MTN Nigeria has established an ambitious goal of developing the nation’s largest fintech platform. The company aims to achieve this by acquiring 30 to 40 million active MTN MoMo wallets by the year 2025.

This information was made public in the sustainability report that was submitted to the Nigeria Exchange Limited on Tuesday.

“MTN Nigeria has set a target of building the largest and most valuable fintech platform in Nigeria with 30-40 million active MTN MoMo wallets by 2025,” the report stated.

As per the report, in accordance with the Central Bank of Nigeria’s legal requirements, the organization provides services that facilitate seamless transactions for a greater number of Nigerians through the USSD channel. These services include saving money, connecting with MoMo Agents for deposits and withdrawals, and conducting transactions on the MoMo App.

“In strict compliance with the Central Bank of Nigeria’s legal requirements, MTN Nigeria strives to uphold high standards of product development and continue to offer services to the Nigerian populace that allow more individuals across the country to easily transact via our USSD channel, to save their money with us, connect with our MoMo Agents for deposit and withdraw and make transactions on the MoMo App.

“In 2023, our commitment to promoting financial inclusion resulted in the number of active mobile money (MoMo PSB) wallets increasing by 163.2 per cent to 5.3 million. We plan to continue finetuning our services so that more people have easy, convenient, and low-cost access to financial services.”

The MoMo platform Is centered around three primary areas of operation: MoMo Wallet, MoMo Payment & E-commerce, and MoMo Bank tech. These services are designed to elevate the financial experiences of both users and businesses.

It is worth noting that the E-commerce platform has been particularly advantageous for entrepreneurs, offering practical solutions that enhance their business operations. Consequently, MoMo boasts over 5 million active monthly users, including more than 324,000 merchants who benefit from MoMoPay services.

MTN Nigeria concluded the year with an impressive growth of 46% in its active MoMo agents, reaching a total of over 326,700 agents. This significant expansion plays a pivotal role in ensuring that financial services are readily accessible to individuals, particularly those residing in remote areas.

“As a result of our work, over 5 million people actively use MoMo every month, of which more than 324,000 are merchants served through MoMoPay. In 2023, we closed with over 326,700 active MoMo agents, which shows an increase in agents of approximately 46 per cent  in comparison to 2022.”

In addition, MTN Nigeria is actively seeking the Global System for Mobile Communications Mobile Money Certification. This third-party assessment serves as a validation of our mobile money services against globally recognized best practices.

This certification will bolster MoMo’s standing as a dependable entity among consumers, regulators, and stakeholders, guaranteeing their unwavering trust in MoMo as a provider of secure and reliable financial solutions.