MTN Group Reiterates Long Term Strategic Plan, Eyes 100m MoMo Users

Emma Okonji in Johannesburg, South Africa

MTN Group has reiterated its long term sustainability plan that will see it attain 100 million MoMo users on its financial transaction platform in 2025, up from the current over 69 million users across Africa.

Other long term strategy include the attainment of 100 million Ayoba users, 300 million voice subscribers, 200 million active data subscribers, 10 million home broadband users across its African markets by 2025.

Chief Sustainability Officer at MTN Group, Marina Madale, disclosed this at the MTN Group Headquarters in South Africa, during a visit by the second cohort of the MTN Media Innovation Programme (MIP-2) fellows from Nigeria that are currently in South Africa, on a training programme, sponsored by MTN Nigeria, in collaboration with Pan Atlantic University (PAU) in Lagos.

She said out of the 69 million users of MoMo across its African markets as at 2022, the Nigerian market contributed 22 per cent of the number, which is the highest among MTN markets across Africa.

The MTN Mobile Money (MoMo) is facilitated through a bank account that helps customers transact using the MoMo wallet and they are able to access their funds anytime, using the MoMo wallet.

According to Madale, MTN Group intends to use its Momo platform to close the digital divide and deepen financial inclusion, while making financial transactions a lot easier for Africans.

“Through the MTN long term strategy plan for 2025, the telecoms giant intends to build the largest and most valuable platforms for its subscribes across Africa, drive industry leading connectivity opportunities, create shared value and accelerate portfolio transformation,” Madale said.      

She said the value of South Africa’s top exports to Nigeria between 2019 and 2021, increased, but she however said the volume of travels from Nigeria to South Africa between 2016 and 2023 decreased as a result of the visa challenges faced by Nigerians from the South African Embassy in Nigeria, which according to her, is political, that needs political solution between South African and Nigerian governments.