Update shared on 25 Nov 2025
Fair value Increased 1.08%Executive Summary
Author: Qudus Adebara (Found of Wane Investment House and Wane Trading Club)
MTN Nigeria’s Fintech subsidiary, MoMo, delivered outstanding performance, reinforcing its position as a leading financial inclusion catalyst in Nigeria. The platform recorded 2.9 million active wallets, supported by a revamped customer acquisition model and a strong expansion of its distribution ecosystem. Fintech revenue surged 72.5%, reflecting the successful scaling of its wallet ecosystem, enhanced service uptake, and broader network effects.
MoMo’s re-engineered operating framework—prioritizing agent quality, merchant coverage, and sustainable engagement—is driving material improvements in customer activation and financial access, especially across underserved communities. The platform also benefited from higher interest income, which rose 80.5%, complementing MTN Nigeria’s overall service revenue of ₦3.7 trillion and restored PAT of ₦750.2 billion.
Overall, MoMo’s performance underscores its strategic importance in the national financial inclusion agenda and positions it for continued growth as digital payments and mobile financial services accelerate nationwide.
Fintech Performance Overview
MoMo delivered strong operational and financial performance driven by improvements across its ecosystem:
Key Metrics
- Active Wallets: 2.9 million
- +1.6% growth from December 2024
- Driven by refined customer onboarding and improved activation quality
- Fintech Revenue Growth: +72.5% YoY
- Interest Income: +80.5%
- Reflects larger wallet balances and expanded deposit pools
- Active Agent Network: +73.6%
- Active Merchants: +42.6%
These metrics highlight the strengthened distribution framework and growing consumer trust in the platform.
Strategic Initiatives Driving Growth
1. Revamped Customer Acquisition Framework
MoMo undertook a comprehensive restructuring of its customer acquisition model, shifting focus from volume-driven onboarding to sustainable activation quality. Key elements include:
- Improved customer verification processes
- More targeted onboarding in high-potential communities
- Better agent support and training to enhance wallet activation and usage
This recalibrated approach ensured that wallet additions translate into actual transaction activity, not just registrations.
2. Massive Expansion of Distribution Network
MoMo aggressively strengthened its on-ground presence to deepen financial access:
- 73.6% growth in active agents, providing enhanced touchpoints for deposits, withdrawals, transfers, and bill payments.
- 42.6% growth in merchants, expanding acceptance points for digital payments across retail, transport, and informal markets.
This distribution-led strategy unlocks network effects and enables more Nigerians to transact digitally, especially in rural and peri-urban areas.
3. Strengthening Financial Inclusion Across Underserved Communities
MoMo’s expansion is directly aligned with national financial inclusion priorities:
- Deployment of agents in rural and low-income communities
- Support for micro-enterprises through merchant digitisation
- Enabling secure, low-cost financial services at scale
The company reiterated its mission of “deepening financial inclusion in underserved communities through our MoMo agents and merchants.”
4. Enhanced Liquidity and Interest Income Growth
Interest income grew 80.5%, driven by:
- Higher transaction volumes
- Increased stored-value deposits
- Better treasury management
This additional revenue stream strengthens MoMo’s financial resilience and ability to reinvest in expansion.
Implications and Outlook
MoMo’s robust momentum positions it as one of Nigeria’s fastest-growing fintech ecosystems. With a stronger foundation in:
- Wallet activation quality
- Agent and merchant network depth
- Interest income scalability
- Community-level financial inclusion
the platform is poised for sustained double-digit growth. Continued ecosystem expansion will enable MoMo to capture more of Nigeria’s fast-growing digital payments market while narrowing the financial access gap nationwide.
Disclaimer
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