“With MoMo, we’ve built a digital platform that empowers individuals and businesses to manage their finances better,” MTN Group Fintech CEO Serigne Dioum told TechCabal.

Mobile money has evolved into a major economic force. According to the GSMA State of the Mobile Money Industry Report 2025, the sector contributed $190 billion to sub-Saharan Africa’s GDP in 2023—up from $150 billion the previous year—and now accounts for more than 5% of GDP in several regions.

MTN’s MoMo platform, with 283 million active accounts and $1.1 trillion in annual transactions, is expanding beyond person-to-person payments to credit, savings, and merchant services. Over 2 million merchants processed $9.9 billion in transactions between January and June 2025.

Despite these gains, Dioum said Africa’s financial services landscape remains fragmented, with high cross-border fees and millions still excluded. MTN aims to build a borderless African fintech ecosystem, leveraging USSD and mobile technology to deepen inclusion while introducing advanced financial products like BNPL, SME financing, and investment tools by 2030.

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