MoMo Payment Service Bank (MoMo PSB), the fintech arm of MTN Nigeria, delivered strong indicators of growth and strategic repositioning in H1 2025, supported by MTN’s accelerated investments and renewed focus on financial inclusion.
After refining its strategy earlier in the year, MoMo PSB entered H1 2025 with renewed purpose and the results reflect this shift. Active wallets climbed to 2.7 million, driven by the addition of over 562,000 new customers in Q2 alone.
The surge reflects a recovery from a strategic recalibration in 2024 that saw active wallets drop by 47% to 2.8 million by year-end, down from 5.3 million in 2023. Despite the decline in active users, transaction volumes rose by 4.3%, indicating stronger engagement among remaining users.
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In H1 2025, Customer deposits surged nearly fivefold between December 2024 and June 2025, highlighting growing trust in MoMo’s secure, accessible services and an expanding base of high-value users.
Expanding Partnerships and Strengthening the Ecosystem
By leveraging an expanded partner network, MoMo PSB focused on attracting premium customers and boosting deposit performance. This ecosystem-driven strategy unlocked opportunities for integrated services, improved wallet functionality, and deeper engagement across Nigeria’s digital payment space.
“MoMo’s resurgence is not just about growth, it’s about strategic refinement and ecosystem empowerment,” said Karl Toriola, CEO of MTN Nigeria. “We’re building a fintech platform that’s resilient, user-centric, and transformative for millions.”
Driving Digital and Financial Inclusion
MTN’s MoMo PSB is playing a crucial role in bridging the financial inclusion gap in Nigeria by providing access to financial services, especially in underserved areas.
Designed to bridge the gap between the underserved and financial services, MoMo has enabled millions of people to carry out everyday transactions without the burden of traditional banking delays.
The company offers services that enable more Nigerians to easily transact via the USSD channel, save money, connect with MoMo Agents for deposits and withdrawals, and conduct transactions on the MoMo App.
As MTN Nigeria channels investment into infrastructure and innovation, MoMo PSB has become a key pillar of financial inclusion. Its initiatives—including a N3 billion commitment to the 3MTT Programme and a N100 million startup accelerator, are bridging gaps in access, opportunity, and entrepreneurship, creating tangible value for customers and Nigeria’s digital economy.
While MTN’s MoMo platform is gaining ground, it faces numerous challenges common to the Nigerian fintech space. Infrastructure remains a significant bottleneck. Unreliable power supply makes it difficult for both agents and customers to consistently access the services MoMo promises.
Despite this, MTN’s reach across the country, combined with its robust network of agents, places it in a unique position to overcome these obstacles with innovative solutions.
With easing macroeconomic headwinds and rising digital adoption, MoMo PSB is well-positioned to scale further in H2 2025. As MTN Nigeria optimizes capital expenditure and boosts free cash flow, the fintech segment is expected to play an increasingly vital role in driving profitability and innovation.
The telecommunication company has set a target to build the largest fintech platform in the country, aiming to reach 30 to 40 million active MTN MoMo wallets by 2025.
Notably, MoMo PSB’s strategic revival underscores its resilience, readiness, and growing relevance in shaping Nigeria’s digital financial future.