During the first nine months of 2026, MTN Nigeria recorded a 25.9% drop in its fintech revenue, totaling ₦97.5 billion down from ₦131.6 billion during the corresponding period in the previous year. This downturn occurred despite a massive surge in its core mobile money operations, highlighting a gradual rebound for the broader financial services arm.
According to financial disclosures published on October 30, 2026, the sharp revenue contraction was largely triggered by a suspension of the company's airtime and data credit service between April and June 2026. This service enables subscribers to borrow airtime or data and settle payments at a later date.
Following the suspension, the product was reintroduced utilizing a revamped multi-partner framework. Management noted that the service has since begun showing positive signs of recovery, registering a 78.5% revenue increase in the third quarter when contrasted with the preceding quarter.
How did the third quarter perform?
Despite the recent rebound, the quarterly performance remained constrained by earlier disruptions. For the third quarter of 2026 alone, fintech earnings declined by 58.1% year-on-year to reach ₦20.3 billion, compared to the ₦48.4 billion recorded during the same timeframe in 2025.
How is the mobile money segment expanding?
Conversely, the core mobile money arm demonstrated robust expansion, with revenues surging by 102.2% across the nine-month evaluation window. This growth was substantially fueled by rising customer wallet balances, which climbed to ₦43.8 billion by December 2025.
Rather than relying strictly on transaction processing fees, the enterprise is generating increased revenue from interest accrued on the cash funds users maintain within their digital wallets.
In August 2026, the telecommunications giant migrated MoMo PSB, its payment service bank subsidiary, onto the Alipay+ infrastructure. The technological upgrade was designed to strengthen transaction security, improve network reliability, and broaden the spectrum of digital offerings available to consumers.
By the close of September 2026, the digital platform recorded 3.2 million active monthly users. This metric accounts specifically for individuals utilizing the upgraded infrastructure as existing subscribers migrate and new users register.
Alongside this transition, transaction volumes for the third quarter expanded by 69.1% relative to the previous quarter, pointing toward rising user engagement across the network.
What are the next steps for MTN's fintech operations?
Looking ahead, corporate priorities center on finalizing the customer migration process to the updated MoMo architecture, increasing wallet utilization, and expanding service adoption.
Company leadership expects the airtime and data credit lending offerings to normalize fully by the conclusion of November 2026. Over a longer horizon, MTN confirmed that the structural unbundling of its fintech division continues to progress, subject to final clearances from relevant regulatory authorities.