MTN Mobile Money grew by 404% in H1 2018, on a year-on-year basis
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Comments - Friday, 17 August 2018 10:27
(Business in Cameroon) - Between June 2017 and June 2018, mobile money revenues of MTN group’s local subsidiary surged by 404%, increasing the MoMo service’s share in the company’s overall turnover.
An analysis of MTN Cameroon’s financial statements revealed an increase by 10.5% to 1.2 million MoMo users, between December 2017 and June 2018. Revenues are expected to grow further in coming months as competitor Orange, which leads the market with more than 2 million users, increased tariffs a few weeks ago impacting customer base.
According to the National Statistics Institute (INS), MTN Mobile Money is the most used mobile payment service within Cameroonian companies, ahead of Orange Money and Afrikpay, a pan-African operator.
BRM
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