MTN Fintech CEO Outlines Plan to Convert All 317 Million Subscribers into MoMo Users
MTN Fintech CEO Serigne Dioum has set out a plan to convert the group's entire 317 million telecom subscriber base into MoMo users, up from roughly 70 million current active wallets. The strategy, unveiled at an MTN mobile money summit, also signals an industry-wide pivot away from headline user-count metrics toward depth indicators such as savings and investment uptake.
MoMo's Ambition: 317 million users is the wrong number to chase
Less than 0.3% of MoMo Ghana's users actively invest. Only a small share save on a consistent monthly basis. And Ghana processes 26 million transactions a day — a market the industry already calls mature.
That's the problem with chasing user counts. You can sign up hundreds of millions of people and still build almost nothing of lasting value for them.
Dioum's 317-million target only matters if MTN has figured out why 70 million existing wallet holders aren't saving or investing — and fixed that first. Otherwise it's just a bigger number wearing the same hollow metric.
2 sources
- Africa’s mobile money industry is looking beyond user numbers · techtrendske.co.ke · T2
- From 70 million to 317 million: How Serigne Dioum plans to turn every MTN subscriber into a MoMo user · techcabal.com · T1