MTN Mobile Money, the Fintech associate of MTN Nigeria, Africa's telecom giant, has announced the official start of commercial operations in Nigeria. Africa's most populous country will be the latest African country to welcome the mobile money outlet, joining regional counterparts like Ghana, Benin, and Ivory Coast in fostering digital inclusion.
The commencement of MTN's mobile money operations sparks hopes for the mobile money market in the country. As compared to other countries like Ghana and Kenya, the mobile money and financial inclusion drive have been slow. Entering a market of about 16 million users, MTN MoMo will strive to boost the mobile money industry by introducing its services to remote regions in the country. By introducing digital financial services to underserved Nigerians and remote regions, MTN will hope to drive traffic in the direction of mobile money in the country.
As the telecom giant commemorates its latest milestone, achieving its missions will not come easy and MTN will move to offer its innovative best. The Nigerian mobile money market, although slow, is quite competitive, as it is home to over 21 existing operators like Firstbank's Firstmonie, Paga mobile, and UBA Moni Agent.
Nigeria in focus:
Population: 206.1 million in 2020 as compared to 201 million in 2019
GDP: $432.3 billion compared to $448.1 billion in 2019
GDP per capita: $2,097 in 2020 compared to $2,229 in 2019