In a significant development for Nigeria's fintech sector, MTN Nigeria Communications Plc announced a remarkable 102.2% increase in revenue for its mobile money service, MoMo Payment Service Bank (MoMo PSB), for the nine months ending September 30, 2026. This surge was primarily fueled by a dramatic rise in customer wallet balances, which quadrupled to N43.8 billion. The company also reported that its monthly active users reached 3.2 million, reflecting a steady growth trajectory in digital financial services.
This growth is particularly noteworthy given the broader context of MTN's fintech operations, which have faced challenges, including a temporary suspension of its airtime and data credit service earlier this year. Despite an overall fintech revenue decline of 25.9% to N97.5 billion, the success of MoMo PSB underscores the increasing adoption of mobile money solutions in Nigeria, where traditional banking services often fall short. The transition to the new Alipay+ platform in August 2026 has also enhanced the service's reliability and user experience, contributing to the uptick in transaction volumes, which rose by 69.1% in the third quarter.
Looking ahead, the focus will be on how MTN can sustain this momentum in the competitive fintech landscape. The recovery of its airtime and data credit service, which recently resumed under a multi-partner model, could play a crucial role in stabilizing overall revenue. Investors will be keen to see if MoMo can maintain its growth trajectory and whether MTN can leverage this success to expand its digital services across Africa, potentially influencing the broader cryptocurrency and mobile payment markets on the continent.