MTN MoMo PSB Loses Momentum as Deposits, Subscribers Slump

MTN Nigeria’s Fintech subsidiary MoMo Payment Service Bank (PSB) Limited recorded negative active subscribers growth as well as a slump in deposits in the second quarter of 2023.

Active mobile money (MTN MoMo PSB) wallets fell by 100,000 in Q2 to 3.1 million people, while deposit held for MoMo customers slumped by 93.8% to N412 million from N6.68 billion in Q1, 2023 according to data compiled by MoneyCentral.

During H1, MTN said it completed the reopening of the NIBSS interface for both inbound and outbound transfers, and introduced the basic version of its MoMo app.

“We are now focused on driving commercial activities, while preparing for the rollout of our super app with a bouquet of services for our customers,” MTN said.