MTN Nigeria targets 40m MoMo wallets by 2025
By Esther Agbo
MTN Nigeria has announced its ambition to establish the largest fintech platform in the country, aiming to achieve between 30 to 40 million active MTN MoMo wallets by 2025.
This target was revealed in the company’s sustainability report filed with the Nigeria Exchange Limited.
In compliance with the Central Bank of Nigeria’s legal requirements, MTN Nigeria offers services that facilitate transactions via the USSD channel, savings, deposits and withdrawals with MoMo Agents, and perform transactions on the MoMo App.
“In strict compliance with the Central Bank of Nigeria’s legal requirements, MTN Nigeria strives to uphold high standards of product development and continue to offer services to the Nigerian populace that allow more individuals across the country to easily transact via our USSD channel, to save their money with us, connect with our MoMo Agents for deposit and withdraw and make transactions on the MoMo App.
“In 2023, our commitment to promoting financial inclusion resulted in the number of active mobile money (MoMo PSB) wallets increasing by 163.2 per cent to 5.3 million. We plan to continue finetuning our services so that more people have easy, convenient, and low-cost access to financial services,” it stated.
The MoMo platform emphasises three main activities: MoMo Wallet, MoMo Payment & E-commerce, and MoMo Bank tech, aiming to enhance the financial experiences of users and businesses alike. The e-commerce platform, in particular, has provided significant benefits for entrepreneurs, offering practical solutions to enhance their operations.
MTN Nigeria concluded the year with over 326,700 active MoMo agents, marking a 46 percent increase in comparison to 2022.
The company said, “As a result of our work, over 5 million people actively use MoMo every month, of which more than 324,000 are merchants served through MoMoPay. In 2023, we closed with over 326,700 active MoMo agents, which shows an increase in agents of approximately 46 per cent in comparison to 2022.”
MTN Nigeria also noted its participation in the Nigerian Economic Summit Group’s recent initiatives in the financial sector.
