MTN MoMo wallets hit 4.2 million in six weeks

MTN Nigeria has said its mobile money business, MoMo, has recorded 4.2 million wallets in less than two months of its launch. Out of these 4.2 million wallets, the company said 2.4 million are actively in use.

The company disclosed this in its financial result for the half year 2022. MTN MoMo officially commenced business on May 19, 2022.

In the six weeks of its operation, MTN said the active 2.4 million wallets had generated MoMo transaction volume of approximately 7 million.

Explaining how its fintech business fared in the half year, MTN said: “We achieved some important strategic milestones in H1 towards delivering our Ambition 2025 strategy.

“This includes the final approval for our MoMo Payment Service Bank (PSB) and the commencement of commercial operations on 19 May 2022, leveraging the solid foundation of our existing MoMo business.”

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“We are pleased with the progress since the launch and excited about the prospects of our fintech business and driving financial inclusion in the country. As of the end of June 2022, we recorded 4.2 million registered MoMo wallets of which 2.4 million are active, generating MoMo transaction volume of approximately 7 million within six weeks of operations.

“Our fintech active users rose by 87.3% YoY to 11.5 million, of which 2.4 million represent active MoMo wallets. This has helped drive growth in the total volume of transactions to over 124.3 million. Our MoMo PSB commenced commercial operations on 19 May 2022 and we are pleased with the progress thus far. Our primary focus has been to offer and scale basic services targeting the large unbanked segment and evolve into more advanced services across our fintech verticals, leveraging our vast distribution network,” MTN added.

MTN was issued a Payment Service Bank (PSB) licence alongside other mobile network operators to deepen financial inclusion in the country. As a PSB, MoMo can collect deposits and offer savings accounts to its consumers. Individuals and small enterprises are among their clients. It can also facilitate cross-border transfers through all of Nigeria’s available methods.