MTN MoMo records 42million users, tops $61billion
MTN Nigeria said about 42 million people are regularly transacting on its Mobile Money (MoMo) platform in the country.
The telecom giant said MoMo was initially designed to facilitate transfer of cash between mobile users, but is now offering much broader services.
According to MTN, on the first half of 2020, the value of MTN MoMo transactions was $61.2bn, and the group processed 11, 752 MoMo transactions a minute across its markets, up 28 per cent from 9,193 transactions a minute in 2019.
The company mentioned that mobile money users were 35 million at the end of 2019– ten years after MTN launched MoMo, and 38 million active users at the end of the first half of 2020.
It said that the growth in active users was accelerated during the COVID-19 pandemic.
The MTN groundbreaking Mobile Money (MoMo) service is said to let users store, send, and receive money using mobile phone. Additionally, bank account or fancy smartphones are said not to be necessary using the service, it works on the most basic features of phones too.
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