MTN Nigeria’s mobile money subsidiary, MoMo PSB, reported a 47% decline in active wallet users by the end of 2024, decreasing from 5.3 million in 2023 to 2.8 million.
This decline reflects a strategic shift towards prioritising higher-quality, more engaged users and optimising operational efficiency. Despite the reduction in active wallets, transaction volumes increased by 4.3%, indicating sustained demand in the fintech ecosystem.
In its audited financial results for 2024, MTN Nigeria’s fintech revenue grew by 23.2% year-on-year, with a 38.7% increase in the fourth quarter, primarily driven by the success of its airtime lending product, Xtratime.
The digital services segment also saw significant growth, with revenue increasing by 95.2% year-on-year, reaching 9.8 million monthly active users, a 22.4% increase from the previous year.
However, MTN Nigeria recorded a loss after tax of approximately $259 million in 2024, despite a 35.9% growth in revenue to about $2.14 billion.
The company’s financial performance was impacted by record-high inflation and the naira’s devaluation, which increased operational expenses. Net foreign exchange losses rose by 24.98% to approximately $600 million from about $480 million in 2023.
The company remains optimistic about its future outlook and aims to restore a positive net asset position in 2025, highlighting that recent tariff hikes are expected to boost its 2025 revenue by at least 40% and support increased capital expenditure intensity.
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