MTN Nigeria Fintech Revenue Falls 25.9% Despite MoMo Doubling in Nine Months
MTN Nigeria's fintech revenue declined 25.9 percent over the first nine months of 2026 even as its MoMo mobile money platform recorded 102 percent transaction growth, pointing to a structural monetisation gap at Africa's largest telco. The company separately reported ₦4.7 trillion in nine-month revenue and a ₦1.80 trillion pre-tax profit, up 59.4 percent, underscoring the scale of its broader telecoms business against which the fintech underperformance stands out.
MTN MoMo: doubling transactions, shrinking revenue — that's the real story
MoMo processed twice the transaction volume but MTN Nigeria's fintech revenue still fell 25.9%. The culprit is specific: Nigeria's central bank forced MTN to suspend its airtime and data lending service from April to June, and that single product — letting customers borrow airtime to repay later — was apparently carrying much of the fintech division's income.
The recovery is real but partial. Lending came back in Q3 under a new multi-partner model, and fintech revenue jumped 78.5% quarter-on-quarter. But Q3 fintech revenue was still ₦20.3 billion against ₦48.4 billion in the same quarter last year — still less than half what it was.
The uncomfortable truth: MTN's mobile money growth story rests on a product the regulator can pause whenever it chooses. That structural vulnerability hasn't gone away with the recovery.
4 sources
- MTN Nigeria’s 9M pre-tax profit rises 59.4% to N1.80 trillion as revenue hits N4.61 trillion · nairametrics.com · T2
- MTN Nigeria’s fintech revenue drops 25.9% despite MoMo’s 102% growth · technext24.com · T2
- MTN Nigeria records ₦4.7 trillion revenue, pays ₦630.5 million tax in the first 9 months of 2026 · technext24.com · T2
- MTN Nigeria Posts ₦4.7 Trillion Revenue, Pays ₦630.5 Million Tax in First 9 Months of 2026 · innovation-village.com · T2