MTN Nigeria, the biggest telecom provider in the country announced that its mobile money business called MoMo now has 4.2 million wallets. This new milestone came in about two months after the telecom operator launched the service.
The achievement was disclosed in the company’s results for the first half of the year. The company’s mobile money business kicked off on the 19th of May, 2022. MTN Nigeria added that 2.4 million out of its total 4.2 million wallets are actively in use. These active wallets have collectively generated a transaction volume of approximately seven million naira within the six weeks of being in operation.
“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,” the company said explaining how its mobile money business fared in the first quarter of the year.
The company also added, “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.
The latest announcement comes after the telecom operator received its Payment Service Bank (PSB) license to operate in Nigeria.