MTN Nigeria said that its portable cash auxiliary, MTN Momo, kept a 29.4% decrease in dynamic wallet clients as of Q3 2022, carrying all out dynamic wallets to 1.8 million.
The organization uncovered this in its 9-month monetary outcomes for the period that finished September 30, 2022.
The report, in any case, showed that enrolled MoMo wallets expanded by multiple times to 9.9 million in Q3, exhibiting the basic energy in the biological system.
More details on MTN MoMo performance: Giving details of its fintech business performance for the period, MTN said:
- “Since the commercial launch of our MoMo Payment Service Bank (PSB) operations in May 2022, we have focused on building our fintech ecosystem and executing its growth strategy. Our active fintech users at the end of September 2022 were 11.2 million, of which 1.8 million are active MoMo wallets, down 29.4% in Q3.
- “Fintech revenue increased by 21.9%, and growth was broad-based across Xtratime (our airtime lending product, up 20.6%) and core fintech services (wallet and agency business, up 232.0%).”
- “In addition, we expanded our mobile money (MoMo) agent network by adding over 21k active agents in Q3, bringing the total number to approximately 188k. The agent network continued to play a pivotal role in our MoMo ecosystem and helped to drive growth in the total volume of transactions by 112.2% YoY.
- “Overall, MoMo PSB continues to make steady progress in its operations. Our current focus is to grow the user base and scale basic services, targeting the sizable unbanked segment in the country. Over time, we will leverage our market-leading distribution to evolve the mix towards more advanced services across our fintech verticals, in line with our Ambition 2025 strategy.
- “Digital revenue grew by 68.4% as penetration of our digital products continues to deepen, driven by user journey optimisation and increased usage from our active base. Rich Media, Mobile Advertising and Content VAS drove revenue growth.”
MTN continues to expand MoMo: The company said it is expanding the mobile money business as it deploys more agents while expanding its coverage to reach many unbanked and underbanked Nigerians.