MTN became the largest mobile money company in Africa this week when it reported that MoMo recorded 57 million users as against Safaricom’s M-Pesa with 52 million users in 2021.
Experts say MTN’s growth is impressive considering that its mobile money service is only two years old compared to Safaricom’s M-PESA mobile money service which is now 15 years old.
The value of MoMo transactions went up by 56.8 percent to $239.4 billion, 10 billion transactions were processed, up 41.1 percent year-on-year.
On the other hand, Safaricom’s M-PESA recorded $192.9 billion in value of transactions and 11.6 billion transaction volume.
Both M-Pesa and MTN rely heavily on agents for their services. Kenya’s M-Pesa has about 600,000 agents both within and without Kenya while MTN has 974,000 agents.
MoMo has about 57 million customers in Africa, while
M-PESA has 51 million customers.
MTN MoMo’s revenue for 2021 was $1.052 billion while M-PESA revenue was $1.3 billion
With MTN’s mobile money users at 56.8 million, it has operations in 21 countries. On the other hand, as M-PESA marked 15 years since Safaricom and Vodafone launched it in March 2007, the company announced that it had hit more than 51 million customers across Kenya, Tanzania, Mozambique, the Democratic Republic of Congo, Lesotho, Ghana, and Egypt. M-Pesa has a presence in seven countries.