African telecommunications giant MTN recently released a statement. In it, the telecoms company claimed that its MoMo mobile money service recorded 42 million regular users in September. This crowd is spread across 16 different African markets. At the end of 2019 and mid-2020, they were 25 million and 38 million respectively.
In the second period mentioned, transactions were 11,752 per minute and had a value of $ 61 billion. The operator thus shows its ability to take advantage of the growth of mobile money in Africa. It is faster on the continent than in any other place in the world. MoMo is therefore a flagship product of MTN.
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Initially dedicated to depositing, sending and withdrawing money, the service meets many more needs now. Its users can use it as an electronic wallet, to take out loans, take out an insurance policy and transfer money. A range of possibilities that explain its success. This, especially since MTN reduced transaction costs this year.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer