MTN Nigeria Recovers ₦12.5 Billion After Mobile Money Glitch; Monthly Users Surge

MTN Nigeria Recovers ₦12.5 Billion After Mobile Money Glitch; Monthly Users Surge

#finance
#telecom
#finance
#payments
#mobile money
MTN Nigeria bounces back, reclaiming over half of the ₦22 billion lost in a Mobile Money glitch, showcasing the challenges of fraud in Nigeria's financial sector. Despite setbacks, CEO Toriola highlights a surge in monthly active users to 5.3 million, driven by a growing ecosystem of agents and merchants.

MTN Nigeria has successfully recouped ₦12.5 billion lost in a mobile money glitch, while the remaining ₦9.5 billion will be absorbed due to shared services cost agreement. The slow development of MoMo faces challenges from regulatory delays and NIN requirements, but CEO Toriola expresses satisfaction with the growth, noting a rise in monthly active users to 5.3 million, supported by a network of 326,000 agents and 324,000 merchants. MoMo PSB aims to further expand through consumer education and cross-border remittances.


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