NIGERIA: MTN’s MoMo PSB Grows Active Wallet Base to 2.9 Million as Fintech Revenue Strengthens

MTN Nigeria’s mobile money subsidiary, MoMo Payment Service Bank (PSB), has expanded its active wallet base to 2.9 million, reflecting steady growth supported by a refined customer-acquisition strategy and wider distribution coverage across the country.

The active wallet count represents a 1.6 per cent increase compared to December 2024, signalling progress in attracting and retaining higher-value users. The company attributed the improvement to a stronger focus on quality onboarding, enhanced user engagement, and deeper penetration in communities historically underserved by financial institutions.

A major contributor to the platform’s momentum is the significant expansion of its physical service infrastructure. MoMo PSB recorded a 73.6 per cent rise in active agents and a 42.6 per cent increase in merchant partners, further strengthening its capacity to serve customers through both cash-in/cash-out channels and digital payment acceptance points.

Financial performance across the fintech segment also showed strong upward movement. MoMo’s fintech-related revenue grew by 72.5 per cent, driven largely by improved monetisation and rising transaction activity. Interest income from deposits saw a particularly sharp climb of 80.5 per cent, highlighting increased wallet balances and stronger customer usage patterns.

According to MTN Nigeria, MoMo’s improved performance aligns with its broader mission of expanding financial access nationwide. By increasing its agent footprint and merchant acceptance network, the company aims to bring digital financial services closer to rural populations, informal market participants, and small enterprises that typically operate outside the formal banking system.

The operational gains come as MTN Nigeria reported N3.7 trillion in total service revenue and a profit-after-tax of N750.2 billion, signalling recovery in its wider business portfolio and underscoring the strategic importance of the fintech segment within the group.

With sustained growth in both user numbers and revenue, MoMo PSB is positioning itself as a central player in Nigeria’s fast-evolving digital financial ecosystem, leveraging scale, technology, and an expanding field workforce to drive inclusion and long-term value creation.

SOURCE: AGENCIES