• Tuesday, April 23, 2024
businessday logo

BusinessDay

MTN Nigeria’s fintech subscribers surge 58% in one year

MTN’s fintech subscribers decline by 2.7%

The number of active fintech subscribers on the MTN Nigeria network rose by 57.5 percent to 14.9 million for its full financial year which ended on December 31, 2022.

According to the company’s recently released financial results, out of the 14.9 million approximately two million represent active mobile money (MoMo) wallets, an increase of 11.1 percent in the fourth quarter of last year.

“The number of registered MoMo wallets since the launch in May 2022 was 13.2 million, indicating the underlying momentum in the ecosystem,” it said in a statement.

It said fintech revenue increased by 19.6 percent, with solid growth in Xtratime (our airtime lending product, up 18.3 percent) and core fintech services (wallet and super-agent business, up 218.1 percent).

“We expanded our MoMo agent network by adding over 88,000 active agents, bringing the total number to approximately 224,000. Our agent network continued to play a pivotal role in our MoMo ecosystem, bringing the service closer to our customers,” the company added.

The result further revealed that the company’s service revenue grew year-on-year by 21.5 percent to two trillion naira,mobile subscribers increased by 10.5 percent to 75.6 million and active data users rose by 15.3 percent to 39.5 million.

“Data revenue rose by 46.9 percent on the sustained growth of MTNN active data users and increased data usage. Digital revenue grew by 64.1percent as the adoption of MTNN digital products continues to grow with user journey optimisation and the growth of the active base, up 37.5 percent to 10.3 million,” it said.

Read also: Naira scarcity seen slowing financial inclusion drive – Experts

Karl Toriola, chief executive officer at MTNN, said navigating a challenging operating environment “2022” was challenging due to global macroeconomic and geopolitical volatility, resulting in higher inflation, supply chain uncertainties, foreign exchange volatility and availability.

“We continued to manage and invest in the resilience of our business and networks, expanding coverage and capacity with a focus on expense efficiencies and disciplined capital allocation,” he said.

Toriola added that they became the first mobile network operator to launch a 5G network in Nigeria, providing coverage in key cities in the six geopolitical regions.

“Since its commercial launch in September 2022, we have rolled out 588 sites and brought the 5G network to 5G-enabled smartphones, starting with iPhone users.”