Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

FinTech

MTN Targets 3x Growth in Mobile Money Subs by 2021

Article Image
The MTN Group is aiming to treble its Mobile Money user base from the current 21 million to about 60 million during the next three to four years, CEO Rob Shuter told attendees at Deloitte's recent Africa in 2018 Outlook event, reports ITWeb.

Shuter believes the company's Mobile Money service, currently available in 14 countries, is key to its digital service growth ambitions and aims to become Africa's largest financial services firm by user numbers, or, as he reportedly stated, become Africa's "largest bank."

The service currently has 21 million active users (customers that have used the service during the past 30 days) and is currently gaining new users at a rate of about 1 million every two months. MTN is also brokering new partnerships to expand its mobile finance service offerings. (See Bango Teams Up with MTN Ghana to Launch Mobile Money Wallet in Google Play

MTN Group CEO Rob Shuter is targeting significant Mobile Money user growth in the next three to four years.
MTN Group CEO Rob Shuter is targeting significant Mobile Money user growth in the next three to four years.

It does, of course, have significant competition, particularly from Safaricom, in which one of MTN's key rivals, Vodacom, now owns a stake: Safaricom, with the help of Vodacom, is planning to expand its M-PESA mobile money empire to new markets. (See Kenya's Safaricom Eyes African Expansion, Vodacom CEO Joins Safaricom's Board, Raises Questions About M-Pesa Expansion and Safaricom Ramps H1 Revenues, Profits, Subs.)

Shuter also noted that economic trends are looking more positive in MTN's core markets of South Africa and Nigeria and that ongoing population growth provides a natural opportunity to further grow the current total group user base, which currently stands at more than 230 million. (See MTN Reports Dip in Customer Base.)

— The staff, Connecting Africa

Innovation hub

Story

Hot startup of the month: Rwanda's Smart Ikigega

This month's hot startup, Smart Ikigega, wants to revolutionize the rural agricultural trade ecosystem in Rwanda by helping farmers access finance and harvest insurance.

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Innovation hub

Sponsored video

More videos

Flash poll

All polls

Latest video

More videos

Africa Tech Perspectives

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

Story

Challenges and opportunities for women's tech careers

A new survey reveals that COVID-19, the cost-of-living crisis, skills shortages and a lack of mentorship have negatively affected women's career development over the past two years.

Story

Survey: Opportunities for Women in Tech

Take our new survey for women across Asia, Europe and Africa looking at the biggest challenges and opportunities for women-led enterprises and trends in tech careers for women.

More AfricaCom perspectives

Guest Perspectives

Story

Omdia View: July 2022

By Omdia Analysts

Kenya and Zambia move towards 5G with new spectrum allocations while Tunisie Telecom plans to shut down its 3G network - that and more in this month's Omdia View.

Story

Omdia View: June 2022

By Omdia Analysts

5G was the major news trend across Africa in June, as Orange became the first operator to launch 5G in Réunion and operators in Senegal accelerated their 5G plans despite spectrum delays.

More Guest Perspectives

Industry announcements

More Industry announcements

Partner perspectives

All Partner Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up