Driven to secure financial inclusion across its markets, MTN Group continues to grow the number of MTN Mobile Money (MoMo) users on its network, a trend that has accelerated during the COVID-19 pandemic.
By the end of September 2020, nearly 42 million people were regularly transacting on MTN MoMo across 16 markets. This compares to 38 million active users at the end of the first half of 2020, and 35 million at the end of 2019 – ten years after MTN launched MoMo.
Initially designed to facilitate the transfer of cash between mobile users, MTN’s MoMo offering is now much broader.
The group works with numerous partners to offer services including loans, insurance, remittances and MoMo Pay, enabling customers to store money in their mobile wallets with which they can then pay for goods or services at registered merchants.
Mobile money services have grown faster in Africa than anywhere else in the world. In 2020, the trend has quickened, and the value of transactions has increased, partly supported by MTN’s reduction in MoMo transaction fees in many operations to assist customers battling the impacts of the pandemic.
In the first half of 2020, for example, the value of MTN MoMo transactions was US$61,2 billion, and the group processed 11 752 MoMo transactions a minute across its markets, up 28% from 9 193 transactions a minute in 2019.
In Ghana, there has been a steady growth in driving financial inclusion through MoMo. MoMo subscribers grew to a total of 11.66m (RGS 90 days) with 1.8bn transactions by end of September 2020.
MTN MoMo implemented some measures in March 2020 as part of efforts to support Government’s intervention to control the spread of the COVID-19 and also minimize the risk posed by cash handling.
Some of the measures included the waiver on transaction charges for on-net and off net transactions as well as the revision of limits on daily transactions and wallet balances.
The intervention has since been extended to December 31 2020 to allow more people to experience the benefits of mobile financial services.
The group remains committed to leveraging its technology to enable a cashless Africa.
About the MTN Group
Launched in 1994, the MTN Group is a leading emerging market operator with a clear vision to lead the delivery of a bold new digital world to our customers. We are inspired by our belief that everyone deserves the benefits of a modern connected life. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code “MTN”. We are pursuing our strategy with a major focus on growth in data, fintech and digital businesses in Africa.
About financial inclusion
Financial inclusion means that people have access to affordable financial products and services that meet their needs and are delivered in a responsible and sustainable way. Not only does this facilitate daily life, help people plan, start businesses and expand them, it also helps people invest in education or health and manage risk, improving the overall quality of life.