Afrigather MTN Nigeria has reported a big restoration in its MoMo Fee Service Financial institution (PSB) energetic wallets, reaching 5.5 million by the top of the second quarter of 2024.
This comes after a 9 % decline in energetic wallets throughout Q1 2024, attributed to the Nationwide Identification Quantity (NIN) requirement for Know Your Buyer (KYC) validation. In response to MTN’s half-year 2024 monetary outcomes, the variety of MoMo energetic wallets elevated by 701,000 in Q2, reflecting a powerful rebound.
“We’re happy with the momentum in pockets adoption in Q2 following the stress in Q1 from the NIN requirement for KYC validation, which affected roughly one million energetic wallets,” stated Karl Toriola, MTN Nigeria’s chief government officer.
Learn additionally: MTN Nigeria acquires stake in MoMo for N6.95bn
This development in cell cash customers positively impacted the corporate’s fintech income, which noticed an 11 % enhance over the six months and a 22.2 % rise in Q2 alone. Particularly, MTN’s fintech income climbed to N48.6 billion for the primary half of 2024, up from N43.6 billion throughout the identical interval final yr.
Toriola attributed the expansion in fintech income primarily to the success of their airtime lending product, Xtratime, alongside a notable uptick within the adoption of MoMo companies. Regardless of the rise in digital pockets utilization, the entire variety of MoMo brokers, together with these dealing with over-the-counter (OTC) transactions, decreased by 24,000 to 302,800 through the evaluate interval.
“This decline suggests a shift in the direction of higher use of wallets and self-service channels amongst customers,” the report stated.
