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MTN MoMo Overtakes M-PESA as the Leading Mobile Money Service in Africa with 57 Million Users

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.

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SEE ALSOM-PESA Mobile Money Hits 30 Million Monthly Active Customers in Kenya as Loan Products Drive Growth

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Below are MTN mobile money stats so far:

  • 30% increase YoY of $1 billion during the 2021 operating year
  • The number of active mobile money (MoMo) users rose from 10.4 million to 56.8 million compared to December 2020, generating a monthly average revenue per user (ARPU) of $1.3 billion
  • The value of MoMo transactions went up by 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 value of transactions and 11.6 billion transaction volume

Below are more metrics to measure both 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, both within and without 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 compared to Safaricom in 6 countries

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.

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RECOMMENDED READING: MTN Introduces a Mobile Money Overdraft Facility in Uganda Following the Success of Safaricom’s Fuliza

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