Business News

MTN MoMo PSB’s active wallet users hit 5.3 million in 2023  

MTN Nigeria has reported that its MoMo Payment Service Bank (PSB) reached 5.3 million active wallet users on its platform as of December 2023. 

According to MTN, MoMo PSB was able to grow its wallet users by 3.3 million to achieve the feat. This company disclosed this in its full-year 2023 financial results, which shows how its fintech business has been impacting the company’s overall performance.   

MTN stated that the PSB gained more traction by expanding its agent network in the year by 103,000 to 327,000. 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. 

Commenting on the company’s fintech business performance for the year, MTN’s CEO, Karl Toriola, said: 

 Toriola added that MTN’s digital business has continued to gain traction on the optimisation of its digital service offers and improved customer journey and partnerships.  

These underpinned the growth in the active user base of the company’s digital services, with rich media subscriptions excluding Ayoba up by 57.2% to approximately 8 million.  

MTN’s instant messaging platform, Ayoba, recorded a 65.6% growth to 8.6 million active monthly users.  

MTN was issued a Payment Service Bank (PSB) licence by the Central Bank of Nigeria (CBN) in 2022 alongside the three other mobile network operators, Airtel (Smart Cash PSB), Glo (Moneymaster PSB), and 9mobile (9PSB) to deepen financial inclusion in the country.  

As a PSB, MoMo can collect deposits and offer savings accounts to its consumers. Individuals and small enterprises are among their clients. It can also facilitate cross-border transfers through all of Nigeria’s available methods. 

Back to top button