MTN MoMo energetic pockets customers decline by 47% in 2024 

MTN Nigeria has mentioned that its cell cash subsidiary, MoMo PSB, recorded a 47% decline in energetic pockets customers on the finish of 2024.

This introduced the entire energetic wallets on the platform to 2.8 million from 5.3 million recorded on the finish of 2023.

MTN disclosed this in its audited monetary outcomes for the total 12 months 2024 launched on Thursday.

In keeping with the corporate, the discount in energetic wallets and brokers displays a deliberate shift towards prioritizing higher-quality, extra engaged customers and optimizing operational effectivity.

Variety of brokers drop 

The corporate additionally disclosed that the variety of MoMo brokers and retailers dropped by 76.8% and 79.2%, respectively.

• Regardless of these declines, transaction volumes elevated by 4.3%, signaling improved high quality throughout the pockets base and sustained demand within the fintech ecosystem.

“In fintech, we recalibrated the enterprise’ development technique to enhance the standard and stickiness of our pockets base and the event of superior providers, supported by the promotion of MoMo PSB app. 

“On this regard, we revamped our customer acquisition technique. Though this intervention resulted in a decline in energetic wallets (down 46.6% to 2.8 million), it was important to ascertain a sustainable development trajectory for our MoMo PSB ecosystem,” MTN Nigeria’s CEO, Karl Toriola defined.

Fintech income surges on airtime lending product 

In the meantime, MTN Nigeria’s fintech enterprise delivered a robust efficiency, with income rising by 23.2% year-on-year.

The expansion accelerated within the fourth quarter, with a 38.7% enhance, pushed primarily by the success of its airtime lending product, Xtratime.

In keeping with the corporate, this product has gained traction amongst customers, contributing considerably to the fintech phase’s sturdy efficiency.

The digital providers phase additionally recorded spectacular development, with income rising by 95.2% year-on-year.

• This surge was fueled by the rising adoption of wealthy media providers and enhancements to the consumer journey expertise.
• By the top of 2024, MTN Nigeria’s wealthy media subscriptions reached 9.8 million month-to-month energetic customers, marking a 22.4% enhance from the earlier 12 months.
• The corporate attributed this development to its continued funding in digital content material and platforms, which have resonated with customers searching for partaking and customized experiences.
• MTN Nigeria’s digital providers enterprise is now a major contributor to its general income, reflecting the success of its technique to diversify past conventional telecom choices.

What it is best to know 

Nairametrics earlier reported that MTN Nigeria recorded a N400.4 billion loss after tax in full 12 months 2024 regardless of a 35.9% development in income to N3.3 trillion.

• MTN’s monetary efficiency continues to be impacted by record-high inflation and the naira’s devaluation, exacerbating the enterprise’s operational bills.
• The corporate’s internet international change losses, a recurring function for the reason that Central Bank of Nigeria unified the international change market, elevated by 24.98% to N925.36 billion from N740.43 billion in 2023.
• The corporate, nevertheless, stays upbeat about its future outlook and is concentrated on restoring a optimistic internet asset place in 2025.

The telco highlighted that the latest tariff hike will enhance its 2025 income by at the least 40 p.c and assist it enhance its capex depth.