MTN Nigeria projects 40m MoMo wallets in 2025

MTN Nigeria has set a target to build the largest fintech platform in the country, aiming to reach 30 to 40 million active MTN MoMo wallets by 2025.

This was disclosed in its sustainability report filed with the Nigeria Exchange Limited on Tuesday, made available to The According on Wednesday.

“MTN Nigeria has set a target of building the largest and most valuable fintech platform in Nigeria with 30-40 million active MTN MoMo wallets by 2025,” the report stated.

According to the report, in alignment with the Central Bank of Nigeria’s legal requirements, the company offers services that enable more Nigerians to easily transact via the USSD channel, save money, connect with MoMo Agents for deposits and withdrawals, and conduct transactions on the MoMo App.

“In strict compliance with the Central Bank of Nigeria’s legal requirements, MTN Nigeria strives to uphold high standards of product development and continue to offer services to the Nigerian populace that allow more individuals across the country to easily transact via our USSD channel, to save their money with us, connect with our MoMo Agents for deposit and withdraw and make transactions on the MoMo App.

“In 2023, our commitment to promoting financial inclusion resulted in the number of active mobile money (MoMo PSB) wallets increasing by 163.2 per cent to 5.3 million. We plan to continue finetuning our services so that more people have easy, convenient, and low-cost access to financial services.”

Currently, the MoMo platform focuses on three main activities; MoMo Wallet, MoMo Payment & E-commerce, and MoMo Bank tech to enhance the financial experiences of users and businesses alike.

It added that the E-commerce platform has been particularly beneficial for entrepreneurs, providing practical solutions that enhance their business operations. As a result, over 5 million people actively use MoMo every month, including more than 324,000 merchants who are served through MoMoPay.

MTN Nigeria closed the year with over 326,700 active MoMo agents, marking a 46 per cent increase compared to 2022. This expansion of agents is crucial in ensuring that financial services are accessible to people even in remote areas.

“As a result of our work, over 5 million people actively use MoMo every month, of which more than 324,000 are merchants served through MoMoPay. In 2023, we closed with over 326,700 active MoMo agents, which shows an increase in agents of approximately 46 per cent  in comparison to 2022.”

Additionally, MTN Nigeria is pursuing the Global System for Mobile Communications Mobile Money Certification, a third-party assessment that validates mobile money services against global best practices.

This certification will reinforce MoMo’s reputation for dependability among consumers, regulators, and stakeholders, ensuring that they can rely on MoMo for secure and reliable financial solutions.