Here are 18 mobile money operators in Nigeria insured by NDIC 

The recent liquidation of Heritage Bank and the attendant apprehension over depositors’ money has raised more concerns for users of fintech companies licensed to operate as mobile money operators (MMOs) such as Opay, Palmpay, and Paga, among others. 

However, the existence of a body like the Nigeria Deposit Insurance Corporation (NDIC) has brought succour to many customers of the liquidated bank, who are now receiving their funds up to the covered amount of N5 million. 

In the same vein, customers of mobile money operators, that are also insured by the NDIC are covered and are sure to receive their money in case anything happens to the fintech companies.  

Like commercial banks, the NDIC recently increased the maximum pass-through deposit insurance coverage for mobile money customers from N500,000 to N5 million per customer. This means that if any mobile money company shuts down today, each depositor is guaranteed to receive their deposits up to N5 million from the NDIC. 

Indeed, customers of mobile money operators in Nigeria have more leverage than those of microfinance banks when it comes to deposit insurance. Microfinance banks’ customers only have insurance coverage up to N2 million, the same with Payment Service Banks (PSBs).  

While there are some other mobile money operators owned and operated by commercial banks, according to the NDIC database these are the 18 non-bank-led mobile money operators insured by the Corporation:  

Kongapay Technologies Limited  

KongaPay, a financial technology company and a subsidiary of Nigeria’s leading e-commerce group – Konga, is a licensed mobile money operator in Nigeria.

The company said it is committed to offering the most reliable and fastest payment service in the country even as it aims to be the most preferred e-payment service provider in Africa. 

Pagatech Limited 

Paga was founded in early 2009 by Tayo Oviosu to make it simple for one billion people to access and use money. The company, which is licensed by the CBN as a mobile money operator, said it is solving two major problems in the world – eliminating the use of cash for transactions and providing access to financial services.  Its first market is Nigeria, where it now has over 20 million unique users.  

Nownow Digital Systems Limited 

Founded in 2018, NowNow App provides a new way for people and merchants to bank using their smartmobile phones. The company, which is licensed as a mobile money operator by the CBN, said it is building a mobile app that accommodates your style. One where you can send money, receive money, and pay bills fast.  

eTranzact International Limited 

eTranzact is Africa’s premier e-payments solution provider delivering electronic transaction switching and payment processing solutions across POS, web, mobile, ATMs, and cards. The company also owns a mobile money licence, which allows it to provide financial services over mobile.  

Palmpay Limited 

Palmpay, which is one of the popular fintechs being used by Nigerians for financial services is also a licensed mobile money operator by the CBN. The company which launched its service in Nigeria and Ghana in 2019, said it has since provided over 5,000,000 customers with convenient and affordable digital payments. 

VTNetwork Limited 

VTNetwork Limited doing business as VCASH is a CBN-licensed mobile payment operator. The company also provides International Money Transfer (IMTO) services in Nigeria. The company allows users to transfer money locally and internationally with capabilities in 140 countries.  

Chams Mobile 

Chams Mobile Limited is licensed by the CBN to provide mobile money operations and agency banking services through KEGOW, its special mobile wallet that allows special savings, debit cards, and thrifts. The KEGOW wallet is also available for agents and businesses. Chams Mobile has evolved into a digital products and services company. 

Mkudi Limited 

MKudi Nigeria Limited was established in 2009 for the exclusive purpose of providing mobile money transfer services to the Nigerian Public. MKudi allows both unbanked and banked personnel to send money via their mobile device across Nigeria. 

Abeg Technologies Limited 

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). 

The platform’s new name alludes to its expanded user-buying and selling capabilities via virtual “pocket stores” and supports its entry into a social commerce market. 

Opay Digital Services Limited 

OPay is a one-stop mobile-based platform for payments, transfers, loans, savings, and other essential services for every individual. Currently, OPay boasts of over 18 million registered app users and 500,000 agents in Nigeria who rely on its services to send and receive money, pay bills, and many more. The company is licensed by the CBN as a mobile money operator. 

OPay Digital Services Limited is a company founded by Opera Norway AS Group with footprints in emerging markets across Asia, Africa, and Latin America in countries like Mexico, Nigeria, Egypt, and Pakistan. 

Fortis Mobile Money Limited 

Fortis Mobile Money is licensed by the CBN to provide mobile payment services in Nigeria. With a vast knowledge of the bottom of the pyramid earned through a consistent working relationship with its sister bank – Fortis MFB, the company prides itself as a leader in the financial inclusion of the unbanked and other sectors of the economy. 

Funds And Electronic Transfer (FETS) Limited 

Incorporated in 2010, FETS Limited got its mobile money licence from the CBN in 2011. The company provides a safe and easy-to-use web, mobile app and agent platform which enables the transfer of money from one point to another – person, business, and government. 

Hedonmark Management Services Limited 

Hedonmark is a total solution provider, offering professional and reliable back-office management solutions to small, medium, and corporate clients. The company is also among the 17 companies licensed as mobile money operators in Nigeria. 

Parkway Projects Limited 

Parkway Projects Limited is licensed by the CBN as a mobile money operator as well as a payment service provider. The company has been doing more in providing transaction solutions to businesses. The company, which was incorporated in Nigeria in April 2004, said it currently serves over 3,000 banks, government agencies, large corporates & SMEs across 30 African countries in multiple sectors of the economy (education, health, oil & gas, manufacturing, hospitality, aviation, etc). 

Teasy International Company Limited 

Teasy International Company Limited was incorporated in 2011 and was licensed by the Central Bank of Nigeria (CBN) in December 2012 as a Mobile Payments Operator. Teasy was granted commercial approval by the CBN in July 2013. By virtue of its Mobile Payments licence, the company is authorized to carry out Agency Banking activities in Nigeria. 

Visual ICT Limited 

Visual ICT Limited is a fast-growing fintech startup and a mobile financial services provider licensed by the CBN to provide mobile money services.

The company provides a suite of mobile financial services not in any way limited to mobile money services, agent networks, cash and electronic disbursements, payroll processing, e-wallet management solutions, airtime top-up, inter-bank transfers, bill payments as well as financial solutions uniquely designed to suite the diverse needs of its clients and drive financial inclusion.

Xpress MTS Limited 

Xpress MTS Limited, a subsidiary of Xpress Holdings Limited, was granted a mobile money operator licence by the CBN in October last year. The licence allows the company to leverage mobile technology to deliver financial services to Nigerians.  

The company said it is building an ecosystem to enable people to digitally send and receive money with ease while creating simple financial access for everyone everywhere. 

Cellulant Nigeria Ltd. 

Cellulant is a leading Pan African payments company that provides locally relevant and alternative payment methods for global, regional, and local merchants.  

The company provides a single API payments platform that enables businesses to collect payments online and offline while allowing anyone to pay from their mobile money, local and international cards, or their bank. 


 Note 

It is important to note that there are other fintech companies in Nigeria accepting customer deposits like the above-listed mobile money operators. They operate under different licences.

For instance, fintechs like Kuda, FairMoney, and Sparkle, among others are licensed as Microfinance Banks.  


Source: TheTimes.com.ng.