MTN hails 42 million mobile money connections

MTN hails 42 million mobile money connections

MTN Group hailed its achievement in connecting 42 million users to its MoMo mobile money service, an acceleration attributed to the Covid-19 pandemic.

In a statement, the African telecoms group detailed it now has 42 million people regularly transacting on its MTN MoMo network across 16 markets at the end of September this year. For comparison, there were 38 million active users at the end of the first half of 2020 and 25 million at the end of 2019.

In the first half of 2020, customers sent transactions worth $61.2 billion, with 11,752 transactions per minute across all markets, up from 9,193 in 2019.

MTN launched MoMo 10 years ago which initially began as a service for users to transfer money. It now enables users to take out loans, insurance, remittance, and e-wallets.

The operator noted the mobile money sector has grown fastest in Africa than anywhere else in the world. The increase in numbers this year was in part due to reducing transaction fees at the operator aimed to assist customers in keeping to social distancing rules.