MTN recorded more than GHS710 million in revenue from its mobile money operations in 2018, an increase of more than 60 percent year-on-year, according to information contained in the company’s 2018 Annual Report.
The strong performance in revenue translated into mobile money contributing 17.7 percent of the group’s total revenue which stood at GHS4 billion.
According to MTN, the growth in MoMo’s performance was largely driven by fees customers paid for cash out, commissions and transfer services – which represents 87.8 percent of total MoMo revenue.
As at end 2018, there were more than 13.6 million registered mobile money subscribers with 8.4 million active users of the service.
The 2018 mobile money subscriber base represents a 17.8 percent increase in the 2017 figure.