The act of waiting in line at the bank for essential financial transactions as a Nigerian resident is not only time-wasting but also means missing out on one of Africa’s most transformative finance. Millions are using mobile payment platforms like OPay, PalmPay or Moniepoint which has revolutionized the way people manage their money by providing them with speed, convenience and affordability. Nonetheless, convenience and responsibility are intertwined. As someone who uses these platforms, I’ve realized that smart usage is more than downloading an app—it’s about knowing how to protect yourself, your business, and your wallet.
These platforms are designed to be fast and pliable. Whether you’re sending ₦500 to your tailor, receiving ₦2,000 for airtime sales, or serving your local area with your Moniepoint POS machine, the growth is substantial. Recent data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that mobile wallet usage has increased significantly in the past year, with OPay processing billions of monthly transactions as of early 2025. PalmPay has gained over 30 million users, and Moniepoint now powers more than 1.7 million merchants nationwide.
Despite this, security is one of the most underrated concerns. Small merchants have shared experiences of being informed that their payment was made, but they were unable to receive it. The problem isn’t the apps, it’s how people use them. Among the features of these platforms are security measures like transaction PINs, biometric authentication, fraud warning options in-app, and customer service chatbots. However, a significant number of users fail to establish strong passwords or provide sensitive data to “POS agents” they barely know. That’s a real risk.
Another issue is wallet limits. Several individuals think that they can transfer money as much as they desire after downloading the app. That’s not true. In the absence of proper identity verification, such as a BVN or NIN, your wallet can be restricted, which could result in blocking you for larger payments. Although it’s effortless to upgrade your account on each app, completing the KYC (Know Your Customer) steps ahead of time to avoid inconvenience and emergency situations.
These apps are now a vital infrastructure for small business owners, beyond their personal tools. By providing reliable POS terminals, Moniepoint has helped agents and shop owners become community banks. I’ve used both OPay and Moniepoint to accept payments from clients and customers alike. They’ve improved customer trust. Maintaining good records is essential.If anything goes wrong, having documentation can make all the difference when filing a complaint.
In the future, I anticipate these platforms to become more robust. In the past few months, PalmPay has introduced a feature that allows customers to pay their bills in bulk, and OPay is now integrated with various ride-sharing and shopping websites. Moniepoint is now offering business loans tied to transaction history. Scammers are evolving as the ecosystem expands. A healthy skepticism is necessary. Your wallet cannot be verified over WhatsApp on any platform. Learn to verify payment receipts. Don’t share your OTP with anyone.
The rise of mobile fintech in Nigeria is a game-changer that we should not overlook. Regardless of the innovation, it works best when users are knowledgeable, careful, and proactive. Don’t just use OPay, PalmPay or Moniepoint; instead master them. That’s how we build a secure and inclusive financial future, one transaction at a time.
