Recently, MTN Nigeria began penetrating the fintech market. This has been the subject of focus among the fintech companies in Africa.
MTN Group is an emerging mobile operator at the forefront of technological and digital changes in Africa. It was established in South Africa at the dawn of democracy. They are delivering a bold and new digital world to their customers across Africa and the Middle East.
They now offer voice, data and digital services to retail customers in the twenty-one countries in which their operations have telecoms licenses. they also offer enterprise solutions to corporate and public-sector customers in a total of twenty-three countries.
MTN Group has recorded numerous progress to date. Recently, MTN Nigeria said: “We have registered about 108,000 mobile money agents across the country since August when we began the super-agent service.”
A financial report in 2019 reviewed that the agent network served almost one million customers in the first four months of operation. This was proven in the company’s full-year audited financial report for the period which ended December 31, 2019. The telecom company said it planned to expand its agent network this year.
“We continue to make good progress with the expansion of our super-agent network and are confident that the expanded service offerings will position us to effectively drive broader financial inclusion as well as roll out the payment service bank seamlessly, once we receive a license.” The telecom company said.
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As a result of the progress recorded, MTN Nigeria, one of the largest mobile telecommunication firms in Nigeria has reported a 23% rise in its fintech revenue. This was confirmed by the company CEO, Ferdi Moolman in the company’s notes to the results.
MTN Group reported a record N1.169 trillion in revenues before the year ended December 2019 up 12.5% year on year. Profit for the period under review was N202.1 billion up 38.7% year on year. The blistering result was backed by revenue growth across its voice and data services.
According to Moolman: “Voice revenue growth remained healthy at 8.4% and accounted for 72% of service revenue. Also, Voice traffic increased by 7.6%, supporting revenue growth.”
With this growth in MTN Nigeria’s revenue, it’s safe to say the company is gradually gaining ground in the fintech market. In no time, the result of this radical fintech market penetration will be obvious.