MTN Nigeria Communications Plc recorded a 57.5% growth in the number of customers using its fintech services in 2022, bringing its total active fintech customer base to 14.9 million.
The telecom firm, which disclosed this in its 2022 financial statements, also disclosed that its fintech revenue for the period rose by 19.6% to N84.4 billion in 2022.
The revenue increase was driven largely by the 18.3% growth in Xtratime, MTN’s airtime lending product, and core fintech services, which include wallet and super-agent business.
Of the 14.9 million fintech customers, MTN said approximately 2 million of them were active MoMo wallet users. The company also disclosed that the number of registered MoMo wallets since the launch in May 2022 was 13.2 million, indicating the underlying momentum in the ecosystem.
MoMo agent expansion: Highlighting the company’s efforts at growing the fintech business, MTN’s CEO, Karl Toriola, said:
- “We expanded our MoMo agent network by adding over 88k active agents, bringing the total number to approximately 224k. Our agent network continued to play a pivotal role in our MoMo ecosystem, bringing the service closer to our customers.
- “As planned, we reopened the Nigerian Interbank Settlement System (NIBSS) interface in Q4 temporarily suspended to enhance control systems, starting with inbound transfers into customer wallets. We are in the final phase of onboarding deposit money banks. The outbound phase will be completed in Q1 2023, accelerating full commercial activities and the growth of active wallets.”
Digital revenue: The company’s digital revenue for the year also grew by 64.1% as the adoption of its digital products continues to grow with user journey optimisation and the growth of the active base, up 37.5% to 10.3 million.
Rich media services, mobile advertising, and content VAS continue to drive revenue growth. The company added that its instant messaging platform, Ayoba, accounted for half of its active users.
