MTN Nigeria is setting an ambitious target for its fintech business: grow its customer base from about 5 million users to 30 million over the medium term. The goal reflects the telecom giant’s broader strategy of turning its enormous mobile network into a much larger financial-services platform.
MTN Group CEO Ralph Mupita said Nigeria remains a major opportunity because the company has a much larger telecommunications customer base than its current fintech audience. Converting more mobile subscribers into active users of payments, lending and other financial products could significantly expand the business.
The target comes as MTN’s wider fintech operation continues to grow. Across its markets, MoMo monthly active users reached 70.8 million in the first half of 2026, up 12.1% year-on-year. The group processed 13 billion fintech transactions worth $330.5 billion during the period.
Nigeria, however, presents a particularly attractive opportunity. MTN has one of the country’s largest telecommunications customer bases, giving it an existing distribution network that many fintech startups would have to spend years building. The challenge is turning that reach into regular financial-services usage.
To help achieve this, MTN is investing in technology and partnerships. The company is working with Ant International and technology from the broader Alibaba ecosystem as it develops its Nigerian fintech proposition. The strategy is expected to help expand MoMo beyond basic payments and toward a broader digital financial-services experience.
Lending is another major part of the plan. MTN currently works with banking partners that use customer information to assess borrowers, but the group is exploring the possibility of lending directly from its own balance sheet in selected markets. Mupita has said the move would happen gradually because taking credit risk directly introduces new financial and regulatory challenges.
That shift could make MTN a more significant competitor in Nigeria’s crowded fintech market. Companies such as OPay, PalmPay and Moniepoint have already built large digital-finance businesses, meaning MTN cannot rely solely on its telecom brand to win customers.
Instead, it needs to make financial services useful enough that existing subscribers choose MTN for everyday transactions. Payments, credit, insurance, remittances and merchant services could all play a role in increasing engagement.
The company’s recent performance provides some momentum. MTN’s fintech business recorded strong growth across the group during the first half of 2026, while advanced services—including lending, payments, remittances and insurance—grew strongly. Its merchant network also expanded to 2.3 million active merchants.
Still, moving from 5 million to 30 million fintech customers would require more than adding wallets. It would mean changing how millions of Nigerians interact with MTN—from using the company primarily for calls and data to relying on it for financial transactions.
If MTN succeeds, the result could reshape Nigeria’s fintech landscape. Its biggest advantage is already in place: millions of customers and an extensive distribution network. The challenge now is turning that reach into sustained financial engagement and making 30 million fintech users more than an ambitious number.
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