MTN Nigeria is setting its sights on revolutionizing the fintech landscape in the country. According to a recent sustainability report filed with the Nigeria Exchange Limited, the telecom giant has announced its ambitious goal of creating the largest and most valuable fintech platform in Nigeria. This vision includes growing the number of active MTN MoMo wallets to between 30 and 40 million by 2025【source】.
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Strategic Fintech Expansion
The company’s focus on financial technology is underscored by its commitment to financial inclusion and innovation. In compliance with the Central Bank of Nigeria’s legal requirements, MTN Nigeria has developed a suite of services designed to make financial transactions more accessible to the Nigerian population. These services include facilitating transactions via USSD channels, enabling savings, and providing connections to MoMo Agents for deposits and withdrawals. Users can also conduct transactions seamlessly through the MoMo App.
Impressive Growth and Future Goals
In 2023, MTN Nigeria saw a remarkable 163.2% increase in active MoMo PSB (Payment Service Bank) wallets, reaching a total of 5.3 million. This growth is a testament to the company’s successful efforts in promoting financial inclusion. MTN Nigeria plans to continue refining its services to ensure that more people have easy, convenient, and low-cost access to financial services.
MoMo Platform Services
The MoMo platform currently focuses on three main activities:
- MoMo Wallet: A digital wallet for storing and managing money.
- MoMo Payment & E-commerce: Facilitating payments and enhancing online shopping experiences.
- MoMo Bank Tech: Providing banking technology solutions to improve financial transactions.
The e-commerce aspect of the MoMo platform has been particularly beneficial for entrepreneurs, offering practical solutions that enhance business operations. This has resulted in over 5 million people using MoMo services every month, including more than 324,000 merchants utilizing MoMoPay.
Expansion of Agent Network
MTN Nigeria ended the year with over 326,700 active MoMo agents, marking a 46% increase compared to 2022. This expansion is crucial for making financial services accessible even in remote areas, ensuring that more Nigerians can benefit from digital financial solutions.
Pursuing Global Certification
To further cement its reputation for reliability and security, MTN Nigeria is pursuing the Global System for Mobile Communications Mobile Money Certification. This third-party assessment validates mobile money services against global best practices, enhancing consumer trust and regulatory compliance.
Conclusion
MTN Nigeria’s strategic focus on expanding its fintech services aims to significantly impact the financial landscape in the country. By 2025, the company envisions a vast network of 30 to 40 million active MoMo wallets, providing secure, reliable, and accessible financial solutions to millions of Nigerians. This ambitious plan highlights MTN Nigeria’s dedication to financial inclusion and innovation, promising a brighter financial future for the country.
For more details, you can read the full article on The Punch【source】.
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