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.
6. George Zhu Zhaojiang – Founder, Chairman, Transsion Holdings
- 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
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.
6. George Zhu Zhaojiang – Founder, Chairman, Transsion Holdings
- 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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