The Chief Executive Officer of Mobile Money Limited (MTNMoMo), Shiabu Haruna has said that MTN MoMo now boasts of over 16 million customers who perform transactions on the platform every month.
This milestone, he said, highlights the significant role that mobile money has played in the financial landscape of Ghana over the year.
Speaking at the launch of MTN MoMo Month Launch at Kaneshie Market, Shaibu Haruna attributed the success of mobile money in Ghana to the strong patronage from Ghanaians and the supportive regulatory framework established by the Bank of Ghana (BoG).
He also acknowledged the contributions of various fintech companies and banks that have supported the vision of making mobile money an integral part of the daily lives of Ghanaians.
“MTN MoMo has made banking services more accessible and faster for Ghanaians. It has particularly benefited SMEs, especially in rural areas, by providing them with essential financial services and support to expand,” Shaibu Haruna said.
He noted that until the advent of mobile money, it was difficult for SMEs to access financial service and credit for their businesses, but now mobile money has bridged that gap and loads of SMEs now get support through the mobile money platform with zero or very little collateral.
On the back of the significant growth of MTN MoMo, it now commands about 90% of the mobile finance market in Ghana, in terms of both customer base and revenue.
In MTN Ghana’s half year results for 2024, it reported that Mobile Money revenue increased by 44.8% year-on-year to GHS1.9 billion, supported by a 16.2% year-on-year increase in the active user base as the company continued to improve its digital financial solutions offering.
Over the half-year period under review, the platform also recorded a over 73.3% growth in advanced services, more than 33% growth in cash-out services, and over 43.1% in peer-to-peer transactions. As a result, the overall contribution of MoMo revenue to total service revenue increased from 21.7% to 24.0% year-on-year.
In response to the growing concerns over mobile money fraud, Shaibu Haruna said MTN MoMo has implemented several measures to protect its customers. But he urged users to remain vigilant and never share their MoMo wallet PIN with third parties to avoid fraud.
Meanwhile, the MoMo@15 celebration includes a series of exciting activities over the next few months, such as:
– Market launches in Accra, Kumasi and Takoradi, with upcoming events in Ho and Tamale on Thursday, August 8, 2024.
– Float activities through key streets across Ghana
– New service launches, including innovative products, loan services, and the new MyMoMo App.
– Customer promotions featuring exciting giveaways.
– A MoMo fraud awareness campaign
Skills training for SMEs.
– An awards night to honor stakeholders for their contributions over the years.
Looking ahead, Haruna emphasized the limitless possibilities for MTN MoMo and the digital payments sector in Ghana, saying “We will continue our journey of innovation, financial inclusion, and empowerment. We will keep pushing the boundaries of what is possible, exploring modern technologies, and creating solutions that meet the changing needs of our valued customers and Ghanaians.”
Haruna also highlighted the importance of collaborations and partnerships in expanding Ghana’s digital payments ecosystem. “We must continue to embrace innovation and growth to build a more inclusive sector that transforms lives, accelerates socio-economic inclusion, and creates opportunities for all,” he added.
