech, mobile payments, IT, telecom, and internet services in Africa and India.

Together, Berry and Nair are reshaping Africa’s digital finance landscape—building a platform that empowers users, supports small businesses, and bridges the financial inclusion gap across the continent.

Dr. Valentine Obi – eTranzact International Limited  

Dr. Valentine Obi is a Nigerian technology entrepreneur and the Founder and Group CEO of eTranzact International Plc, one of Africa’s first digital payment platforms, established in 2003.

• Under his leadership, eTranzact revolutionized electronic payments in Africa, expanding operations across Nigeria, Ghana, South Africa, Cameroon, Uganda, and the DRC.
• Beyond eTranzact, Dr. Obi founded XCEL Inc., a London-based neobank focused on digital banking, and KYIARA, an invoice factoring platform streamlining trade finance in Africa.

Dr. Obi holds an MBA from Instituto de Empresa (Madrid), a doctorate from the International School of Management (Paris), and is an alumnus of Harvard Business School. eTranzact is Africa’s premier e-payments solution provider, delivering electronic transaction switching and payment processing solutions across POS, web, mobile, ATMs, and cards.

George Zhu Zhaojiang – Founder, Chairman, Transsion Holdings 

Owners of Palmpay Limited  

Transsion Holdings was founded by George Zhu Zhaojiang in 2006. He is the Chairman and General Manager of the company, which is headquartered in Shenzhen, China.

Founded in 2019 and headquartered in Lagos, Nigeria, PalmPay is one of Africa’s fastest-growing fintech platforms, providing secure mobile payment and digital financial services for individuals and businesses. Licensed by the Central Bank of Nigeria as a Mobile Money Operator (MMO), the platform enables users to send and receive money, pay bills, buy airtime, and manage their finances through its user-friendly app.

PalmPay was launched by Transsnet Financial, a joint venture between Transsion Holdings the Chinese smartphone manufacturer behind Tecno, Infinix, and Itel and NetEase, a leading Chinese internet and technology company. The company debuted with a $40 million seed investment led by Transsion and has since expanded its operations beyond Nigeria into Ghana and other African markets.

Today, PalmPay serves over 35 million users and 1.1 million businesses, positioning itself as a major player in Africa’s digital finance revolution. Under the leadership of Chika Nwosu, Managing Director for Nigeria, PalmPay’s mission is to drive financial inclusion by making digital payments simple, rewarding, and accessible to everyone.

Peter Ojo – President, CEO VTNetwork Limited  

Peter Iyiola Ojo is a visionary technologist and fintech innovator whose education across three continents has shaped his global perspective on digital payments. With over two decades of progressive experience turning business ideas into e-business solutions, Peter has made notable contributions to both private and government technology projectsincluding software systems for the U.S. Internal Revenue Service, Department of Homeland Security, AT&T/British Telecom, and Hitachi Data Systems.

In 2005, he revolutionized global payments by developing the world’s first virtual debit card algorithm, an innovation that eliminated the need for mailing physical prepaid cards and was later adopted worldwide. Two years later, he created the blueprint for VTNetwork’s mobile/web payment infrastructure, powering millions of transactions across emerging economies.

An alumnus of the University of Ibadan, University of Portsmouth, and King’s College London, Peter is pursuing a PhD in Business Administration with a focus on e-commerce innovation.

The company allows users to transfer money locally and internationally with capabilities in 140 countries.

Sir Demola Aladekomo – Founder and Chairman of Chams Mobile  

Sir Demola Aladekomo is a pioneering Nigerian computer engineer, entrepreneur, and philanthropist best known as the founder of Chams Holding Plc, Nigeria’s first indigenous computer maintenance and identity management company.

•  Aladekomo has been instrumental in shaping Nigeria’s IT landscape, introducing groundbreaking technologies such as the country’s first wide-area network on PCs and smartcard payment systems, including contributions to the ValuCard project, Nigeria’s first e-payment card.

• Under his leadership as chairman and largest shareholder, Chams achieved several industry firsts, including the Chams City Innovation, which earned a Guinness World Record. Beyond business, Aladekomo is deeply involved in social impact through the DATA Foundation and Volunteer Corps, organizations focused on education and youth empowerment.

A Fellow of the Nigerian Computer Society and Computer Professionals Registration Council of Nigeria, he has also served as President of the Lagos Business School Alumni Association and continues to mentor emerging tech leaders across Africa.

Chams Mobile has evolved into a digital products and services company. The KEGOW wallet is also available for agents and businesses.

Odunayo Eweniyi – Co-founder Piggyvest 

Company-owned: Pocket App(Abeg Technologies Limited)  

Odunayo Eweniyi is a renowned Nigerian technology entrepreneur, business executive, and advocate for women’s empowerment. She is the Co-founder and Chief Operations Officer of Piggytech Global Limited, the parent company of PiggyVest, one of Africa’s leading digital savings and investment platforms.

• A First-Class graduate of Computer Engineering from Covenant University, Odunayo began her entrepreneurial journey with PushCV before co-founding PiggyVest in 2016 alongside Somto Ifezue and Joshua Chibueze. Under her leadership, PiggyVest has grown into a household name, empowering millions of Nigerians to save and invest seamlessly through technology.

Abeg Technologies Limited, a division of Piggytech Global Limited, was issued a mobile money license by the CBN in 2022. The company has since changed its name to “Pocket by Piggyvest” to emphasise its transition from a money transfer service to a social commerce platform (PocketApp).

Zhou Yahui – Owner Opay Digital Services Limited  

Zhou Yahui is a Chinese billionaire entrepreneur, investor, and technology executive best known as the Chairman of Opera Software and the driving force behind OPay Digital Services Limited, one of Nigeria’s biggest fintech success stories. He is worth $1.6 billion according to Forbes.

• A graduate of Tsinghua University, China’s leading science and engineering institution, Zhou began his career in the gaming industry, founding Beijing Kunlun Tech Co. Ltd. in 2008.
• The company became a major player in China’s online gaming market before Zhou pivoted toward global technology investments.
• In 2016, he acquired Opera Software, the Norwegian internet browser company, expanding its footprint across Africa and other emerging markets.

Through Opera’s investment arm, Zhou rebranded Paycom Nigeria Limited, founded in 201,3 into OPay in 2018. Under his leadership, OPay evolved from a mobile payments app into a full-fledged financial ecosystem offering digital wallets, transfers, and agent banking services across Nigeria.

Today, OPay has achieved unicorn status, with a valuation estimated between $2.7 billion and $3 billion, making it one of Africa’s most valuable fintech companies.

– Founder, Xpress MTS and Xpress Payments  

As Founder of Xpress Holdings, Dr. Awa Ibraheem has built a powerhouse in Nigeria’s fast-growing fintech sector. Under the group sit Xpress Payment Solutions Limited, one of the country’s foremost fintech companies, and Xpress MTS Limited, a Central Bank of Nigeria licensed Mobile Money Operator (MMO) creating a digital ecosystem that enables Nigerians to send and receive money with ease.

• Dr. Ibraheem is a Fellow of the Chartered Institute of Management Accountants (UK), the Institute of Chartered Accountants of Nigeria, the Chartered Institute of Taxation of Nigeria, and the Chartered Institute of Stockbrokers.
• He holds a first-class BSc in Accounting from the University of Lagos, an MBA in Finance from Ahmadu Bello University, Zaria, and a PhD in Management Science from the University of Ilorin.
•  His pursuit of lifelong learning has also taken him to Harvard Business School, Strathclyde University (UK), and the ILO Institute in Turin, Italy.

Beyond fintech, Dr. Ibraheem leads ICMA Professional Services, a firm providing integrated consulting and accountancy solutions. He serves on several corporate boards, including Oak Pensions, Oceanic Health, and Port Harcourt Electricity Distribution Company, among others.