Monzo and MoMo: Two fintechs, two worlds, one truth about the future of money

Two mobile money platforms are changing the financial landscape. One is Monzo, a UK-based bank. The other is MTN MoMo, a telecom-driven service in Africa. Both redefine financial inclusion from different economic perspectives.

Monzo launched in 2015 and quickly gained popularity. Its pink cards became trendy among millennials. By early 2025, Monzo had 9.3 million users and £15.4 million in profits. The bank's value exceeded £4 billion, despite a £116.3 million loss two years earlier.

Monzo simplifies banking with real-time notifications and budgeting tools. It uses cloud technology for fast deployment and scalability. However, its U.S. expansion faced regulatory challenges and cautious banks.

Now, let’s look at MTN MoMo, which started in Ghana in 2009. It addresses financial exclusion on the continent rich in potential but lacking access to banking services. By 2025, MoMo had over 28.5 million active users in Ghana alone.

In Q1 2025, MoMo processed transactions worth GH¢649.2 billion (about US$54 billion). This amount represents roughly 70% of Ghana’s GDP. One platform channels more economic activity than the entire formal banking sector combined.

While Monzo focuses on optimization, MoMo emphasizes democratization of finance. It provides access to unbanked individuals through a network of 411,000 agents across rural areas where banks are scarce.

MoMo operates using USSD technology rather than smartphone apps but offers various services like peer-to-peer transfers and microloans at impressive speed and scale.

In 2024, MoMo’s revenue rose by 54% to GH¢4.4 billion (around US$365 million). This accounted for nearly 25% of MTN Ghana’s total revenue.

MTN has invested over GH¢3.1 billion in network upgrades to support this growth trend toward financial inclusion.

Ghana's unbanked rate dropped from 58% in 2010 to 29% by 2025 due to mobile money expansion. Government payments via MoMo have become routine since over GH¢1.3 billion was disbursed between 2023 and 2025.

Market vendors now access working capital and savings tools through affordable mobile phones costing less than US$30.

Despite both being fintechs, Monzo and MoMo serve different markets effectively. Monzo refines finance for those already included while MoMo creates access where none existed before.

Monzo operates as a challenger bank within a developed market while MoMo serves as foundational infrastructure in an underbanked ecosystem.

Their differences highlight that fintech's future isn't about replicating models across regions but understanding local contexts and socioeconomic realities.

There is some convergence; for example, MoMo recently partnered with Mastercard for global e-commerce payments and is exploring AI-powered credit scoring for microloans.

Investors face both challenges and opportunities with these differing models of fintech growth worldwide.

Western neobanks like Monzo struggle with customer acquisition costs while African platforms like MoMo thrive on scale and volume-driven growth strategies.

Ultimately, Monzo enhances user experience while MoMo improves human experience through accessible financial services tailored to everyday needs like school fees or healthcare access.

The next wave of fintech innovation will focus on practical solutions that work offline or on basic devices without needing advanced design features from tech hubs like Silicon Valley.

As global fintech investment reached US$160 billion in 2023 alone, we must consider whether we fund finance for the privileged or infrastructure for everyone else.

The next decade will be defined by who banks the unbanked differently rather than just improving services for those already banked well.

Monzo and MoMo represent complementary case studies within this evolving landscape of digital finance.

Author's Note: This analysis reflects my observations within Ghana's digital finance ecosystem based on professional research experiences.

I welcome constructive feedback from industry peers to foster deeper understanding around digital finance innovations.

Let us engage meaningfully as we pursue progress together within this transformative field.

The writer has nearly ten years of experience in Supply Chain Management with relevant certifications including CDFP focused on digital payments.

He can be reached via email at [email protected]