MoMo from MTN

What MoMo from MTN does

MoMo from MTN is the mobile money and digital payments brand of MTN Group, operating across 17 countries in Africa and Afghanistan. The platform enables unbanked and underbanked individuals to transfer money, pay bills, deposit and withdraw cash, purchase airtime, and conduct merchant transactions via USSD (*156#), SMS, and a mobile application. Core technology is a SIM-based mobile wallet backed by PIN-based authentication (4-5 digit PIN with 3-attempt lockout) and bank/identity system integrations (including BVN and NIN in Nigeria) for tiered KYC-based wallet limits. The product suite is segmented into MoMo Consumer (personal wallets), MoMo Business (merchant services), MoMo Agents (cash-in/cash-out agent network), MoMo International Transfer (cross-border remittance), and MoMo Payment Service Bank (a fully CBN-licensed bank in Nigeria). A MoMo API allows third-party developers to integrate payments and transfers.\n\nMoMo operates through locally incorporated subsidiaries in each market, including MoMo Payment Service Bank in Nigeria, MobileMoney Limited in Ghana, Mobile Money Rwanda Limited in Rwanda, Lonestar Cell MTN Mobile Money Inc. in Liberia, MTN Mobile Money S.A. in Guinea, and MTN Mobile Money (Zambia) Limited. The distribution model is anchored on MTN's telecom infrastructure and subscriber base, supplemented by an authorized agent network, merchant POS, and 30+ partner banks that enable cash-in/cash-out and wallet services. The go-to-market is primarily channel-partner driven: agents and merchants on the front line, banks for cash access, and telecom-native channels (SMS, USSD) for engagement and onboarding.\n\nRevenue is generated primarily via transaction fees on transfers, withdrawals, bill payments, and airtime purchases, with pricing varying by country and transaction type. The model is a pay-as-you-go, take-rate structure with specific fee schedules not publicly disclosed. Customer segments are primarily individual consumers (long tail), with secondary segments including merchants, agents, small businesses/corporates (wallet management, payroll, bulk payments), and remittance customers. The platform integrates with national identity systems for KYC compliance and employs fraud detection and anomaly monitoring mechanisms across multiple jurisdictions.

Name

MoMo from MTN

Legal name

MoMo Payment Service Bank (Nigeria), MobileMoney Limited (Ghana), Mobile Money Rwanda Limited, Lonestar Cell MTN Mobile Money Inc. (Liberia), MTN Mobile Money S.A. (Guinea), MTN Mobile Money (Zambia) Limited

Website

https://momo.mtn.com

Company type

Private

Operating status

Operating

Headcount range

501–1,000 employees

Short description

MoMo from MTN is MTN Group's mobile money platform operating across 17 African countries and Afghanistan, serving unbanked and underbanked individuals with transfers, bill payments, cash-in/out, airtime purchases, merchant payments, and cross-border remittances via USSD, app, and partner bank integrations.

Ownership category

akta.pro rank

Product category

Mobile Money / Mobile Financial Services

NAICS

Wired and Wireless Telecommunications Carriers (except Satellite) (51711)

SIC

Finance Services (6199)

akta.pro primary industry

Carrier Billing & Telco Mobile Money (FSAMAEAD)

Keywords

• Mobile money services
• Mobile wallet payments
• Money transfer platform
• Digital financial services
• Agent banking network

Headquarters

HQ city

Lagos

HQ country

Nigeria

HQ region

Africa

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Technology or R&D, Operations, Personnel, Infrastructure, Marketing or Sales

Revenue model

1. Transaction Fees: Fees charged on mobile money transactions including transfers, withdrawals, bill payments, and airtime purchases. Fee schedules vary by country and transaction type, available at service centers, agents, and call centers.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels4 records

Core offering

MoMo from MTN is a mobile money platform that enables users to transfer money, pay bills, deposit and withdraw cash, and purchase airtime via USSD short codes, SMS, and a mobile app. It serves unbanked and underbanked individuals, merchants, and agents across 17+ African countries plus Afghanistan through a multi-country licensed network of local operating subsidiaries.

Product overview

MoMo from MTN is a multi-country mobile financial services platform operated by MTN Group across 17+ markets in Africa and Afghanistan. The core offering is MoMo (Mobile Money), a transactional mobile wallet enabling money transfers, payments, deposits, withdrawals, and airtime purchases via USSD and app. The platform is organized into distinct customer-facing segments: MoMo Consumer (personal wallets), MoMo Business (merchant services), MoMo Agents (agent network), and MoMo International Transfer (cross-border remittances). In Nigeria, MoMo also operates as MoMo Payment Service Bank (PSB) — a fully licensed Payment Service Bank under CBN regulation — offering broader financial services including savings and deposits. A dedicated MoMo API enables third-party developers to integrate with the platform. The product is primarily accessed via USSD (*156# and similar codes), SMS, and mobile app, and integrates with partner banks and national identity systems (BVN, NIN) for KYC compliance.

Differentiator

Problem solved

Functional benefit

Products and services

• MoMo (Mobile Money) MTN's flagship mobile financial services platform enabling users to transfer money, make payments, deposit and withdraw cash, and purchase airtime directly from their mobile phone via USSD or app. Accessible across 17+ African countries and Afghanistan.
• MoMo Consumer (Personal) Individual consumer-facing Mobile Money wallet for personal use, allowing money transfers, bill payments, airtime purchase, and savings management via mobile phone.
• MoMo Business Business-facing Mobile Money services enabling businesses to accept MoMo payments, manage transactions, and access merchant tools for collections and disbursements.
• MoMo Agents Agent network services enabling authorized agents (retailers, agents, merchants) to facilitate cash-in (deposits), cash-out (withdrawals), and other Mobile Money transactions on behalf of MTN.
• MoMo International Transfer (Remittance) Cross-border remittance service enabling international money transfers to and from MTN MoMo markets, allowing users to send money across country borders.
• MoMo Payment Service Bank (MoMo PSB) Fully CBN-licensed Payment Service Bank in Nigeria offering enhanced Mobile Money services including deposits, withdrawals, transfers, bill payments, and savings, operating with full banking license under Nigeria's regulatory framework.
• MoMo API Developer-facing API platform enabling third-party developers and partners to build applications that integrate with MoMo Mobile Money services for payments, transfers, and other financial transactions.

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration35 records

AI capability1 record

Feature3 records

Partnerships

15 partnerships are on record, tiered core.

• KCB Bank RwandacoreChannel Partner/ Reseller/ DistributorPartner bank in Rwanda enabling wallet services, deposits, and withdrawals. Part of Mobile Money Rwanda Limited's network of banking partners supporting financial inclusion.
• I&M Bank RwandacoreChannel Partner/ Reseller/ DistributorPartner bank in Rwanda providing banking integration for MoMo wallet services and transaction settlement.
• Bank of KigalicoreChannel Partner/ Reseller/ DistributorMajor banking partner in Rwanda supporting mobile money banking services and financial transactions.
• Ecobank Ghana LimitedcoreChannel Partner/ Reseller/ DistributorPan-African bank partner in Ghana enabling wallet services and banking integration for Mobile Money Ltd.
• Fidelity Bank GhanacoreChannel Partner/ Reseller/ DistributorGhanaian bank partner providing banking services integration with MoMo mobile money platform.
• Guaranty Trust Bank GhanacoreChannel Partner/ Reseller/ DistributorGTBank partnership enabling banking services for MoMo customers in Ghana.
• Stanbic Bank GhanacoreChannel Partner/ Reseller/ DistributorBanking partner providing financial integration services for Ghana MoMo operations.
• Access Bank GhanacoreChannel Partner/ Reseller/ DistributorPartner bank in Ghana supporting mobile money banking services.
• Central Bank of Nigeria (CBN)coreOthersRegulatory body that licenses and regulates MoMo Payment Service Bank operations in Nigeria. Provides the e-money issuance framework and KYC guidelines.
• Bank of GhanacoreOthersRegulatory authority overseeing mobile money operations in Ghana, setting transaction limits and KYC requirements.
• National Bank of Rwanda (BNR)coreOthersRwanda's central bank regulating mobile money services and providing dispute resolution mechanisms.
• Lonestar Cell MTN (Liberia)coreTechnology or IntegrationMTN Liberia subsidiary operating mobile money services as Lonestar Cell MTN Mobile Money Inc., providing telecommunications infrastructure and subscriber base.
• MTN Rwandacell Plc (Rwanda)coreTechnology or IntegrationMTN Rwanda entity providing mobile network infrastructure for Mobile Money Rwanda Limited services.
• MTN Ghana (Scancom PLC)coreTechnology or IntegrationMTN Ghana operating company providing network and subscriber infrastructure for MobileMoney Limited.
• MTN Nigeria CommunicationscoreTechnology or IntegrationMTN Nigeria providing customer data and mobile network infrastructure for MoMo PSB wallet registration and validation.

Scale indicators1 record

Recent moves6 records

Expansion highlights5 records

Direct peers

• Orange Money (Orange / Orange Bank Africa): Telco-anchored mobile money service operated by Orange across multiple Francophone African markets where MoMo also operates (Cameroon, Côte d'Ivoire, Guinea, DRC-adjacent). Direct competitor in shared markets with comparable USSD-based wallet, agent network, and cross-border remittance offerings.
• Airtel Money (Airtel Africa): Airtel Africa's mobile money service operating across many of the same Sub-Saharan markets as MoMo (Nigeria, Uganda, Zambia, Rwanda, Congo, Malawi, Tanzania, etc.). Competes head-to-head with MoMo on transaction fees, agent network coverage, and cross-border remittances.
• EcoCash (Econet Wireless / Cassava Smartech): Telco-anchored mobile money platform operated by Econet Wireless across Zimbabwe and other African markets. Closely comparable to MoMo as a mobile network operator subsidiary offering USSD-based wallets, merchant payments, and remittances to unbanked populations.
• Wave (Wave Mobile Money): Fast-growing mobile money challenger operating across Senegal, Côte d'Ivoire, Mali, Burkina Faso, The Gambia, Guinea, and Uganda — overlapping with multiple MoMo markets. While not a telco subsidiary, Wave competes directly on the same unbanked consumer segment with a low-fee P2P wallet and agent network.
• M-Pesa (Safaricom / Vodacom / M-Pesa Africa): The original telco-anchored mobile money platform, operated by Safaricom in Kenya and rolling out across Vodafone/Vodacom Africa markets. Most directly comparable to MoMo as a telco subsidiary offering USSD-based wallets, agent networks, and cross-border remittances targeting unbanked populations.

Emerging players

• Chipper Cash: Pan-African digital payments and cross-border remittance fintech operating in Nigeria, Ghana, Uganda, Kenya, South Africa, and the UK. Partial overlap with MoMo on remittances and merchant payments, but serves a more digitally native urban/SMB segment.
• Flutterwave: Pan-African payment infrastructure provider enabling merchants to accept and disburse payments across 30+ African countries. Adjacent to MoMo on the merchant/developer side but focused on cross-border business payments rather than consumer wallets.
• Paga: Nigerian mobile money and payments platform founded in 2009, offering agent banking, merchant payments, and developer APIs. Comparable to MoMo in Nigeria on agent-based cash-in/cash-out and unbanked customer targeting.
• OPay: Nigerian-led mobile payment and fintech super-app offering wallets, transfers, merchant POS, lending, and ride-hailing payments. Directly competitive with MoMo PSB in Nigeria and increasingly expanding across West Africa.

Broad incumbents

• MTN Rwanda / MTN Ghana / MTN Nigeria (parent operating companies): MTN Group operating companies that provide the telecom infrastructure, subscriber base, and regulatory interfaces enabling MoMo. Not external competitors but rather the parent-side infrastructure providers whose own strategy and capex directly determine MoMo's growth ceiling.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/momo-from-mtn

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MoMo from MTN