MTN Adds 2.2 Million New Mobile Money Subscribers in Q3 To Reach 51.1 Million

MTN
MTN Momo agent

MTN Group announced on Thursday that it has added Active MTN Mobile Money (MoMo) customers increased by 2.2 million to 51.1 million.

“We advanced financial inclusion, reaching 51 million MoMo customers in 16 markets, processing almost 20 000 transactions a minute, with the value of transactions up 67.2% year-on-year to $175.5 billion or R2.7 trillion,” said Ralph Mupita, CEO of MTN Group.

Mupita said the group as it establish and scale its payment platform, the number of active merchants accepting MoMo payments increased by 58.3% year-on-year to 626 033 and
the total value of MoMo merchant payments rose by 46.5% YoY to $8.1 billion or R124 billion.

In Nigeria, MTN added over 234 000 agents to end the quarter with over 630 000 registered MoMo agents.

The group added that the total value of remittances grew by 68% year-on-year to $1.6 billion or R24.5 billion in Q3.

In addition, MTN facilitated a total loan value of $802.2 million or R12,3 billion, a 48.7% increase year-on-year.

At the end of Q3, our InsurTech platform had 14.8 million registered insurance policies, reflecting growth of 51.7% year-on-year.

Looking ahead, MTN Group CEOr Ralph Mupita was encouraged that the number of new COVID-19 cases across Africa had started to slow, but said the pandemic continued to impact lives and livelihoods and demand for mobile services.

“It highlights the vital importance of telecommunications as people rely on these services for information and to work, learn and entertain from home. We as MTN are well positioned to deliver and will invest in line with our capital allocation framework to capture these opportunities.”

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