MTN Nigeria Moves MoMo Platform as Fintech Revenue Falls

In Short

MTN Nigeria said it is migrating MoMo customers to a new platform, while its fintech revenue fell 25.91% to ₦97.5 billion ($72.42 million) in the nine months ended September 2026.

What Happened: MTN Nigeria’s MoMo Migration and Fintech Revenue Drop

MTN Nigeria said it is moving MoMo customers to a new platform. MoMo is the company’s mobile money product, which lets users store value and make payments.

The company’s fintech revenue fell 25.91% to ₦97.5 billion ($72.42 million) in the nine months ended September 2026, according to its third-quarter financial results.

TechCabal reported that MTN Nigeria’s fintech revenue has not returned to pre-suspension levels after the company temporarily halted its airtime and data credit service between April and June 2026.

The decline also highlights how much the fintech unit depends on airtime and data credit. MTN temporarily suspended its airtime and data credit advance service, Xtratime, on April 16 to implement a new compliance framework required under Nigeria’s lending rules.

MTN said the service resumed under a new multi-partner model and continued to recover in Q3, with revenue rising 78.5% compared with Q2.

Why It Matters: Dependence on Airtime and Data Credit

MTN is positioning MoMo as it expands mobile money operations, while its results show airtime and data credit remains a key driver of fintech revenue.

The company’s update suggests compliance requirements for lending rules can directly affect short-term revenue, even when services return and begin to recover.