MTN MoMo hits 42m users as transactions surpass $61 bn
MTN Group driven to secure financial inclusion across its markets has continued to grow the number of MTN Mobile Money (MoMo) users on its network, a trend that has accelerated during the COVID-19 pandemic.
Financial inclusion means that people have access to affordable financial products and services that meet their needs and are delivered in a responsible and sustainable way.
Not only does this facilitate daily life, help people plan, start businesses and expand them, it also helps people invest in education or health and manage risk, improving the overall quality of life.
So, by the end of September 2020, nearly 42 million people were regularly transacting on MTN MoMo across 16 markets.
This compares to 38 million active users at the end of the first half of 2020, and 35 million at the end of 2019 – ten years after MTN launched MoMo.
Initially designed to facilitate the transfer of cash between mobile users, MTN’s MoMo offering is now much broader.
The group works with numerous partners to offer services including loans, insurance, remittances and MoMo Pay, enabling customers to store money in their mobile wallets with which they can then pay for goods or services at registered merchants.
Mobile money services have grown faster in Africa than anywhere else in the world.
In 2020, the trend has quickened, and the value of transactions has increased, partly supported by MTN’s reduction in MoMo transaction fees in many operations to assist customers battling the impacts of the pandemic.
In the first half of 2020, for example, the value of MTN MoMo transactions was US$61.2 billion, and the group processed 11, 752 MoMo transactions a minute across its markets, up 28% from 9 193 transactions a minute in 2019.
The group remains committed to leveraging its technology to enable a cashless Africa.
Launched in 1994, the MTN Group is a leading emerging market operator with a clear vision to lead the delivery of a bold new digital world to our customers.
Financial inclusion means that people have access to affordable financial products and services that meet their needs and are delivered in a responsible and sustainable way.
Not only does this facilitate daily life, help people plan, start businesses and expand them, it also helps people invest in education or health and manage risk, improving the overall quality of life.
