Nigeria Mobile Money Market to Grow at 26.37% During 2024-2032, Fueled by Widespread Adoption of Mobile-Based Financial Services

April 04, 2023 | Retail

According to the latest report by IMARC Group, titled “­­Nigeria Mobile Money Market Report by Technology (USSD, Mobile Wallets, and Others), Nature of Payment (Person to Person, Person to Business, Business to Person, Business to Business), Business Model (Bank Led Model, Non Bank Led Model), Transaction Type (Peer to Peer, Bill Payments and Airtime Top-ups, Travel Booking, and Others) 2024-2032,” the Nigeria mobile money market is projected to grow at a CAGR of 26.37% during 2024-2032. Mobile money is a digital financial service that allows individuals a convenient and cost-effective way to store, send, and accept money using their mobile devices, such as smartphones and tablets. These services are typically provided by mobile network operators, financial institutions, or other third-party providers. With mobile money, users can deposit and withdraw money, transfer funds to other mobile money accounts, pay bills, purchase goods and services, and access loans and insurance without the need for a traditional bank account. It incorporates numerous technologies, such as digital wallets, unstructured supplementary service data (USSD), and near-field communication (NFC), that facilitate secured and convenient payment solutions.

Nigeria Mobile Money Market Trends:

The expanding adoption of mobile-based financial services due to the limited access to brick-and-mortar financial institutions, particularly in rural areas, is primarily driving the market growth in Nigeria. Besides this, the escalating consumer awareness about the benefits of mobile money services, such as 24/7 availability, lower transaction costs, and ease of accessibility, is impelling the market growth. Moreover, a growing number of financial institutions are leveraging mobile money platforms to offer insurance and loan policies, which, in turn, is presenting remunerative growth opportunities for the market. In line with this, the rising integration of various e-commerce platforms with mobile money services to offer numerous cashback, discounts, and rewards during purchases, bill payments, and travel bookings is aiding in market expansion. In addition to this, the widespread adoption of international money transfer services, the proliferation of mobile phones, and easy access to high-speed internet connectivity in the country are contributing to the market growth. Furthermore, rapid urbanization and digitalization, inflating disposable income of individuals, favorable government initiatives, the launch of new products and services by leading market players, and the surging use of digital wallets to purchase goods and pay bills are creating a positive outlook for the market.

Market Summary:

  • On the basis of technology, the market has been divided into USSD, mobile wallets, and others.
  • Based on the nature of payment, the market is categorized into person to person, person to business, business to person, and business to business.
  • On the basis of the business model, the market has been bifurcated into bank and non-bank led models.
  • Based on the transaction type, the market is segregated into peer to peer (domestic remittance (intra city P2P and inter-state P2P) and international remittance (outbound and inbound remittance)), bill payments and airtime top-ups (credit card payment, fuel bills, healthcare and wellness bills, rental payment, mobile and DTH recharge, and others), travel booking (offline and online travel bookings (online flight, online bus, and train, online hotel and other bookings)), and others.
  • The competitive landscape of the market has also been examined, with some of the key players being Cellulant Nigeria Limited, Ecobank Nigeria Limited (Ecobank Transnational Incorporated), Funds and Electronic Transfer Solutions Ltd, Fortis Mobile Money Limited, Guaranty Trust Bank Plc, Pagatech Limited, Pocket Moni, ReadyCash, Teasy International Company Limited, and VTNetwork Limited.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Million
Segment Coverage Technology, Nature of Payment, Business Model, Transaction Type
Companies Covered Cellulant Nigeria Limited, Ecobank Nigeria Limited (Ecobank Transnational Incorporated), Funds and Electronic Transfer Solutions Ltd, Fortis Mobile Money Limited, Guaranty Trust Bank Plc, Pagatech Limited, Pocket Moni, ReadyCash, Teasy International Company Limited, and VTNetwork Limited
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3699
Five User License: US$ 4699
Corporate License: US$ 5699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Nigeria Mobile Money Market to Grow at 26.37% During 2024-2032, Fueled by Widespread Adoption of Mobile-Based Financial Services
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-714-6104


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More