MTN Nigeria has announced that its MoMo Payment Service Bank (PSB) reached 5.3 million active wallet users on its platform as of December 2023. The MTN MoMo offers clients seamless deposit, cash withdrawal services and offers savings accounts to its users. Individuals and small enterprises are among their clients. The MTN fintech subsidiary also facilitates cross-border transfers.
According to MTN, MoMo PSB grew its wallet users by 3.3 million to achieve the feat. This company disclosed this in its full-year 2023 financial results, which revealed how its fintech business had impacted its overall performance.
MTN stated that the PSB gained more traction by expanding its agent network by 103,000 to 327,000 in the year. The company’s active merchant ecosystem, which started in March 2023, also reached over 324,000 by December 2023, according to the company’s records.
Speaking on the company’s fintech business performance for the year, MTN’s CEO, Karl Toriola, said: “Our fintech revenue increased by 2.4 per cent, led by Xtratime (our airtime lending product), which rose by 2 per cent
Despite the challenges of the NIN compulsory KYC introduced in the fourth quarter of 2023 by the CBN, MTN has added 3.3 million active wallets in the year to 5.3 million.
