From Victor Osula, Abuja
Nigerians conducted N372.14 trillion worth of mobile money transactions in 2025, an 81.3 percent increase from N205.31 trillion in 2024 as expanding agent networks and growing adoption of digital financial services accelerated the country’s shift towards cashless payments.
The figures, contained in the Central Bank of Nigeria’s (CBN) 2025 Annual Report, also showed that transaction volume processed by Mobile Money Operators (MMOs) rose 65.8 percent to 28.74 billion from 17.34 billion in 2024.
According to the CBN, the growth reflected increased onboarding of agents, advances in digital financial solutions and stronger collaboration across the payments ecosystem.
The report showed Nigeria had 84 licensed payment service providers across various categories at the end of 2025, including eight Mobile Money Operators, 10 Super Agents and several switching, processing and payment solution firms.
Licensed MMOs include OPay, PalmPay, Paga, eTranzact, Chams Mobile, VTNetwork, KongaPay and Fortis Mobile Money.
Beyond mobile money, the value of retail electronic payment transactions increased 26.1 percent to N3,458.77 trillion in 2025, reflecting growing consumer preference for digital payment channels, rising e-commerce activity and improvements in payment infrastructure.
Among payment channels, ATM transactions recorded the strongest growth in volume, rising 61.9 percent to 1.66 billion transactions during the year.
USSD transactions increased 20.9 percent to 669.55 million, while Point-of-Sale (POS) transactions grew 19.8 percent to 15.66 billion.
However, transaction volumes declined across mobile applications, internet/web platforms and direct debit channels.
Internet payments remained the largest contributor by value, accounting for 56.7 percent of all retail electronic payments, followed by Nigeria Electronic Funds Transfer (NEFT) at 21.6 percent, mobile applications at 11.1 percent and POS terminals at 7.8 percent.
The report showed cheque usage continued its long-term decline as consumers and businesses increasingly embraced electronic payment alternatives.
Cheque transaction value fell 49.8 percent to N1.84 trillion in 2025 from N3.66 trillion a year earlier, while transaction volume dropped 57.8 percent to 1.49 million.
To support the transition, the CBN said it is working with the Nigeria Inter-Bank Settlement System (NIBSS) to develop e-cheque and QR code payment solutions.
Meanwhile, activity in the wholesale payment system also strengthened, with the value of transactions processed through the Real Time Gross Settlement (RTGS) platform more than doubling to N454.60 trillion from N219.20 trillion in 2024.
The CBN attributed the increase to stronger economic activity and higher volumes of high-value interbank transactions.
Commenting on global trends, GSMA Director-General Vivek Badrinath said mobile money has evolved into a broader financial ecosystem, helping millions access safer and more inclusive financial services while supporting economic growth.
