MTN MoMo PSB Revenue Rises By 8.1%, As Active Wallet Users Hit 5.3 Million In 2023

MTN Nigeria has announced that revenue from its MoMo Payment Service Bank (PSB) increased by 8.1 per cent while active customers enrolled on the wallet platform reached 5.3 million by December 2023.

This was revealed in the telecom company’s record.

MTN claims that MoMo PSB accomplished the target by adding 3.3 million new wallet users. This was revealed in the company’s financial statements for the year 2023, demonstrating the influence of its fintech division on the company’s overall profitability.

According to the statement, MTN’s MoMo PSB’s agent network grew by 103,000 to 327,000 throughout the year, giving it greater traction. Based on the company’s data, the active merchant ecosystem, which commenced in March 2023, rose to over 324,000 by December 2023.

Speaking on the company’s fintech business success for the year, CEO of MTN, Karl Toriola said it was due to optimisation of its digital service offers and improved customer journey and partnerships.

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He said: “Our fintech revenue increased by 2.4%, led by Xtratime (our airtime lending product), which rose by 2%.

“However, despite the challenges from the NIN requirement for KYC introduced in Q4 by the CBN, we added 3.3 million active wallets in the year to 5.3 million. This helped to drive MoMo PSB revenue, which rose by 8.1%.

“The growing adoption and increased activity within our fintech ecosystem spurred transaction volume growth of 49.2% YoY.

“We also now have over 326,000 MoMo agents, up 46.0% YoY, and over 324,000 merchants since we started to build out our merchant ecosystem in March 2023.

“While the overall development of fintech has been slower than anticipated, these milestones mark solid and important progress in scaling our business, particularly the advanced services within our MoMo ecosystem.”

Ayoba, the instant messaging service offered by MTN, saw a 65.6 per cent increase in monthly active users, reaching 8.6 million by the end of 2023.

“We continue to drive the onboarding of new partners within our digital ecosystem and expand the bouquet of service offerings to sustain the growth of the business. Overall, service revenue from digital services was up by 69.9%,” Toriola stated.