MTN MoMo’s users reduce by 29.4% to 1.8 million

• MTN MoMo’s users reduce by 29.4% to 1.8 million
• MTN MoMo performance

According to MTN Nigeria, the number of active wallet customers on its mobile money service, MTN Momo, dropped by 29.4% as of Q3 2022, totaling 1.8 million.

This information was provided by the company in its 9-month financial statements for the nine months ending September 30, 2022.

But according to the research, registered MoMo wallets surged by more than twice as many to 9.9 million in Q3, indicating the ecosystem’s underlying momentum.

MTN MoMo performance

“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.

READ MORE: MTN: Nigeria’s active mobile subscriptions hit 211.8 million

“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 optimization and increased usage from our active base. Rich Media, Mobile Advertising and Content VAS drove revenue growth.”

MTN maintains its MoMo growth

According to the business, it is increasing its mobile money operations while also hiring additional agents and broadening its service area to include more unbanked and underbanked Nigerians.

The corporation increased the number of active agents by about 21, 000 in the third quarter of this year, bringing the total to almost 188,000.