MTN Group is considering obtaining banking licenses in several African markets as the telecommunications giant looks to expand its lending business beyond its current partnerships with banks.
During a press conference, MTN Group CEO Ralph Mupita shared this plan, saying the company is evaluating markets with large customer bases and significant funds held in mobile wallets.
“We’re beginning to explore whether it makes sense to acquire banking licenses in regions where we have large customer bases and substantial funds in wallets,” Mupita stated. “This would allow us to accept deposits.”
Currently, MTN provides loans to customers through partnerships with banks. Mupita noted that if the company secures banking licenses in selected markets, it could gradually shift towards using its own balance sheet for lending while still maintaining existing partnerships.
He emphasized that lending represents a significant growth opportunity for MTN’s fintech business. “The key growth area now, and in the future, is lending,” he remarked.
These comments come as the group’s fintech operations continue to expand across its African markets, even though fintech revenue growth was modest in the first half of 2026.
MTN’s fintech revenue rises as users and merchants continue to grow
The telecom company has reported a slight increase in its fintech revenue, which rose by 1.4% year-on-year to approximately $931.7 million (R14.9 billion) for the first half of 2026. This growth is particularly notable, given the disruptions faced in some of its fintech operations, such as the suspension of airtime advance services in Nigeria and challenges with the agent network in Uganda.
Despite these hurdles, the mobile money platform MoMo has shown impressive growth. Revenue from MoMo surged by 17.8%, driven by the expansion of advanced services in countries like Ghana, Rwanda, Zambia, and Benin.
The platform has also seen a significant increase in user engagement, boasting 70.8 million monthly active users, up 12.1% from the previous year. The growth of the active agent network has been equally promising, with a 13.1% increase to 1.4 million agents, and the active merchant base climbed 18.1% to reach 2.3 million.
Transaction activity reflects this growing user base, with MoMo processing an astounding 13 billion transactions in the first half of 2026, marking a 17.2% year-on-year increase. In terms of value, transactions soared by 33.8%, totalling $330.5 billion. These figures provide MTN with a robust financial services customer base as the company explores opportunities to expand its lending and deposit services.
Similar read: Nigeria, Ghana power MTN’s historic $7.18bn H1’26 revenue, offsetting South Africa struggles
In Nigeria, MTN’s fintech initiatives have been particularly fruitful, with the MoMo Payment Service Bank and Y’ello Digital Financial Services generating impressive revenue of ₦77 billion during the first half of 2026. This performance highlights MTN’s growing influence and potential in the digital financial landscape.
The company is planning to pursue banking licenses in Nigeria, which is a vital market for them. In the first half of 2026, Nigeria generated 30% of MTN Group’s service revenue, totalling around ₦3 trillion. This revenue came from data (₦1.70 trillion), voice services (₦993 billion), and fintech (₦77 billion).
MTN Nigeria saw strong earnings during this period as the telecom market recovered, thanks to tariff changes made in 2025. The company is also restructuring its fintech operations to function more independently. In April 2026, MTN Nigeria announced it would sell a 60% stake in its fintech services to MTN Group for ₦152.06 billion. Similar changes have already occurred in Ghana and Uganda.
The group’s latest strategy hints at a more direct involvement in lending and possibly taking deposits in selected African markets, but this will be a careful and gradual process, not an attempt to acquire banking licenses in every country where it operates.
Read also: FCCPC, NCC okays MTN-IHS deal, 30% stake to be sold to Nigerian investors
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