Driven to secure financial inclusion across its markets, MTN Group continues to grow the number of MTN Mobile Money (MoMo) users on its network, a trend that has accelerated during the COVID-19 pandemic.
By the end of September 2020, nearly 42 million people were regularly transacting on MTN MoMo across 16 markets. 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.
Initially designed to facilitate the transfer of cash between mobile users, MTN’s MoMo offering 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.
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 MTN’s 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.
In Ghana, there has been a steady growth in driving financial inclusion through MoMo. MoMo subscribers grew to a total of 11.66m (RGS 90 days) with 1.8bn transactions by end of September 2020.
MTN MoMo implemented some measures in March 2020 as part of efforts to support the government’s intervention to control the spread of the COVID-19 and also minimize the risk posed by cash handling.
Some of the measures included the waiver on transaction charges for on-net and off-net transactions as well as the revision of limits on daily transactions and wallet balances. The intervention has since been extended to December 31, 2020 to allow more people to experience the benefits of mobile financial services.