MTN’s fintech customers hit 10.7 million

MTN Nigeria has recorded an increase in the number of customers subscribing to its fintech service to 10.7 million as of the first quarter of this year. This represents a 135.2 per cent growth compared with the 4.6 million customers it had same period last year.

According to the company’s Q1 2022 financial results, its fintech revenue also rose by 46.5 per cent to N20.8 billion on the back of the growing adoption of its fintech services and expanded user base.

The uptrend is expected to continue as the company last month secured the final approval from the Central Bank of Nigeria (CBN) to operate mobile money (MoMo) payment service bank (PSB).

The PSB license will help MTN offer a wider range of mobile financial services beyond the classic person-to-person Mobile Money (MoMo) transactions that have become popular all over Africa.

What MTN is saying

  • Highlighting the performance of its fintech business in the financial results, MTN said: “We continue to expand our MoMo agent network with more than 800k registered agents and over 166k active agents (agents who perform a minimum of ten revenue-generating transactions within 30 days).
  • “Having established a significant foundation of registered agent network, we are now focusing on scaling the active base. We have expanded our agent services to include card withdrawal services by deploying point of sales (POS) terminals to the agent network. This has contributed to growing our total volume of transactions to over 56.1 million, up 132.7% YoY, by more than 10.7 million active users (up 135.2%).

MTN Nigeria CEO Karl Toriola, in a statement, said the company plans to launch the MoMo PSB officially in the second quarter of the year.

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