The ability to create a bank account easily with your phone number, coupled with swift transfer services using mobile phones to initiate and authorize transfers has become popular in Nigeria.

According to government data, mobile transactions in Nigeria experienced a significant year-on-year increase of 230.6% in January 2023. Fintech apps like Opay and Palmpay are riding on this wave addressing the immediate pain points of digital transactions for Nigerian users.

In Nigeria, less than 20 fintech companies have been licensed as non-bank-led mobile money operators, providing customers with a broader choice in Nigeria as of June 2023.

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