According to MTN Nigeria, MTN Momo, the company’s mobile money division, saw a decline in active wallet users of 29.4% as of Q3 2022, bringing the total number of active wallets to 1.8 million.
In its 9-month financial results for the nine months ending September 30, 2022, the company made this disclosure. However, the report revealed that registered MoMo wallets rose by more than two times to 9.9 million in Q3, highlighting the ecosystem’s underlying momentum.
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Giving details on the performance of its fintech business during the period, MTN stated: “Since the commercial launch of our MoMo Payment Service Bank (PSB) operations in May 2022, we have focused on building our fintech ecosystem and implementing its growth strategy. 11.2 million of our active fintech users—down 29.4% from Q3—at the end of September 2022 were MoMo wallet users, making up 1.8 million of our total.
Additionally, the company added over 21k active agents to our mobile money (MoMo) agent network in Q3, bringing the total to roughly 188k. The agent network continued to be a key component of our MoMo ecosystem and contributed to the 112.2% YoY increase in the total volume of transactions.
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Overall, MoMo PSB’s operations continue to advance steadily. The company’s current priorities are expanding the user base and expanding basic services in order to reach the significant unbanked population in the nation.
According to the company, it is expanding its mobile money operations while also hiring more agents and broadening its service area to include more unbanked and underbanked Nigerians. The company increased the number of active agents by over 21, 000 in the third quarter of this year, bringing the total to about 188,000.