Aside switch transfer, mobile money operators are also offering perks such as zero charges and daily rewards for customers. Since numerous Nigerians have envisaged that some of these offers are too good to be true, some customers fear that these branchless banks may disappear with their money one day. But the truth is these neo-banks are duly licensed by CBN. What this means is that they can’t just disappear and customers funds are also safe with them. Deposit in this fin-techs are also covered by the Nigeria Deposit insurance Company (NDIC), just like commercial banks. Here is the list of the 17 of them who got the license to operate from CBN.

1. FUNDS AND ELECTRONIC TRANSFER (FETS)LIMITED: FETS Limited got licensed by the CBN in 201. The platform enables customers to transfer money from one to another, groups, businesses and government.

2.Hedon mark Management Services Limited: It’s a solution provider and it got licensed by the CBN in 2011. It is a reliable solutions to small, medium and corporate clients. 

3.Mkudi Nigeria Limited: It’s an exclusive purpose of providing mobile money transfer services to Nigerian public and it was licensed in the year 2009.It allows both banked and unbanked to transfer money through mobile devices.

4.Nownow Digital system  Limited: The company was licensed by the CBN in the year 2018. It is a mobile app that allows users send, receive and pay bill fast.

5.Paga Limited: This company popularly called Paga was established in the year 2008 by Tayo Oviosu. The company is solving two major problems by eliminating the use of cash for transactions and providing access to financial services.

6. Abeg Technologies Limited: Duly licensed by the CBN, a division of piggytech global limited. it was established in 2022.The company allows money transfer service to a commercial service and platform (Pocket app).

7. Chams Mobile Limited: This company was established in 2013 licensed by the CBN to provide mobile money operations and agency banking services through KEGOW and it allows special savings, debits cards and thrift.

8. eTranzact International Limited: This is an African’s e-payments solution provider and payment processing solutions to POS, ATM, web,mobile and cards. it was established in the year 2013

9. Fortis Mobile Money Limited: Fortis has position itself as a leader in the financial inclusion of the unbanked and other sectors of the economy. It deal with Airtime top up, bill payment and instant cash transfer.

10. Palmpay Limited: It was founded in 2019 and is based in London, United kingdom.The name of the CEO is Chika Nwosu and the company has been providing transaction solutions to businesses. It currently serves over 3,000 banks.

11. OPay Limited: It was founded by Opera and is based in Alausa Ikeja, Lagos. It is a one stop mobile money platform for payment, transportation, loans, savings etc. It was licensed by  CBN, and has over 18 million register users and 500,000 agents.

12. Teasy International company Limited: It was established in 2011 and founded by Musa Ali Baba ,It was licensed by CBN in 2012 to carry out banking activities.

13. Visual ICT Limited: Established in the year  2010 by Ejike Mojekwu, it providing cash to cash transfer for everyone. It deals with bill payment, Inter-banks transfer, Airtime Top Up.

14.VT Network Limited: Also known as VCash. It was established in Ibadan in 2007. It allows users to transact both locally and Internationally.

15.BottomLine: The company was established in 1997 and duly licensed by the CBN. It also offer mobile money transfer services.

16. XPress MTS Limited: It was founded in Ikeja, Lagos. It enable people to easily send and receive and create simple financial services.

17. Konga Technologies Limited: It was founded in the year 2012 by Sim Shagaya with 20 staff. The company offers the most reliable and fastest money services in the country.

Other mobile money operations like Momo, Airtel Smart Cash and other similar companies offer financial services too, however. they belong to another categor,y which is known as Super-Agents Mobilization as designated by the CBN.