Number of mobile money customers in Nigeria 2016-2019

There were 15.3 million mobile money customers in Nigeria as of 2019. Compared to the previous years reviewed, the number of users increased significantly. Mobile money allows customers to receive, store, and spend money using a mobile phone. The service can be provided by banks, mobile money operators (MMOs), telecom companies, and payment service providers. Sub-Saharan Africa has the largest number of mobile money users and the largest transaction volume and value worldwide. In particular, Western Africa registered the second largest share of mobile money accounts in the continent in 2019.

Expansion of mobile money agents and operators

Agents facilitating access to and purchasing mobile money services are spread across Nigeria. As of 2019, there were over 266,000 mobile money agents in the country. This increased from just over 38,000 agents in the preceding year. Similarly, MMOs have grown to reach a total of 22 as of the same year.

An outlook on mobile penetration

Between 2019 and 2020, the number of mobile cellular subscriptions per 100 inhabitants in Nigeria was expected to rise from around 91.9 percent to 99.1 percent. This represented an extensive nationwide coverage of mobile phone subscriptions. The most common reason for an individual not to own a mobile phone in the country was affordability.