Following news that MTN mobile money has amased 56.8 million users for its mobile money service across Africa, debate has risen over which is the leading mobile money service on the continent.
MTN’s announcement came several days following Safaricom’s which revealed its own numbers declaring it had 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 has been in existence for 15 years now.
SEE ALSO: M-PESA Mobile Money Hits 30 Million Monthly Active Customers in Kenya as Loan Products Drive Growth
Below are MTN mobile money stats so far:
Below are more metrics to measure both mobile money services across the continent:
MTN’s fintech business is segmented into mobile banking agents, payments, remittances, loans, and insurance. MoMo, the mobile money which captures the different segments, is now in 16 markets.
In line with its Ambition 2025, MTN plans to grow its fintech business to contribute at least 20% of the Group service revenue by 2025.
RECOMMENDED READING: MTN Introduces a Mobile Money Overdraft Facility in Uganda Following the Success of Safaricom’s Fuliza
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