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Africa’s biggest telco has outlined its most ambitious fintech move yet. At MTN Group’s capital markets event on June 10, 2026, fintech CEO Serigne Dioum said the company wants to move from simply facilitating loans to lending directly to customers, subject to regulatory approval. MTN Group CEO Ralph Mupita also flagged Nigeria as a key market, noting that the company is pursuing additional licences to expand its financial services offering, though he didn’t specify which ones.

It marks a major shift in strategy: instead of just connecting customers to lenders, MTN wants to take on the lending risk itself and capture more of the value in the credit chain.

The numbers MTN is building toward are staggering. The company already has over 70 million active MOMO users, works with more than 2 million merchants, and supports an agent network of over 1.4 million people across Africa. In 2025 alone, MTN fintech generated roughly $2.8 billion in revenue, processed more than $500 billion in transaction value, and handled over 23 billion transactions. And yet, they see the current setup as leaving too much money on the table. More than one million people already access loans through MTN platforms every day, but those loans are booked by partner banks, not MTN. Becoming a direct lender would let the telco capture the interest income, own the customer data, and control the full credit experience. That's a completely different business model from selling airtime.

The credit gap MTN is trying to fill is almost incomprehensibly large. Per a 2025 report by Nigeria's National Credit Guarantee Company, nearly 80% of Nigerian MSMEs lack access to formal credit, while a Stears report estimates the sector faces a $236 billion funding gap. Nigeria isn't the outlier but the most visible example of a continent-wide problem. Dioum noted that only 4% to 5% of adults across Africa currently have access to formal credit, leaving a massive underserved market that traditional financial institutions have consistently failed to reach. If MTN can crack this with its distribution scale — 1.4 million agents, 70 million mobile money users, telco data on spending patterns — it could reshape how tens of millions of Africans access money. Of course, it could also reshape how they get trapped in debt cycles if the product isn't carefully designed, which is why the regulatory conversations are so critical.

MTN's lending ambitions have been years in the making. In November 2024, its fintech arm, MoMo PSB, applied for payment licences to operate its own payment gateway and POS infrastructure in Nigeria, though those applications are still under review. The company is also awaiting regulatory approval for the separation of its Nigerian fintech business, a move that could pave the way for a standalone entity capable of raising capital and attracting investors.

The bigger prize is Africa's rapidly growing fintech market. MTN estimates the continent's fintech revenue pool could expand up to 13-fold over the next five years, driven largely by payments, remittances and lending. But despite the growth opportunity, more than 90% of transactions across MTN's markets are still cash-based. That means key regulatory approvals and digital infrastructure still need to fall into place before MTN can fully execute its vision of becoming a major financial services player.

Are you experiencing slow loading, constant buffering, or disconnection on 9jawap right now? It is not our app!​ MTN is currently experiencing major nationwide network issues due to multiple daily fiber cable cuts and infrastructure glitches across the country. Because your phone is struggling to maintain a stable internet connection, apps like ours will take longer to load or log you out.

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