MTN Nigeria’s active MoMo (Mobile Money Payment Service Bank) wallets climbed 88.8% year-on-year to 5.0 million in H1 2026 after the company added approximately 1.3 million active wallets during the six-month period, lifting its active customer base from about 2.7 million a year earlier.
The expansion was accompanied by a sharp acceleration in revenue generated directly by the MoMo platform, which increased by approximately 132% year-on-year reflecting rising customer adoption of MTN’s mobile money ecosystem as more Nigerians embrace digital payments, transfers and other financial services delivered through mobile platforms.
The continued expansion of active wallets underscores the growing role of mobile money in MTN Nigeria’s long-term growth strategy. Nigeria’s large unbanked and underbanked population, combined with increasing smartphone adoption and demand for digital financial services, continues to provide significant opportunities for payment service providers.
The company however reported that fintech revenue declined 7.2% year-on-year to N77.17 billion during the period, largely because of a sharp slowdown in the second quarter.
According to MTN Nigeria, Q2 fintech revenue fell by 72.4% following the temporary suspension of its Xtratime airtime and data credit service in April 2026 to comply with Nigeria’s new digital lending regulations, significantly reducing revenue generated from the lending-related service.
MTN MoMo Continues Strategic Expansion
MTN Nigeria is also advancing the structural separation of its fintech business as part of a broader strategy to unlock shareholder value and attract specialist investment into its financial services operations.
The company has continued working toward completing the separation of MoMo Payment Service Bank from its telecommunications business.
As part of the restructuring, MTN Group Fintech B.V. is expected to inject additional capital into the business and acquire a controlling 60% stake in MoMo PSB, subject to regulatory approvals.
The transaction is designed to strengthen the mobile money business with additional capital, governance and strategic focus while supporting MTN Group’s wider ambition of building one of Africa’s leading fintech platforms.
MTN’s H1 2026 Financials
MTN Nigeria recorded a total revenue of N2.99 trillion in H1 2026, representing a 25.9% year-on-year increase from N2.38 trillion in H1 2025. This robust performance was driven primarily by the company’s data business, which benefited from rising demand for smartphone services and enterprise broadband connectivity, with data revenue expanding by 38.3% to N1.70 trillion, contributing 56.8% of total revenue. Voice services also grew by 15.0% to N897.14 billion on the back of an expanding subscriber base, while digital services and SMS revenue increased to N58.66 billion and N112.68 billion, respectively.
The company’s profit after tax surged 70.6% year-on-year to N707.54 billion, up from N414.86 billion in the corresponding period of 2025. Profit before tax reached a record N1.09 trillion, representing a 75.4% increase, while earnings per share rose to N33.76. Profitability was supported by a significant improvement in foreign exchange conditions, resulting in a net foreign exchange gain of N36.36 billion, compared with a N5.23 billion loss in H1 2025.
Energy efficiency initiatives, including solar transitions under Project Zero, contributed to lower direct network operating costs of N629.28 billion, helping lift operating profit to N1.27 trillion while total assets expanded by 25.2% to N5.97 trillion, supported by continued investment in network infrastructure and broader balance sheet growth, and total equity increased by 69.6% to N930.61 billion. Backed by a 60.1% increase in net cash generated from operating activities to N1.53 trillion.
The Board of Directors declared an interim dividend of N26 per share, payable on September 7, 2026, to shareholders whose names appear in the company’s register of members as of August 20, 2026.
