Mdundo hits over 20 million monthly active users

The company, which is aiming to reach 50 million MAUs and a healthy revenue outlook by 2025, said it expected to hit 25 million monthly active users at the end of the 2022-23 financial year.

Nigeria was Mdundo’s biggest contributor of users in June with a total of 4.9 million, followed by South Africa (3.7 million), Kenya (2.8 million) and Tanzania (2.4 million).

“The team has been working hard towards our goal of 18 million monthly users by June 2022, set two years ago at our IPO [initial public offering]. The target was later adjusted to 19-20 million,” Mdundo CEO Martin Nielsen said.

“We have had a strong focus on creating a locally relevant service for the past two years, our strategy is paying off and it is extremely satisfying to beat our user target. This emphasises the growth potential for our service and we’re extremely motivated to work towards 50 million monthly users by June 2025.”

Besides its four key markets, the company has a strong presence in Uganda, Ethiopia, Ghana, the DRC, Zambia, Sudan, Cameroon, Angola, Zimbabwe, Mozambique, Rwanda, Ivory Coast, South Sudan and Malawi.

Mdundo’s head of growth, Michael Okeje, says the growth is as a result of continuously focusing on local services and content as well as strategic partnerships.

“We are extremely satisfied with the growth we’ve experienced over the past 12 months,” he said. “South Africa has grown almost twentyfold in the last year, Kenya has more than doubled and Nigeria [has grown] by 75% in the last year, showing the huge potential for our services within our focus markets.”

The company announced recently a new licensing deal with Universal Music Group (UMG), the latest major record company to ink an agreement with Mdundo after Warner Music Group in 2017.

Mdundo, which was established in Kenya in 2013, was listed on Nasdaq Copenhagen in September 2020. It has also entered into partnerships with telcos like Vodacom Tanzania, MTN Nigeria and Airtel Nigeria.