We remain focused on scaling the largest and most valuable fintech platform while broadening digital inclusion by providing world-class financial services to Africans. This responsibility and opportunity are underpinned by the nascent penetration levels of financial services and the structural demand, which remains on a steep upward growth trajectory. We are fulfilling this mandate by leveraging our solid foundation to transform into a digital-first, world-class fintech platform. In this regard, we continue to evolve to accelerate and enhance ecosystem expansion, customer engagements and commercial monetisation.
Progress in 2024
Group fintech revenue
+28.5%*
Closing monthly active users of
63.1m
20.3bn
transaction volumes up +15.3%
US$321.3bn
transaction value up +35.1%*
We have made progress in delivering our Ambition 2025 BOLD strategy.
Biggest Fintech platform in Africa
Our ecosystem growth remains robust with transaction volumes up 15.3% YoY, and value up +35.1%*. This was supported by a growth in usages and use cases. Our MoMo Open API programme has continued to grow, reaching 4.5bn API calls, representing a YoY increase of +66.7%.
Operating like an OTT
We have made material progress in the structural separation of the MTN Fintech business, with the onboarding of Mastercard as a strategic partner to help scale our commercial operations faster.
Leverage MTN’s core connectivity business
We continue to leverage the MTN Group’s local capabilities, such as distribution and stakeholder relationships. In 2024, Our MoMo user penetration of the MTN subscriber base averaged >40% of Global System for Mobile Communications. MTN airtime purchases processed through MoMo represents an average >60% of overall MTN airtime sold across the MTN Fintech footprint.
Deliver through five verticals
Our BankTech platform disbursed $1.7bn (+72.0%* in loans this year). We also launched MoMo Advance, our overdraft product, in Ghana and Cameroon. Our remittance business now offers 832 corridors and processed $4.4bn (+43.3%*) and launched in South Africa and Nigeria. We launched MoMo Market, our e-commerce platform in Uganda, and implemented virtual cards in Rwanda and Uganda through our partnership with Mastercard. Our payment GMV (gross merchant value) increased by 21.0%* YoY with 11.3m unique payers in our ecosystem.
The wallet remains our core and has allowed us to leapfrog and drive advanced financial services through our other verticals. We continue to focus our efforts on enhancing the customer experience to drive the quality, stickiness and profitability of our overall ecosystem.
Our payment transaction values were driven by increased usage of our payment services, expansion of our digital payment use-cases supported by our MoMo API programme. We also launched MoMo Market, our e-commerce service in Uganda.
Our strong growth in remittance was largely due to an increase in the number of active corridors, our focused marketing activities and improvements in our operations management. We also launched remittance service in Nigeria and South Africa.
We continue to scale our marketplace lending service onboarding new partners and expanding the services across the footprint. We have accelerated the rollout of MoMo Advance in Cameroon and Ghana (adding to Uganda). Momo Advance is an in-session lending product that provides support for customers with insufficient funds.
As part of the continuous review of our strategic InsurTech partnership with Sanlam, through aYo, we implemented some key initiatives in 2024 to enhance the growth prospects of the business. These initiatives will focus on high-opportunity, scalable markets such as Ghana, Uganda, Nigeria, Cameroon and South Africa.
Leverage targeted complementary expertise, technology, capabilities, capital and licences to build a digital ecosystem and advance fintech verticals.
