Airtel, MTN inspire 22% growth in mobile money accounts
By Joseph Ekeng
The number of Nigerians that own mobile money accounts has risen by 22% in 2022 when compared with 2021.
According to the global body representing telecommunication firms, the recent Payment Service Bank licence granted to MTN and Airtel by the Central Bank of Nigeria is responsible for the growth.
MTN and Airtel both received the final approval to operate as payment service banks in 2022.
A report titled, ‘The State of the Industry Report on Mobile Money 2023,’ said, “Among all adults that are aware of mobile money and have used a mobile phone, mobile money account ownership has grown from 16 percent to 22 percent in the last year.
MTN mobile money platform saw strong growth in 2022. The number of active fintech subscribers on the MTN Nigeria network rose by 57.5 percent to 14.9 million for its full financial year which ended on December 31, 2022.
According to the company’s recently released financial results, out of the 14.9 million approximately two million represent active mobile money (MoMo) wallets, an increase of 11.1 percent in the fourth quarter of last year.
“The number of registered MoMo wallets since the launch in May 2022 was 13.2 million, indicating the underlying momentum in the ecosystem,” the company said.
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