MTN’s MoMo transactions hit $61.2bn

MTN Group’s Mobile Money (MoMo) users’ transaction value reached $61.2 billion in the first half of 2020.

In a statement, MTN said the group also processed 11,752 MoMo transactions a minute across its markets, up 28% from 9,193 transactions a minute in 2019.

It said MoMo users across its 16 markets had hit 42 million. This new figure compares to 38m active users in the first half of 2020, and 35m in 2019, about 10 years after MTN launched it.

Initially designed to facilitate the transfer of cash between mobile users, MTN’s MoMo offering is now much broader.

Mobile money services have grown faster in Africa than anywhere else in the world.