MTN MoMo active wallet users decline by 47% in 2024 

This brought the total active wallets on the platform to 2.8 million from 5.3 million recorded at the end of 2023.

MTN disclosed this in its audited financial results for the full year 2024 released on Thursday.

According to the company, the reduction in active wallets and agents reflects a deliberate shift toward prioritizing higher-quality, more engaged users and optimizing operational efficiency.

The company also disclosed that the number of MoMo agents and merchants dropped by 76.8% and 79.2%, respectively.

“In fintech, we recalibrated the business’ growth strategy to improve the quality and stickiness of our wallet base and the development of advanced services, supported by the promotion of MoMo PSB app. 

“In this regard, we revamped our customer acquisition strategy. Although this intervention resulted in a decline in active wallets (down 46.6% to 2.8 million), it was essential to establish a sustainable growth trajectory for our MoMo PSB ecosystem,” MTN Nigeria’s CEO, Karl Toriola explained.

Meanwhile, MTN Nigeria’s fintech business delivered a strong performance, with revenue growing by 23.2% year-on-year.

The growth accelerated in the fourth quarter, with a 38.7% increase, driven primarily by the success of its airtime lending product, Xtratime.

According to the company, this product has gained traction among users, contributing significantly to the fintech segment’s robust performance.

The digital services segment also recorded impressive growth, with revenue increasing by 95.2% year-on-year.

Naijaonpoint earlier reported that MTN Nigeria recorded a N400.4 billion loss after tax in full year 2024 despite a 35.9% growth in revenue to N3.3 trillion.

The telco highlighted that the recent tariff hike will boost its 2025 revenue by at least 40 percent and help it increase its capex intensity.