MTN MoMo overtakes M-PESA as top mobile money service in Africa with 57 million users
Following news that MTN mobile money has attracted 56.8 million users for its mobile money service across Africa, debate has intensified over the leading mobile money service on the continent. .
MTN’s announcement came days after Safaricom revealed its own figures claiming to have amassed 51.7 million M-PESA users on the continent.
MTN’s growth is impressive considering that its mobile money service is only 2 years old compared to Safaricom’s M-PESA mobile money service which is now 15 years old.
SEE ALSO: M-PESA Mobile Money reaches 30 million monthly active customers in Kenya as loan products drive growth
Below are the MTN mobile money stats so far:
- 30% year-over-year increase of $1 billion in operating year 2021
- The number of active mobile money (MoMo) users increased from 10.4 million to 56.8 million compared to December 2020, generating an average monthly revenue per user (ARPU) of $1.3 billion.
- MoMo transaction value increased 56.8% to $239.4 billion
- 10 billion transactions were processed, up 41.1% year-on-year
- On the other hand, Safaricom’s M-PESA recorded $192.9 billion in transaction value and $11.6 billion in transaction volume.
Below are other metrics to measure the two mobile money services across the continent:
- M-PESA has 51 million customers in Africa while MTN MoMo has about 57 million
- Kenya’s M-PESA has about 600,000 agents, inside and outside Kenya, while MTN has 974,000 agents
- MTN revenue for 2021 was $1.052 billion while M-PESA revenue was $1.3 billion
- MTN operates in 17 countries vs. Safaricom in 6 countries
MTN’s fintech business is segmented into mobile banking agents, payments, remittances, loans and insurance. MoMo, the mobile money that captures the different segments, is now present in 16 markets.
In line with its Ambition 2025, MTN plans to grow its fintech business to contribute at least 20% of Group services revenue by 2025.
RECOMMENDED READING: MTN Introduces Mobile Money Overdraft Facility in Uganda Following Success of Safaricom’s Fuliza
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