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.
5. Peter Ojo – President, CEO VTNetwork 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
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.
5. Peter Ojo – President, CEO VTNetwork 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
That’s good news you have done that for us to get together for the business sir