x

MTN Nigeria’s MoMo PSB Achieves 5.5 Million Active Wallets in Q2 2024

By Milcah Tanimu

MTN Nigeria has announced a significant milestone for its MoMo Payment Service Bank (PSB), reporting 5.5 million active wallets in the second quarter of 2024. This marks a substantial recovery from a 9% decline in Q1, attributed to the National Identification Number (NIN) requirement for Know Your Customer (KYC) validation.

According to MTN’s half-year 2024 financial results released on Wednesday, MoMo active wallets saw an increase of 701,000 in Q2.

Financial Highlights

MTN’s fintech revenue experienced an 11% growth in the first half of the year and a notable 22.2% increase in Q2. Revenue jumped to N48.6 billion, up from N43.6 billion in the same period last year, driven by the airtime lending product Xtratime and the growing adoption of MoMo services.

Despite this success, the total number of MoMo agents facilitating OTC transactions decreased by 24,000 to 302,800. However, the number of agents excluding OTC transactions remained stable at 239,000. The company also onboarded over 174,000 new merchants, expanding its merchant ecosystem to approximately 498,000.

### Digital Services Surge

MTN’s digital services revenue saw an impressive 98.9% growth in the first half of 2024, thanks to increased adoption of digital products and expanded partnerships with content providers. The active user base grew by 5.6 million to 19.6 million, with the instant messaging platform Ayoba accounting for 46.5% of the active base at 9.1 million monthly users. Subscriptions for rich media services, including music, video, and gaming, made up 53.5% of the active base.

Revenue and Losses

Despite growth across various segments, including a 12.4% increase in voice revenue and a 54.7% rise in data revenue, MTN posted a pre-tax loss of N175.6 billion for the quarter ending June 30, 2024. The depreciation of the naira between December 2023 and June 2024 led to higher net forex losses of N887.7 billion, resulting in a loss after tax of N519.1 billion compared to a restated loss of N85.6 billion in the previous half-year.

CEO’s Statement

Karl Toriola, MTN Nigeria’s CEO, expressed satisfaction with the Q2 momentum in wallet adoption following Q1’s challenges due to the NIN requirement. He highlighted the fintech revenue growth driven by Xtratime and the expanding MoMo services. Toriola also noted the significant growth in digital services and the ongoing efforts to onboard new partners and expand service offerings to sustain business growth.

MTN Nigeria aims to leverage the positive trends in Q2 to further develop wallets and increase MoMo PSB app adoption while expanding its merchant ecosystem.

Hot this week

You’ll Remain a social media president- Wike taunts Peter Obi

By Joyce Remi-BabayejuThe FCT Minister, Barr. Nyesom Wike...

More Women Grabbing Family Planning Services – NDHS Report

... As Nigerian Fertility Rate Slides DownBy...

Igbo Group Urges FG to Obey Court Orders, Release Nnamdi Kanu

By Anne AzukaA socio-cultural organisation, Ndi Na Asu Bia...

FG Reaffirms Commitment to Inmates’ Welfare, Rehabilitation at Kuje Custodial Centre

By Francis WilfredThe Federal Government has reaffirmed its commitment...

China Commends Nigeria for Joint ONSA/DSS/Army Rescue of Four Kidnapped Chinese Citizens

▪︎ Secret Police stabilises rescued kidnapees at own medical...

Taiwan elects new pro-Mainland China leader of KMT party

By Daybreak NigeriaNewly elected opposition Kuomintang (KMT)...

Thousands decamp to APC at Kaduna mega rally

By Achadu Gabriel, KadunaKaduna State Sen, Uba Sani,...

University Education Transformation Requires Collective Effort — Fagbemi

By Noah Ocheni, LokojaThe Attorney General of the Federation...

Kogi Electoral Law Aligns with INEC Act for Credible 2026 LG Polls – Mamman Eri

By Noah Ocheni, LokojaThe Chairman of the Kogi State...

Related Articles

Popular Categories

spot_imgspot_img