“Our Fintech active users rose by 87.3% YoY to 11.5 million, of which 2.4 million represent active MoMo wallets. This has helped drive growth in the total volume of transactions to over 124.3 million. Our MoMo PSB commenced commercial operations on May 19, 2022, and we are pleased with the progress thus far” – MTN Nigeria in a statement.
With these numbers, MTN Nigeria has become the largest and biggest fintech company by customer base in Nigeria. The Mobile Money (MoMO) latest data makes it the fastest growing financial institution with no bank license in the history of Africa – 4.2 million customers in two months!
As I have written in Harvard where I noted that startups must see companies like Facebook and Google as utilities (here, ICT utilities) which must be built into, and not out-of, since you really have no chance to frontally confront them, MTN Nigeria is assuming a new positioning that all fintechs in the nation must re-examine their strategies, on how they fit into the age of MTN. The competition is asymmetric and truly unbounded when you see the numbers MTN has been producing.
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I have called this company “osisi na ami ego” [a tree that produces money as the fruits]. So, just like we work to fit into the world of Google, hiring and paying search experts to make it easier for Google to use our contents for free, so that we can extract small opportunities online, you need to think how to fit into the world MTN Nigeria has defined right now in Nigeria.
Nigeria is now an MTN nation and it runs this era; even the big banks are not safe!
—part of MTN statement
”We achieved some important strategic milestones in H1 towards delivering our ambition 2025 strategy. This includes the final approval for our MoMo payment service Bank (PSB) and the commencement of commercial operations on 19 May 2022, leveraging the solid foundation of our existing MoMo business.
”We are pleased with the progress since the launch and excited about the prospects of our Fintech business and driving financial inclusion in the country. As of the end of June 2022, we recorded 4.2 million registered MoMo wallets of which 2.4 million are active, generating MoMo transaction volume of approximately 7 million within six weeks of operating.
“Our Fintech active users rose by 87.3% YoY to 11.5 million, of which 2.4 million represent active MoMo wallets. This has helped drive growth in the total volume of transactions to over 124.3 million. Our MoMo PSB commenced commercial operations on May 19, 2022, and we are pleased with the progress thus far.
”Our primary focus has been to offer and scale basic services targeting the large unbanked segment and evolve into more advanced services across our Fintech verticals, leveraging our vast distribution network”.
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