List of Best Mobile Money Wallets in Nigeria

With the constant deduction of money by local banks in Nigeria, people have sorted for a new means of transaction thus the emergence of a mobile money wallet. These are financial service providers to safeguard your money.

There are numerous mobile money wallets out there but which one is safe and trustworthy to save your hard earned money? With the emergence of hackers everywhere, it is understood that people have grown scared of saving in electronic devices and it is pertinent to identify the best mobile money wallet.

Due to the numerous encryption in most mobile money wallets, they have become safer than most banks and can be trusted with your money.

In this article, we’ll learn the meaning of a mobile money wallet and the list of the best mobile money wallets which you can trust with your money. Eager to explore already? Let’s delve in.

What is a Mobile Money Wallet?

A Mobile money wallet is an electronic or digital wallet connected to a mobile number which can be used to send, receive or save money. This mobile device is not necessary a smartphone as a mobile money wallet can be useful at anytime.

It serves as an alternative for a local bank as most people prefer it to a bank. Most mobile money wallets can be used to make an online purchase which is easier and better as there are usually little or no charges compared to the local bank transactions.

These wallets are encrypted and protected, this means that it’s safe from hackers and a transaction cannot be made without your secret PIN, this means that someone cannot steal money from your wallet in your absence as authentication will be done.

Mobile money wallets can come as a website or an app either ways, it still does a good job. Aside from money, other valuables can be stored in a mobile money wallet. These documents include; bank details, credit cards information, driver’s licences, National Identification Number etc.

Benefits of Mobile Money Wallet

  1. Free transactions: Most of the transactions carried out on mobile money wallets carries no charge most especially money transfer. This makes it better than most local banks which charge outrageously for a single transaction made.
  1. Security: It is difficult to hack a mobile wallet due to the high encryption of the app. Carrying cards around can be risky as it might be stolen but virtual cards are safe. Even when a phone is stolen, there are protective measures to keep the mobile wallet safe.
  1. Fast and Easy Transaction: With the mobile money wallet, transactions are carried out with ease and quite speedily as well. Their customer services respond rather faster than the local banks and they don’t delay to respond to a customer’s complaint.
  1. Easy Accessibility of Money: The mobile money wallet makes money easily accessible. For those wallets that enable cross-border transfer, money can be sent and received from other countries without the usual banking protocol and delay. It also saves customers from the long queue in the bank for little transactions.

Best Mobile Money Wallets in Nigeria

1. Paga

This is a mobile money wallet which was founded in 2009, in Nigeria by Tayo Oviosu. It can be used to send and receive money, pay bills, make purchases etc. It was awarded the “Top Mobile Money Operator” in 2017 by Nigeria Inter-Bank Settlement Systems.

You can register via the website or by downloading the app. You can also dial *242# on your mobile device to sign up as a paga agent. The wallet offers banking services like merchant services, savings, transfers, airtime purchase etc.

Note: mobile money transfer to Paga in Nigeria is currently unavailable. However, Airtime top up, bank transfer and cash pickup are still available.

2. Wallets Africa

This is a mobile wallet which was founded by John Oke in 2016. The wallet can be used to pay bills, send and receive money, make online purchases, buy airtime and lots more. They also give out magic VISA cards to their customers. This is a physical card that can be used for withdrawals

With Wallet Africa, you can create a virtual Dollar card and three virtual accounts on their platform. The virtual card can be used for online payment, payment of social media ads etc. This wallet app can be downloaded via Google play store or Apple store. You can also make use of it via the website although the app is recommended for convenience.

3. Chipper Cash

Chipper cash is a mobile money wallet which was launched in 2018 by Ham Serunjogj. It is used for cross-border transfer and transactions. This means you can make a transaction within Africa and beyond. Aside from sending and receiving money, they also have free transfer without charges and very low cross-border transfer rates.

Chipper Cash is currently available in seven (7) Countries namely; Ghana, Rwanda, Nigeria, Uganda, South Africa, USA, United Kingdom. To enjoy all the juicy goodies in Chipper Cash, download the app via Play Store for Android users and Apple Store for IOS users.

4. KongaPay

KongaPay was launched in 2015 as a mobile money wallet which enables payment of bills, sending and receiving of money, subscriptions, data and airtime purchase etc. The wallet was launched in partnership with some commercial banks. You can get transactions done via website or mobile app. Alternatively, you can dial *574# to start making transactions with KongaPay.

This mobile money wallet possess a top notch security system and record has it that KongaPay was one of the first money wallet to request for a BVN before transaction. This is to ensure maximum security. They make use of experts in cyber security to ensure the safety of their customers information and money.

5. Opay

This is a mobile money wallet which enables sending and receiving of money, payment of bills, subscription and online purchase. This mobile wallet also give out loans which can be as high as one million Naira to their customers. This has gained them popularity as they have helped lots of individuals and businesses.

Opay was founded by Opera Norway and has been established in numerous countries. To get the best of Opay services, you can download the app from Play Store for Android users and Apple Store for IOS users. The wallet offers top notch encrypted security as the customers information and money are safe.

6. Quickteller

Quickteller was launched in 2002 by Mitchell Elegbe as a mobile money wallet. It is an Interswitch product and one of the most used payment platforms. This wallet serves as a means of sending and receiving money, payment of bills and subscriptions, purchase of airtime etc. Loans are also given by the wallet to trusted customers.

You can sign up on the Quickteller site to get started. It offers incredible serves and the service charges are low. The wallet also has an app which will serve you better as you can use it for the above named transactions and lots more.

7 ReadyCash

This is a mobile money wallet which was launched in 2012. They are building the biggest financial network in Nigeria. They also enable sending and receiving money and payment of bills, subscriptions and lots more. These mobile wallets can help a customer open an account with most banks in Nigeria and they can also provide loans. They are set to serve the population currently facing financial challenges.

They have registered agents and as a registered agent, you are to attend to customers who need the services of the company. Families also get microinsurance from the company through the agents. This mobile wallet also has an app for convenience and better service provision.

8. Palmpay

Palmpay is a mobile money wallet which was launched in 2019. They have partnership with numerous banks and establishments. They enable people to send and receive money to different banks with no service charge, payment of bills, school fees, subscriptions and lots more. They offer excellent services and also give out loans to trusted customers with a reasonable repayment time.

Palmpay has one of the best customer services and security systems as your money is protected. They also have virtual cards which you can use to make online purchases and also make payment for social media ads or any card related transactions online.


Mobile money wallets are fast growing as they are serving better than most banks. They have gained the trust of millions due to their excellent services. Money transactions have been made easy via the internet as you can get money abroad through some mobile money wallet. This is one of the endearing features of these wallets as they save you from bank stress.

Can mobile wallets be trusted? Definitely yes. Security is their priority as they have top notch security system which protects the money of customers and other valuables which can be saved in these wallets. Most wallets employs the best security agents as it concerns finances and this has furthermore strengthen the trust of customers in them.