The latest data released today shows that the value of MTN Mobile Money (MoMo) transactions were at $152 billion (R2.3 trillion) as of December 2020.
The mobile phone operator added that it processed 12 400 MoMo transactions per minute (up 35% from 9 200 in 2019).
Furthermore, the group disclosed that the number of active MTN Mobile Money users increased by 11,7 million to 46,4 million, generating a monthly ARPU of $1,2.
“While COVID-19 accelerated the adoption of mobile financial services, growth in fintech revenue was moderated by reductions in transaction fees to support our customers, lockdown restrictions on agents and a slowdown in economic activity,” the company said.
The number of active merchants accepting our MoMo propositions increased 115% to 440 000 in number. In Nigeria, we signed up more than 280 000 additional agents to end the financial year with more than 395 000 registered agents for our fintech business.
MTN’s MoMo benefited from MTN Nigeria expanding its MoMo agent network with the addition of more than 280,000 registered agents during the year.
“This achievement was aided by the conversion of traditional airtime agents in line with the ‘one distribution’ strategy,” the company said.
In Ghana, MTN said the growth of 31.3% in MoMo revenue benefited from various promotions in the year, increased person-to-person (P2P) transactional activity, and broader penetration of more advanced retail merchant services payments and international remittances.