By Melvin Onwubuke
MTN Nigeria has disclosed that its MoMo Payment Service Bank (PSB) attained 5.3 million active wallet users, as of December 2023.
MTN noted that the PSB earned more traction by increasing its agent network in the year by 103,000 to 327,000. From it’s financial records, the company’s active merchant ecosystem, which commenced in March 2023, is now over 324,000 by December 2023, according to nairametrics.
MoMo PSB was able to increase its wallet users by 3.3 million to achieve the feat; according to MTN’s financial report of 2023, which shows, the impacts of its fintech, to the company’s overall performance.
In his remark, Karl Toriola, CEO MTN said “Our fintech revenue increased by 2.4%, led by Xtratime (our airtime lending product), which rose by 2%.
“However, despite the challenges from the NIN requirement for KYC introduced in Q4 by the CBN, we added 3.3 million active wallets in the year to 5.3 million. This helped to drive MoMo PSB revenue, which rose by 8.1%.”
He continued “The growing adoption and increased activity within our fintech ecosystem spurred transaction volume growth of 49.2% YoY.
“We also now have over 326,000 MoMo agents, up 46.0% YoY, and over 324,000 merchants since we started to build out our merchant ecosystem in March 2023.”
“While the overall development of fintech has been slower than anticipated, these milestones mark solid and important progress in scaling our business, particularly the advanced services within our MoMo ecosystem,” he added.
Recall MTN was granted a Payment Service Bank licence by the Central Bank of Nigeria (CBN) in 2022 alongside the three other mobile network operators, Airtel (Smart Cash PSB), Glo (Moneymaster PSB), and 9mobile to intensify financial inclusion in the nation.
PSB, MoMo can collect deposits and offer savings accounts to its consumers.
