MTN records fintech revenue rises by 46.5 percent

According to the company's financial results for the first quarter of 2022, its fintech revenue also increased by 46.5 percent to N20.8 billion due to increasing adoption of its fintech services and expanded user base.

 Since the company received its final approval from the Central Bank of Nigeria (CBN) to operate Mobile Money (MoMo) Payment Service Bank (PSB) last month, the uptrend is expected to continue.

The PSB license will help MTN offer a broader range of mobile financial services beyond the classic person-to-person (MoMo) mobile money transactions that have become popular across Africa.

Highlighting the performance of its fintech business in the financial results, MTN said, “We continue to grow our MoMo agent network with more than 800,000 registered agents and over 166,000 active agents (agents who execute at least ten revenue-generating transactions within a 30-day period) .

“Having built a significant foundation of the registered agent network, we are now focused on scaling the active base. We have expanded our agent services to include card withdrawal services by providing point-of-sale (POS) terminals on the agent network. This has helped take our total volume of transactions to over 56.1 million, a 132.7% year-over-year increase from more than 10.7 million active users (a 135.2% increase)."

Karl Toriola, CEO of MTN Nigeria, said in a statement the company plans to officially launch the MoMo PSB in the second quarter of the year.

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