[SEE LIST]: 17 companies licensed by CBN as Nigerian mobile money operators

Following the recent glitches experienced by
users of commercial banks’ mobile apps and
other digital channels in the wake of the naira scarcity, many Nigerians have shifted to
other financial services providers, especially
fintechs like Opay, Palmpay, and Paga, for a better experience.

True to their expectations, fintechs, licensed as mobile money operators by the Central Bank of Nigeria (CBN), have been providing succour for Nigerians in this trying time of banking failures.

Aside from swift transfers, mobile money operators are also offering perks such as zero charges and daily rewards for customers.

However, these freebies have become a source of concern for some customers, who are unaware of the status of these financial service providers as far as CBN licensing is concerned. Since some of these offers are too good to be true, some customers fear that these branchless ‘banks’ might disappear with their money one day.

But the truth is that these neo-banks are duly licensed by the CBN. What this means is that they cannot just disappear, and the customers’ funds in their care are also safe. Deposits in these fintechs are also insured by the Nigeria Deposit Insurance Corporation (NDIC), just like the commercial banks.

For clarity, mobile money involves the use of mobile phones for the initiation, authorization, and confirmation of the transfer of a value out of a current/checking, savings, or stored value account. According to the CBN, there are currently 17 companies licensed as mobile money operators in Nigeria.

While only a few are currently popular with the services, below are the 17 companies licensed by the CBN to provide mobile money.

See the lost below:

Abeg Technologies Limited

Chams Mobile Limited

eTransact International Limited

Fortis Mobile Money Limited

Funds and Electronic Transfer (FETS) Limited

Hedonmark Management Service Limited

Mkudi Nigeria Limited

Now now Digital Systems Limited

Pagatech Limited

Palmpay Limited