MTN Mobile Money (MTN MoMo) service accelerated during the COVID-19 pandemic, the South African mobile phone group says.
By the end of September 2020, nearly 42 million people were regularly transacting on MTN MoMo across 16 markets, the mobile group that owns MTN Nigeria says.
This compares to 38 million active users at the end of the first half of 2020, and 35 million at the end of 2019 ten years after MTN launched MoMo, MTN Group says in a statement.
MTN says it is on a drive to secure financial inclusion across its mobile footprints and continues to grow the number of MTN Mobile Money (MoMo) users on its network
The mobile phone group says MTN MoMo that was initially designed to facilitate the transfer of cash between mobile users is now much broader.
The group works with numerous partners to offer services including loans, insurance, remittances and MoMo Pay, enabling customers to store money in their mobile wallets with which they can then pay for goods or services at registered merchants, according to MTN.
Mobile money services have grown faster in Africa than anywhere else in the world. In 2020, the trend has quickened, and the value of transactions has increased, partly supported by MTNs reduction in MoMo transaction fees in many operations to assist customers battling the impacts of the pandemic.
In the first half of 2020, for example, the value of MTN MoMo transactions was US$61,2 billion, and the group processed 11 752 MoMo transactions a minute across its markets, up 28% from 9 193 transactions a minute in 2019, according to the mobile phone group.
MTN Group says it remains committed to leveraging its technology to enable a cashless Africa.