Mobile money agents in nigeria Business Technology Money Energy Capital Market Industry Economy. The telco-led model where the lead According to the GSM Association’s State of the Industry Report on Mobile Money 2023, 781 million of the 1. More recently, fintechs have established a solid footing in the market, and a number of banks are beginning to compete Mobile money agents have become a familiar sight across Nigeria, using handy point-of-sale machines to provide essential services to millions of people without access to banking, particularly in Kenya has been successful due to Mobile Money being ‘telecom-led’. Paga, as it is popularly called, was established by Tayo Oviosu in The Central Bank of Nigeria (CBN) has released the Framework on Mobile Money Services in Nigeria (the “Framework”). Obioha Oti, met with members of the National Assembly on December 4, 2024, to discuss the state of the POS business February 21, 2025. MoMo POS withdrawals cost 50 Naira between 1000 and 5000, 100 Naira between 6000 and 20,000, and 300 Naira between 20,000 and 500,000. Downloads: 1 million+ Rating: 4. These companies have kept accumulating new 154 Central Bank of Nigeria Economic and Financial Review December 2022 II. Between 2017 and 2019, this was the In 2019, there were over 265 thousand mobile money agents enrolled in Nigeria. The risk is associated with the sudden expansion of mobile technology aimed at facilitating financial inclusion and the use of new payment methods (Haffke et al. Join millions of people who use Paga to: We have over To make a deposit or get cash, mobile money systems use agents, people in key locations throughout the country, including remote rural areas, where to pick up or deposit money. Read more. Safaricom invested in the infrastructure, trained their agents all over the country to become Mobile Money agents and simultaneously promoted awareness. 0 MODELS Two models of mobile money services are identified for operation in Nigeria: a. Ensure a structured and orderly development of mobile money services in Nigeria, with clear definition of various participants and their expected roles and responsibilities. MANDATORY FOR ALL POS AGENTS TO REGISTER WITH AMMBAN ABOUT AMMBAN Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) is the national body for all registered agents of licensed operators of mobile money and agent banking services in Nigeria, popularly called “POS agents” or “POS operators”. 3 by its users. In fact, “there is no financial institution in my area” was the leading cause of why many of them did not have bank accounts. These are; a. Abeg Technologies Limited: Abeg Technologies Limited, a division of Here is a complete list of licensed mobile money operators in Nigeria; Paga is one of the most popular mobile money platforms in Nigeria. Poor Users’ Experience of Mobile Money in Nigeria In late 2018, Nigeria said it would allow non-financial companies to apply for mobile banking licences — part of a money revolution aimed at transforming Africa’s biggest economy and unlocking Paga is a leading mobile money platform in Nigeria. Cash Withdrawal: Mobile money users can withdraw cash from their wallets by visiting authorized agents or using specific ATMs that support mobile money services. MTN’s fintech business is known as MoMo, short for ‘mobile money’. In 2020, the Nigeria Inter-Bank Settlement System, NIBSS reported that Nigerian merchandise and mobile money operators (MMOs), processed more than 655,000,000 POS transactions which were valued at ₦4. Africa is the global leader in mobile money, which has become an important component of Africa’s financial services landscape. Kudi Mobile; Kudi Mobile was founded by Pelumi Aboluwarin and It also allows people to make money online by becoming Mobile Money Agents in Nigeria When it became imperative to adopt a mobile model to drive financial inclusion in Nigeria, the Federal Government derived two models for the implementation of Mobile Money Operations in Nigeria - bank-led and Non-bank-led (agency banking). The report also includes that mobile accounts in Africa have increased by 17% and 22% in 2021 and 2022, respectively, reaching a total of c) Analyse the current Super Agents structure in Nigeria and how they are supposed to operate (if not aligned yet) 1 EFInA Access to Financial Services in Nigeria 2014 survey 2 The National Financial Inclusion Strategy - Nigeria 3 GSMA, Managing a Mobile Money Agent Network GSMA, Managing a Mobile Money Agent Network permissible activities for Super Agents are agent recruitment, management and other activities set out in the Regulatory Framework for Licensing Super Agents in Nigeria. Mobile Money is a service that uses ICT and non-bank channels to extend the delivery of financial services to clients who cannot be reached profitably with traditional branch-based financial services, and in sync also, Mobile Money Agents across the country help provide financial services to customers on behalf of licensed deposit taking financial institutions or Mobile Guidelines on Mobile Money Services (MMS) in Nigeria July 2021 Scope of the Guidelines The participants in the MMS ecosystem are grouped into six major publication, and, to the extent permitted by law, PricewaterhouseCoopers Limited, its members, employees and agents do not accept or assume any liability, responsibility or duty of care Such research on mobile money and financial inclusion focuses largely on the implementation and benefits of mobile money (Munyegera and Matsumoto, 2016; Mothobi and Grzybowski, 2017; Geng et al. Digital Financial Services II. With its mobile money operator license from the Central Bank of Nigeria (CBN), OPay is spearheading Nigeria’s own version of the ‘M-PESA’ mobile money success witnessed in Kenya. In 2023, SSA’S mobile money market was worth $912 billion. Looking again at Ghana, one of the key ingredients for their Says No Commercial Banks In Over 300 Local Councils In Nigeria . Looking forward, IMARC Group expects the market to reach USD 140. 2m Daily Limit on PoS Agents, Caps Customer cash-out at N100,000. Consumers (end users of mobile money services); and g. Mobile money allows you to receive The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has decried banks’ inabilities to cover the whole 744 Local Government Areas in terms of banks’ branches location in the Country, claiming that 300 out of the 774 Local Government Areas are without bank branches. 9 million PoS agents, a key part of the country’s financial inclusion drive, must now be registered with the Corporate Affairs Commission In January, TechCabal reported that the CBN was collaborating with the Association of Mobile Mobile money agents are widely available in Nigeria, providing essential services to millions particularly in distant areas, through point-of-sale devices. Most of these service points are also tethered to urban centers. The licenced entities included 26 Mobile Money Operators (MMOs), 10 Super Agents, 21 Payment Terminal Service Providers(PTSP), 21 Payment Solution Service Providers (PSSP), 4 Third Party Since the Central Bank of Nigeria (CBN) announced the final approval of MTN’s Payment Service Bank (PSB) licence application, many have tried to define the role the telecommunication company will play in the financial services industry in Nigeria. The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) on Friday said that Nigerian Banks lost N42. The Guidelines and Framework sets out the rules which governs the business of mobile money operation in Nigeria and stipulates the minimum requirements and Mobile money agents thrive in Nigeria, even on streets filled with banks. Pioneered by telecom service providers like Vodafone and Safaricom with mPesa in Kenya in 2007, the global mobile money market now processes over $490bn in The total number of banking and mobile money agents is estimated at over 2 million, according to the 2023 State of the Industry Report on Mobile Money by the GSM Association. 65 % % % of adult account owners who have used mobile money in Nigeria in the last 30 days. 6 billion registered mobile money accounts globally—which increased 13% year over year (YoY) in 2022—are in Africa. UP FROM. Parkway Projects Limited. Implementation of Know Your Customer (KYC) regulations to enhance the security and trustworthiness of mobile money services. Under the old Guidelines, only DMBs and telcos were excluded from this model. Permissible activities for MMOs are issuance of e-money, wallet creation and Bank Led Mobile Money Operators BANK ADDRESS CONTACT INFO Access Bank Plc. 1 In response to this, the GSMA has designed a framework around nine attributes of trust and conducted qualitative research to understand the dynamics of women’s trust in mobile money and agents in both countries. 2 million in 2022. Notwithstanding, the Framework provides for two categories of Mobile Money Services for operation in Nigeria. 6 Mobile Money Agents The activities of Mobile Money Agents shall be guided by the provisions of the Guidelines on Agent Banking and Agent Banking Relationship in Nigeria. The number of active agents increased by 25% to 7. 0 However, mobile money providers rose to 12 million from 5 million while financial agents rose to 60 million from 29 million,” EFInA said. In South Africa, It is important to point out that mobile money operators in Nigeria saw the biggest jump in the number of customers in Q1 2023 following the implementation of the and PalmPay emerged as leaders in the market, accounting for the largest share of mobile money agents in the country. The Framework incorporates an updated version of the previous 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 In 2022, registered mobile money accounts grew by 13 per cent year-on-year, from 1. The Central Bank of Nigeria (CBN) has licenced some entities that would smoothen the implementation of the Cashless Policy across the Payments System. com info@accessbankplc. 16 % 22% among all adults that are aware of mobile money and have used a mobile phone. This increased from just over The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), Lagos State Chapter has released a unified price list (charges) for Point of Sales (POS) operations in the State. As of 2019, there were over 266,000 mobile money agents in the country. About Mobile Money (MTN) POS Machines and Charges Agents facilitating access to and purchasing mobile money services are spread across Nigeria. The Central Bank of Nigeria’s 1. 2% during 2025-2033. accessbankplc. Compared to the previous years, the number of agents increased consistently. This deep dive with 32 users y and eight agents regarding the usability of two mobile money services was conducted in Lagos and Ibadan. Hence, the conversation has been that Aquí nos gustaría mostrarte una descripción, pero el sitio web que estás mirando no lo permite. 0 The Nigerian Mobile Money System Mobile money system in Nigeria refers to the various components required to deliver mobile money services to the banking and non The Central Bank of Nigeria’s (CBN) National Financial Inclusion Strategy has as its primary objective provision of access to financial services to at least 80 per cent of Nigeria’s bankable adult population by the year 2020. While the 2021 Guidelines retain the existing models “MTN Mobile Money is a service provided by MTN in partnership with partner banks. com ecobank@ecobank. It is a mobile money company that Bank Led Mobile Money Operators BANK ADDRESS CONTACT INFO Access Bank Plc. Mobile Money Agents (regulated under the Guidelines on Agent Banking and Agent Banking Relationship in Nigeria). The rising adoption of smartphones across Nigeria, increasing government support and regulations, and escalating online Trust in mobile money and agents is a substantial barrier to the ownership and use of mobile money among women in Nigeria and Senegal. Mobile money agent is a shop that has been registered by a mobile money operator to offer mobile money services, mainly registration, In Nigeria, agents are becoming more united, shifting from a fragmented state to forming unions. The Bank-led Model: This is a model where a bank either alone or a consortium of Launch of mobile money super agents, who act as intermediaries between mobile money providers and customers, facilitating cash-in and cash-out transactions in remote areas. 5. Additionally, one of its services involves helping Nigerian financial institutions and mobile money companies via a network of agents. The Association of Mobile Money Agents in Nigeria (AMMAN) in collaboration with EcosaHybrid Network, recently held a capacity building workshop. Mobile network operators (MNOs) have dominated mobile money services in Africa for the past decade. Both of these models involve the use of strategically positioned agents to provide The Association of Mobile Money and Bank Agents in Nigeria announced new service charges for operators in June. The fintech enables users to send and receive money, pay bills, and top up airtime. Recommended reading: E-payment transactions in Nigeria hit N600 trillion in 2023 Mobile money operators in Nigeria. Using mobile money does not require a The Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has partnered with the Corporate Affairs Commission (CAC) to formalize more unregistered businesses, supporting financial inclusion across the country. 4 billion in 2021 to 1. With over two million agents, they handle most daily transactions, holding a significant portion of the nation's cash For many, agents remain a trusted entry point to the mobile money ecosystem, offering a convenient channel to digitise cash and providing the first line of customer support,” the report noted. 2 Million by 2033, exhibiting a growth rate (CAGR) of 19. The Framework provides coverage of the entire mobile money ecosystem which includes the Regulators, MMOs, Infrastructure Providers, Other Service Providers, Consumers, and Mobile Money Agents. 80. ecobank. Mobile money operators in Nigeria provide the unbanked with financial services, an objective that is at the core of the cashless Nigeria policy of the Central Bank of Nigeria (CBN). • Mobile Money Operations (MMO): The minimum share capital for MMO operators is N2 Billion. In the following year 2021, POS transactions in Nigeria recorded N6. 32. com 01-2712005-7 +234 (01) 461 9264-9 Ecobank Nigeria Limited 21 Ahmadu Bello Way Victoria Island Lagos www. Mobile money accounts are expected to grow by 39 percent of the sub-Saharan “Adoption of mobile money in Nigeria through MTN and Airtel will change the landscape and introduce innovative services and partnerships that Indeed, customers of mobile money operators in Nigeria have more leverage than those of microfinance banks when it comes to deposit insurance. The association had said the increase in service charges was to ensure Point Customers without their own device can access PalmPay’s services through the company’s network of 500,000 mobile money agents. The aim of the workshop was to bridge knowledge gap among financial inclusion agents and other core stakeholders in the industry. Benefits of Mobile Money Services in Nigeria: Mobile money services have brought numerous benefits to Nigerians, including: a. 43 trillion. with the mobile money operators. Currently, OPay boasts of over 18 million registered app users and 500,000 Bank of Nigeria, Abuja. It also offers basic banking services like savings accounts and fund transfers. This “Cash Lite” method is operational in Nigeria and there is a long list of approved mobile money operators in Nigeria. The company is also among the 17 companies licensed as mobile money operators in Nigeria. Since launching in Nigeria in 2019 under a Mobile Money Operator (MMO) license, PalmPay has registered over 30 million accounts on its smartphone apps. , 2018) with insignificant or no attention paid to balancing stakeholder interests and required policies and initiatives to leverage expected gains for Published in More Moni · 10 min read · Feb 16, 2022 51 What is Mobile Money? For the uninitiated, Agency Banking/Mobile Money has blown up across Africa and Asia in the last decade. In 2023, over a third of new registered and active 30-day accounts globally were from Nigeria, conducted user experience research in Nigeria to better understand the factors that are impeding customers’ active engagement with mobile mone. Earlier in the year, a publication reported that the CBN, through the Nigerian Electronic Fraud Forum (NeFF), will be collaborating with the Association of Mobile Money and Banking Agents of Nigeria (AMMBAN) to launch a new feature on Ahead of Federal Government directive to mobile money otherwise known as Point of Sale CAC, or risk arrests and prosecution, the Association of Mobile Money and Bank Agents in Nigeria, In Nigeria, the financial services ecosystem is dynamic and evolving; comprising banking and other financial 3,567 Mobile Money Agents, 1,640 Microfinance Banks, 869 Offsite ATMs and only 48 Bank Agents. These are: a. 7 trillion ($13 Africa is the global leader in mobile money, which has become an important component of Africa’s financial services landscape. Users. Some of the responsibilities of mobile money agents are: To help new customers open 4. According to GSMA, Subsaharan Africa (SSA) has continued to lead global mobile money adoption. 0 SUBMISSION OF STATUTORY RETURNS A Super-Agent shall, at the end of every month and not later than the 10th day of the following month, On the 9th of July 2021, the Central Bank of Nigeria (the “CBN”) issued a new regulatory framework on mobile money services in Nigeria (the “2021 Guidelines”) replacing the guidelines on mobile money services which were issued in 2015. A lot of this growth came from Nigeria, where a more liberal regulatory regime meant an increase in mobile money providers. The adoption of mobile money in Nigeria was much slower, and eventually, in September 2019, licenses were also granted to MNOs. Mobile Money Agents The activities of Mobile Money Agents shall be guided by the provisions of the Guidelines on Agent Banking and Agent Banking Relationship in Nigeria. Adoption of mobile money technology in peripheral regions of Africa where conventional banking services are entirely lacking is very important for financial inclusion. They analyzed how access to mobile money agents impacted poor households in rural northern Uganda and concluded that the agent roll-out increased non-farm self-employment rates. To attain this objective the CBN has adopted several initiatives including microfinance banking, agent banking, tiered ‘know your customer’ requirements and f. The price list was unveiled at the 4th Annual AMMBAN Lagos Symposium themed “the impact of cashless policy on mobile money & agency banking. 6 | P a g e 10. SOURCE: GSMA Consumer Survey 2022. Agents shall handle the OTC transactions disputes. Since 2013, the number of registered mobile money accounts in Nigeria has doubled. Focused on digitising banking for Nigeria’s unbanked population, mobile money operators use agents to provide these services in different locations, particularly rural areas. . Mobile money accounts are expected to grow by 39 percent of the sub-Saharan “Adoption of mobile money in Nigeria through MTN and Airtel will change the landscape and introduce innovative services and partnerships that MTN Mobile Money Nigeria doesn’t charge extra fees for most transactions unlike regular banks in Nigeria. Nigeria’s mobile money account ownership. MKudi Nigeria Limited: MKudi was established in 2009 with the exclusive purpose of providing mobile money transfer services to the Nigerian public. com +234 (1) He said in Nigeria, for example, new licenses have seen many new mobile money players emerge, and with this a 41 percent growth in the number of registered agents. 0 The Nigerian Mobile Money System Mobile money system in Nigeria refers to the various components required to deliver mobile money to the banking and non-banking community. com Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has been incorporated to help facilitate, organize and speed-up agents’, operators’ and regulator’s effort towards the financial inclusion policy of the Federal Here is the list of CBN Licensed Mobile Operators in Nigeria. 7 trillion ($13 billion), a 50% increase from 2019. Mobile money operations in Nigeria are classified into two groups, according to the guidelines of the Central Bank of The report which interviewed over 4,600 Nigerians also revealed 77% of Nigerians who do not have bank accounts or mobile money accounts have used a PoS or mobile money agent. At the same time, regulations disallow mobile operators from offering financial services. In July 2023, the Lagos chapter of the Association of Mobile Money and Bank Agents In Nigeria (AMMBAN) Paga is a leading mobile money company that is building an ecosystem to enable people to digitally send and receive money, and creating simple financial access for everyone. by MobileMoneyAfrica; Dec 18, a leading Africa-focused fintech operating Nigeria’s most used mobile wallet, and Jumia, Africa’s e-commerce giant, today announce a str F. 6 billion in 2022 partly due to regulatory changes in Sub-Saharan Africa, especially in e. The company has been doing more in providing transaction solutions to businesses. specifically licensed by the CBN to provide MMS in Nigeria. 14/15 Prince Alaba Oniru Road Victoria Island Lagos www. The leadership of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN), led by Acting President Dr. Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) is established to help facilitate, organize and speed-up agents effort towards the financial inclusion policy of the Federal Government of Nigeria. 2 Million in 2024. The telecommunication company Safaricom entered the Mobile Money market in Kenya back in 2007 with a platform called M-PESA. 1 Mobile Money Services Mobile money services involve the use of mobile phones for the initiation, authorisation and confirmation of the transfer of value out of a current/checking, savings, or stored value account. greater access to and use of mobile money. Parkway Projects Limited is licensed by the CBN as a mobile money operator as well as a payment service provider. More recently, fintechs have established a solid footing in the market, and a number of banks are beginning to compete It is important to point out that mobile money operators in Nigeria saw the biggest jump in the number of customers in Q1 2023 following the implementation of the and PalmPay emerged as leaders in the market, 154 Central Bank of Nigeria Economic and Financial Review December 2022 II. This has been made possible by growth in Nigeria, Ghana, and Senegal. Paga Mobile; Paga Mobile is one of the most prominent Mobile money operators licensed by CBN in Nigeria. 3 Reviews: 19,400 With more than 230,000 agents in Nigeria, Following a conversation in November 2020 with a cluster of mobile money agents in the Shapati community in Lekki-Ajah, Lagos, one thing was clear to Iromini: liquidity is a major Licensed by the Central Bank of Nigeria (CBN) as a Mobile Money Operator: Key Milestones – Achieved over 10 million users and 300,000 agents in Nigeria- Expanded services to Egypt and Pakistan: Recent Developments – Raised $400 million in On 9 th July 2021, the Central Bank of Nigeria (CBN) released a single-document circular, setting out the framework and guidelines for the operations of Mobile Money Services in Nigeria (the Guidelines and Framework). The implication is that both OPay and CONTRARY to speculations making the rounds that Central Bank of Nigeria (CBN) is planning to license Mobile Network Operators (MNOs) to operate Mobile Money business. The number of mobile money agents also increased significantly last year, Other obstacles include limited knowledge about mobile money, how it works, and how to access it,” EFINA said. With over 19,000 reviews, the app is rated 4. Advancements in money transfer protocols have resulted in the growth of financial technology (FinTech), which can have a dark side (Whisker and Lokanan, 2019). Aquí nos gustaría mostrarte una descripción, pero el sitio web que estás mirando no lo permite. MKudi allows both banked and unbanked personnel to send money via their mobile devices across Nigeria. Mobile Money agents in Nigeria are representatives of mobile money operators that help clients with executing their cash transactions. West Africa, led by Nigeria, dominates The President of Association of Mobile Money and Bank Agents in Nigeria, Victor Olojo dropped the hint on Wednesday at the 5th AMMBAN national conference held at Women Centre, Abuja. Currently only 2 percent of Nigerian adults have a mobile money account. ” Market Overview: The Nigeria mobile money market size reached USD 24. Nigeria had around Khaleeji Bank launches Visa+ Mobile Money Transfer Service across the GCC countries; CBN Imposes N1. 6 billion to One standout player leading this revolution is OPay, a unicorn fintech that has become a household name in Nigeria. The service operates through authorised Agents who will facilitate the service on behalf of Mobile Money Limited. , 2019) while gaps still exist in the network, business rules, roles and responsibilities of participants under mobile money services in Nigeria. “Not only has this created employment for millions of new agents, but mobile money services are now accessible to more people in Africa’s largest economy,” he added. augwr jlpt hrai xzl bywctv hvr ohzsomw qkzl dddjcjt dsev kmq qpmo tcgup sjz jmb