MTN Group, Africa’s largest mobile phone company, has navigated the impacts of COVID-19 to deliver a solid Q1 2022 performance.
To investors, MTN Group said in a statement that FinTech revenue rose by 21.2% year-on-year (YoY).
Mobile Money (MoMo) active monthly users grew by 25.9% YoY.
“The volume of transactions processed through our fintech platform was up 32.5% in Q1 2022 YoY to 2.9 billion transactions.
“The value of transactions increased by 12.6% YoY to $59.9 billion (up 18.9% in constant currency).”
MTN Group said new commission-earning rules were implemented in Ghana during Q3 2021 to improve margins, which impacted transaction value.
“Adjusting for this, the underlying transaction value grew by 34.0% in constant currency terms.
“The number of active merchants accepting MoMo payments increasing by 46.8% YoY to 765 211 and the total value of MoMo merchant payments rose by 125.2% YoY to $4.3 billion.
The total value of remittances grew by 7.4% YoY to $573.9 million in Q1 2022.
“In addition, we facilitated a total loan value of $280.4 million, a 27.8% increase YoY. At the end of Q1 2022, our InsurTech platform had 17.4 million registered aYo policies, reflecting growth of 37.8% YoY.”
In April 2022, MTN Group’s FinTech subsidiary in Nigeria received final approval of a MoMo Payment Service Bank (PSB) licence from the Central Bank of Nigeria (CBN).
“This will enable us to invest in the launch and rollout of PSB and offer a broader range of services in line with the CBN’s guidelines,” said MTN Group.
“We are committed to supporting the government of Nigeria to fulfil its agenda of driving digital and financial inclusion. We plan to commercially launch PSB services before the end of Q2 2022.”
