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Deposit held for MTN’s MoMo customers jumped by 1,222% to N5.45 billion from N412 million in Q2, 2023 according to data compiled by MoneyCentral.
MTN Nigeria’s Fintech subsidiary MoMo Payment Service Bank (PSB) Limited also recorded an increase in active wallets, fintech revenue and transaction volumes in the third quarter of 2023.
Fintech revenue increased by 5.6% on the adoption of core fintech services (wallet and MoMo agent business).
“We now have over 293k MoMo agents, up 55.7% YoY, bringing our services closer to our customers and 197k merchants since we started building our merchant ecosystem in March 2023. We remain focused on driving consumer education and awareness, leveraging the full strength of our distribution network to grow the active wallets and scale the agent and merchant ecosystem while expanding the bouquet of services available to our customers,” MTN said.
MoMo PSB active wallets rose by 53.1% YoY and 15% QoQ to 3.6 million, representing 40.6% of fintech user base, with the number of registered MoMo users now at 27.9 million.
Fintech transaction volume was up by 47.6% YoY, reflecting momentum in the ecosystem.
“We are committed to ramping up commercial activities to stimulate increased engagement and activity to expand our fintech ecosystem. Our work is ongoing to broaden consumer education and awareness initiatives and provide more advanced services across our fintech verticals to accelerate the growth of active wallets and the merchant ecosystem,” MTN said.
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