MTN, Africa’s largest mobile phone company, reported it had 56.8 million mobile money (MoMo) customers as of the end of December 2021.

The company said it added 10.4 million new MoMo users, reflecting a 22.6% rise compared to 2020.

MTN said MoMo is generating a monthly Average Revenue Per User of $1.3.

MTN added that the value of MoMo transactions was up by 56.8% to $239.4 billion or R3.6 trillion and 10 billion transactions were processed, up 41.1% year on year.

“There were some reductions in pricing in markets such as Côte d’Ivoire and Cameroon due to competitive dynamics, as well as to drive increased adoption. This resulted in some pressure on revenue growth in H2,” the company said.

In Nigeria, MTN said it added 374 000 agents to end the year with approximately 770 000 registered MoMo agents.

“We were pleased to secure an approval in principle for a Payment Services Banking licence in Nigeria. We progressed efforts to scale the payments platform.

“The number of active merchants accepting MoMo payments was up 78.3% YoY at 785 147 and the total value of MoMo merchant payments (gross merchandise value – GMV) expanded by 66.5% to $13.3 billion.”

MTN said the total value of remittances grew by 56.3% to $2.3 billion at 31 December 2021.

“Scaling and building the largest and most valuable platforms is key and underpin our longterm growth outlook and achieving our medium-term guidance targets,” MTN informed investors.


“Mobile Money remains a prime growth driver as it plays a critical role in enhancing financial inclusion. We aim to exponentially increase MoMo and ayoba active users to 100 million over the medium term as we move from a product to a platform play.”

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