Leading Mobile Network Operators (MNOs) in Africa made more money from their fintech businesses than some of Nigeria's leading banks (with operations across Africa) made from their digital businesses. This is according to an independent report by Harvard Blog. The MNOs, such as M-Pesa, Airtel, and MTN, achieved this on the back of their mobile money businesses.
This underscores the huge potential of MoMo in Africa. For a majority of Africa's unbanked populace, MoMo appears to be the most easily accessible entry point to financial services in the continent. This can be traced to the reach of mobile networks and the low-cost requirements of just having a feature phone.