MTN Fintech Customer Base Hits 10.7 Million, Makes N20 billion

MTN Fintech Customer Base Hits 10.7 Million, Makes N20 billion

  • MTN says it fintech services customer base has swollen to over 10 million users as it makes N20.8 billion this year
  • It represents 135.2 per cent growth compared to the 4.6 million customer it had the same period last year
  • The company said it is expecting the growth trend to continue as it launches it MoMo Payment Service Bank soon

The number represents 135.2 per cent growth compared to the 4.6 million customers it had at the same time last year.

Growth trajectory to continue

The company’s Q1 2022 financial results saw its fintech revenue increase by 46.5 per cent to N20.8 billion against the backdrop of surging adoption of its fintech operations and growing customer base.

The trend is expected to continue as the company got the final approval of the Central Bank of Nigeria (CBN) to operate mobile money services and its Momo Payment Service Bank coming on stream soon.

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MTN Fintech
MTN fintech customer grows to 10.7 million
Source: Getty Images

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MTN to launch MoMo Payment Service Bank soon

The licence by CBN will help the telecoms company provide a wider range of fintech services beyond the conventional person-to-person mobile money transactions now popular in Africa.

According to MTN, it will continuously develop its Momo agent network with more than 800,000 registered agents and over 166,000 active agents' revenue-generating transactions within 30 days.

The company’s Chief Operating Officer, Karl Toriola said in a statement that it plans to launch Momo PSB officially in the second quarter of 2022.

MTN, Mafab set to rollout 5G in August as FG list out first six states to enjoy the technology in Nigeria

Legit.ng has reported that the winners of the licence for 5G spectrum in Nigeria, Mafab Communications and MTN, are set to accelerate the deployment of the technology across the country.

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This follows the issuance of the final letters of award of the spectrum licences by the Nigerian Communications Commission (NCC).

With the receipt of the final letter, the two companies are expected to roll out the technology from August 24, 2022.

Source: Legit.ng

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