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MTN’s Payment Service Bank Records 2.4M Active Wallets, Less than 2 Months

According to the company’s financial result for the half year 2022, the active 2.4 million wallets generated MoMo transaction volume of approximately 7 million.

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Just within the two months of launch, MTN’s Payment Service Bank, MoMo recorded an impressive 4.2 million wallets with 2.4 million being actively used.

TechEconomy reported that MoMo started operation in May 19 after obtaining licence from the Central Bank alongside other mobile network operators to deepen financial inclusion in the country.

According to the company’s financial result for the half year 2022, the active 2.4 million wallets generated MoMo transaction volume of approximately 7 million.

MTN said: “We achieved some important strategic milestones in H1 towards delivering our Ambition 2025 Strategy.

This includes the final approval for our MoMo Payment Service Bank (PSB) and the commencement of commercial operations on 19 May 2022, leveraging the solid foundation of our existing MoMo business.”

“We are pleased with the progress since the launch and excited about the prospects of our fintech business and driving financial inclusion in the country.

As of the end of June 2022, we recorded 4.2 million registered MoMo wallets of which 2.4 million are active, generating MoMo transaction volume of approximately 7 million within six weeks of operations.

“Our fintech active users rose by 87.3% YoY to 11.5 million, of which 2.4 million represent active MoMo wallets. This has helped drive growth in the total volume of transactions to over 124.3 million.

“Our MoMo PSB commenced commercial operations on 19 May 2022 and we are pleased with the progress thus far.”

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According to MTN, it’s primary focus is to offer and scale basic services targeting the large unbanked segment and evolve into more advanced services across our fintech verticals, leveraging our vast distribution network.

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Justice Okamgba functions as CONTENT STRATEGIST for TechEconomy.ng with penchant for content planning, development, analysis, management, and measurement. Contact: [email protected]

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