Nigeria’s mobile money revolution is a story of grassroots innovation, a transformation powered not by corporate skyscrapers, but by millions of everyday transactions taking place across markets, bus parks, and neighborhoods.
What began as a push for financial inclusion has evolved into one of Africa’s most remarkable fintech success stories.
As smartphones became more affordable and internet access expanded, mobile wallets emerged as the bridge between cash and convenience. According to Nigeria Inter-Bank Settlement System (NIBSS) data, mobile money transactions reached ₦20.71 trillion ($13.95 billion) in Q1 2025, up 1,518% from ₦1.28 trillion in Q1 2021.
By 2023, over 1.5 million agents were operating nationwide, handling 60% of all transactions and moving more than $1 trillion in value.
Behind these numbers are visionary founders and investors, the owners of CBN-licensed Mobile Money Operators (MMOs), who turned Nigeria’s digital payment dream into reality.
This feature spotlights verified owners of CBN-licensed Mobile Money Operators, focusing on individuals and institutions with publicly verifiable ownership records, founding histories, or regulatory documentation.
While there are 18 licensed MMOs in Nigeria, this list focuses on the 10 most prominent operators with significant market presence and transparent ownership structures.
1. Leo Stan Ekeh — KongaPay
Company: KongaPay (under Konga Holdings)
Parent Group: Zinox Group
Serial entrepreneur Leo Stan Ekeh acquired Konga Holdings, including Konga.com and KongaPay, in 2018 from founder Sim Shagaya. Since then, he has transformed Konga into a trusted e-commerce and fintech ecosystem.
Ekeh holds degrees from Punjab University (Economics) and the University of Nottingham (Risk Management). A tech visionary, he has received several national honors, including the Order of the Federal Republic (OFR) and the National Productivity Merit Award (NPOM).
2. Tayo Oviosu — Paga
Company: Paga Group
Founded: 2009
Tayo Oviosu, a Nigerian-American entrepreneur, founded Paga to simplify how people access and use money. Today, Paga serves over 20 million users and powers digital payments across Nigeria.
Oviosu holds a B.Sc. in Electrical & Electronics Engineering from the University of Southern California and an MBA from Stanford Graduate School of Business. Before Paga, he worked at Cisco Systems and Deloitte Consulting.
He also co-founded Kairos Angels, an investment firm backing African startups.
3. Sahir Berry & Mahesh Nair — NowNow Digital Systems
Company: NowNow Digital Systems Ltd.
Founded: 2018
Co-founders Sahir Berry (CEO) and Mahesh Nair (COO) launched NowNow to drive financial inclusion and job creation through digital technology.
Berry, a graduate of Suffolk University and Les Roches International School, provides strategic leadership, while Nair brings 15+ years of fintech and telecom experience from Africa and India.
Their flagship mobile wallet and embedded finance platform now serves consumers, agents, and MSMEs across Nigeria.
4. Dr. Valentine Obi — eTranzact International Plc
Company: eTranzact International Plc
Founded: 2003
Dr. Valentine Obi is the founder and Group CEO of eTranzact, one of Africa’s first indigenous digital payment platforms.
Under his leadership, eTranzact expanded operations to Ghana, South Africa, Uganda, Cameroon, and the DRC, pioneering electronic transaction switching across POS, web, mobile, ATMs, and cards.
He also founded XCEL Inc., a UK-based neobank, and KYIARA, a trade finance platform. Dr. Obi holds an MBA (Instituto de Empresa, Madrid) and a Doctorate (ISM, Paris), and is an alumnus of Harvard Business School.
5. George Zhu Zhaojiang — PalmPay Limited
Company: PalmPay Limited
Parent Group: Transsion Holdings / Transsnet Financial
Founded in 2019, PalmPay is backed by Transsion Holdings (makers of Tecno, Infinix, and Itel) and NetEase, a major Chinese tech firm.
Transsion’s Chairman, George Zhu Zhaojiang, launched PalmPay as part of a $40 million seed round, and the platform now serves 35 million users and 1.1 million businesses.
In Nigeria, the company is led by Chika Nwosu, its Managing Director, focusing on simplifying digital payments and promoting financial inclusion.
6. Peter Iyiola Ojo — VTNetwork Limited (VTPass)
Company: VTNetwork Limited
Founded: 2007
Peter Iyiola Ojo is a global fintech innovator who developed the world’s first virtual debit card algorithm in 2005, a breakthrough that eliminated the need for physical prepaid cards.
He also created the VTNetwork mobile/web payment infrastructure, now used across multiple emerging markets.
An alumnus of the University of Ibadan, University of Portsmouth, and King’s College London, Ojo continues to lead innovation in cross-border payments and digital identity systems.
7. Sir Demola Aladekomo — Chams Mobile Limited
Company: Chams Mobile (subsidiary of Chams Holding Plc)
Sir Demola Aladekomo, founder of Chams Holding Plc, is a pioneer in Nigeria’s IT and identity management sectors.
Under his leadership, Chams introduced smartcard payment systems and contributed to Nigeria’s first wide-area computer network.
Chams Mobile’s flagship KEGOW Wallet now serves individuals and businesses, extending the company’s innovation legacy into fintech.
Aladekomo is a Fellow of the Nigerian Computer Society, a philanthropist, and an advocate for youth empowerment through the DATA Foundation and Volunteer Corps.
8. Odunayo Eweniyi — Pocket by PiggyVest (Abeg Technologies)
Company: Abeg Technologies Limited (Pocket by PiggyVest)
Parent Company: Piggytech Global Limited
Odunayo Eweniyi, co-founder and COO of PiggyVest, also oversees Pocket by PiggyVest, a CBN-licensed mobile money operator formerly known as Abeg.
A First-Class Computer Engineering graduate from Covenant University, Eweniyi has led PiggyVest’s growth into one of Africa’s top digital savings platforms.
PocketApp is expanding into social commerce, enabling users to pay, trade, and interact seamlessly.
9. Zhou Yahui — OPay Digital Services Limited
Company: OPay (formerly Paycom Nigeria Ltd.)
Parent Group: Opera Software / Beijing Kunlun Tech
Zhou Yahui, Chinese billionaire and Chairman of Opera Software, is the force behind OPay, one of Nigeria’s biggest fintech companies.
A Tsinghua University graduate, Zhou acquired Opera in 2016 and launched OPay in 2018, transforming it into a $2.7–$3 billion fintech unicorn.
OPay now offers digital wallets, agent banking, and merchant services, serving millions of Nigerians and solidifying its position in Africa’s fintech ecosystem.
10. Ma Wai Dong — Xpress MTS Limited
Company: Xpress MTS Limited
Parent Group: A-Smart Holdings Ltd (Singapore)
Ma Wai Dong, chairman and controlling shareholder of A-Smart Holdings Ltd, oversees Xpress MTS Limited, licensed by the CBN in October 2024.
An accomplished entrepreneur with interests in printing, logistics, and fintech, Ma holds over 50% ownership of A-Smart and leads its expansion into Nigeria’s digital finance space.
Xpress MTS is developing an ecosystem to simplify money transfers and boost financial inclusion nationwide.
Nigeria’s Mobile Money Future
These ten trailblazers, from local innovators to global investors, are redefining how money moves in Africa’s largest economy.
Their efforts continue to expand financial access, strengthen digital sovereignty, and position Nigeria as a continental fintech leader.
As digital wallets become more integrated into everyday life, the story of mobile money in Nigeria is still being written, and it’s powered by the visionaries above.
