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.
3. Odunayo Eweniyi – Co-founder Piggyvest
- 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
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).
3. Odunayo Eweniyi – Co-founder Piggyvest
- 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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