MTN’s Mobile Money Business Is Booming Benefiting From Its Army of Agents

MTN
MTN Mobile Money

MTN’s Mobile Money (MoMo) business is riding high, adding millions of new users and attracting agents.

MoMo allows users to purchase airtime, prepaid electricity, and pay for their municipal bills and DSTV subscriptions.

Registered mobile money accounts in Africa grew 12% to 562 million in 2020, while monthly active accounts were 161 million, an 18% increase, according to the GSMA’s State of the Industry Report on Mobile Money 2021.08.16

The report also found that total transactions hit 27.5 billion (up 15%) valued at $495 billion or R7.3 trillion (up 23%). It has 171 active mobile money services.

MTN seems to be ahead of its African competitors – Vodacom, Safaricom, Airtel Africa – in gaining MoMo market share.

MTN informed investors this week that the number of active MoMo users increased by 2.6 million to 48.9 million in the period to end June, generating a monthly average revenue per user of $1.3.

The value of MoMo transactions was up 88.3% to $115.2 billion or R1.6 trillion and the company processed 17 292 transactions per minute (up 47.1% from 11 752 in June 2020).

MTN said it added 121 000 agents to end the period, with more than 515 000 registered MoMo agents in Nigeria pushing the group’s total number of active agents to 856 000.

“We continued to scale our payments platform, the number of active merchants accepting MoMo payments stood at 581 514 (up 85.3% year-on-year) and the total value of MoMo merchant payments (gross merchandise value – GMV) rose by 354.2% to $12.4 billion or R182 billion, MTN said.

Also read: MTN Introduces Africa’s ‘First’ AI Service For Mobile Money

To scale its MoMo Business, MTN plans to recruit 10,000 MoMo agent businesses across South Africa. Also read: MTN to recruit 10,000 mobile money agents in SA 

Also read: How To Apply To Be A Mobile Money Agent For MTN SA

MTN South Africa is looking for Mobile Money (MoMo) agents after receiving R28 million from International Finance Corporation (IFC), a unit of Word Bank. MTN will use the funds for MoMo’s agents’ recruitment drive.

MoMo allows users to purchase airtime, prepaid electricity, and pay for their municipal bills and DSTV subscriptions.

The partnership will also see a strong job employment drive. IFC and MTN South Africa will seek to recruit 10 000 Mobile Money Agents in 2021 to increase access to affordable financial services in underserved communities.

MTN will identify, recruit, enrol, train, and supervise the new MoMo agents and assist any dormant MoMo agents by giving them support where they struggle to get off the ground.

We have received numerous calls and emails from our readers asking questions about becoming a MoMo agent.

We asked MTN how interested South Africans could apply to be agents?

Herewith below the quickest way to apply:

For consumers who want to be MoMo agents/ MoMo merchant network can:

      • Call MoMo customer care on 083 135 (ask for MoMo desk)
      • Email momo@mtn.com to sign up.
      • A dedicated team will assist them accordingly.
      • Documents such as ID and residential address will be required during the application process.

Also read: Who is Winning Mobile Money Battle Between MTN, Vodacom, And Airtel Africa?

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