Nigeria crosses digital line as 162.6 million get online and transfers hit N1.07 quadrillion

Nigeria had 195.9 million active SIM cards by mid-2026 and 162.6 million mobile internet subscriptions, according to Nigerian Communications Commission (NCC) data. In 2025, Nigerians completed N1.07 quadrillion in total transfers, per the Nigeria Inter-Bank Settlement System (NIBSS).

The shift did not arrive with a press conference or a government directive. It happened on phone screens, at POS stands and in the USSD codes people dial when an app refuses to load.

Data consumption and the MTN milestone

From January to July 2026, Nigerians consumed 10.2 million terabytes of data. One terabyte holds roughly 500 hours of video, so 10.2 million of them in seven months is not casual browsing.

MTN Nigeria crossed 100 million subscribers this month, a first in the company's history on the continent. Its data revenue grew 38.4% year on year, powered by ordinary Nigerians upgrading from 2G feature phones to 4G smartphones.

POS agents replace the bank branch

NIBSS figures show mobile money and app-to-app transfers growing at a pace ATMs cannot match. Cash withdrawals as a share of total transactions have fallen consistently. Central Bank of Nigeria cashless policy data shows POS transactions now regularly outpace ATM withdrawals by volume, meaning more Nigerians pay digitally than pull physical cash from machines.

In underserved communities, including markets, motor parks and rural local governments, POS agents have become the primary point of financial access for millions who have never stepped inside a bank building.

Fintechs and the KYC opening

Moniepoint processed over N1 trillion in transactions in a single month in 2025, crossing that mark for the first time and holding it. Its network of agents and business accounts now spans every geopolitical zone.

OPay reported over 40 million registered users in Nigeria as of its most recent disclosure. PalmPay has a reported user base that crossed 30 million registered accounts, competing through rewards, zero-transfer-fee promotions and an interface that keeps students and entry-level workers returning.

MTN MoMo carries a different kind of weight. With its Payment Service Bank licence, MTN brought a relationship with more than 80 million subscribers, many of them in semi-urban and rural areas where banks have the thinnest presence.

Two changes made all of this possible. The CBN's tiered KYC framework let fintechs onboard users with just a phone number and BVN, removing the account-opening barriers that locked millions out. The naira redesign crisis of 2023 forced a country that had leaned on cash to find alternatives.

What it means for business

For Nigerian traders and small businesses, the customer base is now digital by default. A trader in a Lagos market keeps a POS machine as standard stall inventory. A tomato seller in Kano, a logistics rider in Port Harcourt and a tailor in Aba can receive payments, send money and access float without queuing at a banking hall. The volume moving through traceable channels also matters for how policy makers read the cash still sitting outside the formal system.