MTN announced on Thursday that it has 21.8 million active mobile money customers in Africa by the end of December 2017.
Africa’s largest mobile phone operator added 5.7 million new customers, according to the 2017 financial figures published by the mobile phone giant.
MTN and its rival Vodacom, which is owned by British mobile phone firm Vodafone, are competing to be the Biggest Provider of Mobile Money in Africa.
The mobile money industry has now reached a major milestone: more than half a billion mobile money accounts were registered as of the end of 2016, with more than 170 million active accounts around the globe, according to GSMA.
Kenya is the epicentre of the mobile money revolution and Vodacom already has a foothold in this landlocked country through its subsidiary Safaricom.
Vodacom’s digital bank or mobile money service known as M-Pesa is moving R1.3 Trillion Through M-Pesa Service.