18 Mobile Money Operators in Nigeria Insured by NDIC

The recent closure of Heritage Bank has stirred a wave of concern among depositors and users of financial services across Nigeria. This shows the vulnerabilities within the banking sector, especially affecting confidence in fintech companies that operate mobile money services such as Opay, Palmpay, and Paga. 

However, amidst these uncertainties, the Nigeria Deposit Insurance Corporation (NDIC) stands as a pillar of stability, ensuring that customers of the liquidated bank and various mobile money operators (MMOs) are safeguarded financially.

NDIC’s role has become increasingly crucial as it guarantees up to N5 million per depositor if a bank or fintech company fails. This updated insurance coverage, recently increased from N500,000, offers significant reassurance to customers. Notably, mobile money users now enjoy better insurance protection compared to those of microfinance banks, who are insured up to N2 million only.

Amidst a landscape where financial security is paramount, here are the non-bank mobile money operators insured by NDIC, ensuring that your money is always secure:

Kongapay Technologies Limited

Operating under the e-commerce giant Konga, Kongapay is committed to delivering fast and reliable payment services, aiming to become Africa’s preferred e-payment provider.

Pagatech Limited

Founded in 2009, Paga makes financial transactions accessible and straightforward, boasting over 20 million users in Nigeria alone, focusing on reducing cash dependency and enhancing financial inclusion.

Nownow Digital Systems Limited

Since 2018, NowNow has offered versatile banking solutions through a user-friendly app, simplifying transactions for both individuals and merchants.

eTranzact International Limited

As Africa’s leading e-payment solution provider, eTranzact facilitates a wide range of transactions across various platforms, including mobile and online.

Palmpay Limited

Launching in 2019 in Nigeria and Ghana, Palmpay serves over 5 million customers, offering an array of digital payment solutions.

VTNetwork Limited

Operating as VCASH, this company extends beyond local borders, providing international money transfer services across 140 countries.

Chams Mobile

Chams Mobile delivers comprehensive digital services and mobile money operations through its innovative KEGOW wallet, enhancing banking convenience.

Mkudi Limited

Established in 2009, MKudi facilitates mobile money transfers throughout Nigeria, catering to both the banked and unbanked populations.

Abeg Technologies Limited

Now known as “Pocket by Piggyvest,” this platform has evolved from a simple money transfer service to a bustling social commerce platform.

Opay Digital Services Limited

With over 18 million users, OPay integrates payments, transfers, and other financial services into one mobile-based platform.

Fortis Mobile Money Limited

Fortis combines its deep knowledge of financial services with innovative solutions to serve unbanked sectors effectively.

Funds And Electronic Transfer (FETS) Limited

Since 2011, FETS has provided secure and convenient money transfer services via web, mobile app, and agent platforms.

Hedonmark Management Services Limited

Hedonmark offers professional back-office management solutions alongside its mobile money services, ensuring reliability and efficiency.

Parkway Projects Limited

Since 2004, Parkway Projects has provided transaction solutions across multiple sectors and countries, emphasizing innovation and customer service.

Teasy International Company Limited

Licensed in 2012, Teasy supports extensive agency banking and mobile payments, focusing on financial inclusion.

Visual ICT Limited

Visual ICT is a fintech pioneer, offering a broad range of mobile financial services aimed at enhancing user convenience and financial access.

Xpress MTS Limited

A part of Xpress Holdings, Xpress MTS uses mobile technology to facilitate accessible financial services across Nigeria.

Cellulant Nigeria Ltd.

A Pan African payments leader, Cellulant bridges local and international payment methods, catering to a diverse clientele.