Customers of mobile payments platform MoMo increased to 51.1-million in the quarter to end-September across all markets in which MTN operates
MTN shares jumped a further 8% on Friday morning, the most since early March, after Africa’s largest mobile operator said the central bank in Nigeria had approved in principle its licence application for mobile payments platform MoMo.
MoMo customers increased 2.2-million to 51.1-million in the three months to end-September across all markets that MTN operates in. The value of transactions was up by a staggering 67.2% to $175.5bn during the September quarter, year on year. The latest news comes a day after MTN said it was in the process of trimming down its stake in the Nigerian business in a deal that could net it nearly R4bn.
The potential sale of shares to both institutional and retail investors is the latest in a series of disposals by the SA company working to pay down debt, sharpening its focus on returns and reducing risk.The shares have more than doubled since the start of 2021, making MTN the best-performing stock on the JSE among the top 40 companies.
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