Fintechs outpace telcos in mobile money race

 

 

 

 

 

 

 

 

 

Fintech operators like Opay and PalmPay led Nigeria’s mobile money transactions haul of N79.55 trillion in 2024, a 69.58 percent increase from 2023. Since 2020, mobile money transactions have grown by 2,507.94 percent, mirroring the surge in electronic payments, which crossed over N1 quadrillion last year.

While fintechs continue to thrive, telecom operators are struggling to gain ground in the mobile money space, a contrast to what is happening in other African markets like Kenya and Ghana, where telcos dominate the space. MTN’s MoMo