MTN’s MoMo PSB resets strategy as active wallet users decline by 46%

When MoMo PSB, MTN Nigeria’s fintech arm, lost 2.5 million active wallets in 2024— two years after its launch—CEO Karl Toriola claimed during an investors’ call the decline was part of a strategic shift to enhance service penetration, boost monetization, and lower customer acquisition costs.

Initially, the entry of MTN and Airtel Africa into Nigeria’s payment service sector in…