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.
1. 
– Founder, Xpress MTS and Xpress Payments
- 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
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.
1. – Founder, Xpress MTS and Xpress Payments
- 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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