MTN Moves MoMo to New Platform as Fintech Revenue Drops by Per Cent
- MTN’s fintech revenue fell 25.91% to ₦97.5 billion after the temporary suspension of its Xtratime airtime and data credit service
- MoMo moved to an Alipay+-powered platform as monthly users reached 3.2 million and transaction volumes rose 69.1%
- MTN aims to grow its fintech customer base to 30 million and restore Xtratime to expected operating levels by November 2026
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
MTN Nigeria has begun moving customers of its mobile money service, MoMo, to a new digital payment platform as its financial technology business struggles to recover from a sharp revenue decline.
The telecom giant reported a 25.91% drop in fintech revenue to ₦97.5 billion in the nine months ended September 2026, following the temporary suspension of its popular airtime and data credit service, Xtratime.
Source: UGC
The development comes as MTN intensifies efforts to strengthen its mobile money operations and compete with established digital payment providers in Nigeria.
Why MTN's fintech revenue declined sharply
According to MTN's third-quarter financial results, the revenue decline followed the suspension of Xtratime on April 16, 2026, to comply with new regulatory requirements governing digital lending, according to a report by TechCabal.
Although the service resumed under a revised multi-partner arrangement, its recovery has been gradual.
MTN disclosed that fintech revenue increased by 78.5% in the third quarter compared with the preceding quarter.
However, the business contributed just 2.11% of the company's ₦4.61 trillion revenue recorded during the nine months.
MTN introduces new MoMo payment platform
In a major technology upgrade, MTN migrated MoMo Payment Service Bank to a new platform powered by Alipay+ in August 2026.
The migration followed a strategic partnership between MTN Group Fintech and Ant International, aimed at improving transaction speed, security and reliability.
MTN Nigeria Chief Executive Officer Karl Toriola said the upgraded infrastructure would provide a stronger foundation for expanding digital financial services.
The company reported 3.2 million monthly active MoMo users at the end of September, while transaction volumes increased by 69.1% compared with the second quarter.
MoMo wallet balances record impressive growth
Despite the broader revenue decline, MTN's core mobile money business recorded 102.2% revenue growth.
Customer wallet balances more than quadrupled from December 2025 to ₦43.8 billion, supported by increased adoption and deposits.
MTN attributed the improvement to stronger customer engagement and growing use of its financial services.
The company expects further growth as more customers complete migration to the upgraded platform.
MTN targets 30 million fintech customers
MTN is also pursuing a major restructuring of its fintech operations, subject to regulatory approval.
Under the proposed arrangement, MTN Group would acquire a 60% stake in the fintech businesses, leaving MTN Nigeria with 40%.
Source: Getty Images
The telecom operator aims to expand its Nigerian fintech customer base to 30 million over the medium term.
It also plans to restore Xtratime to expected operating levels by the end of November 2026.
For Nigerian customers, the changes could mean faster transactions, improved payment reliability and expanded digital banking services as competition intensifies.
MTN explains why Nigerians’ data runs out fast
Legit.ng earlier reported that MTN Nigeria has explained why millions of subscribers experience rapid internet data depletion, identifying smartphone settings, video streaming, automatic downloads and background applications as major factors responsible for unexpected consumption.
The telecommunications company dismissed allegations that operators deliberately deduct subscribers' data, insisting that internet usage is largely determined by smartphone activities, application settings and background processes.
Source: Legit.ng
