MTN MoMo revenue jumps 102.2% as wallet balances hit N43.8 billion

MTN Nigeria Communications Plc’s core mobile money business, MTN MoMo Payment Service Bank (MoMo PSB), recorded a 102.2% increase in revenue in the nine months ended September 30, 2026, as customer wallet balances more than quadrupled to N43.8 billion, according to the company’s latest financial results.

MoMo PSB also moved to a new Alipay+ platform in August 2026, with monthly active users reaching 3.2 million at the end of September and transaction volumes rising 69.1% in the third quarter compared with the previous quarter.

The growth in MoMo’s revenue came against a weaker performance in MTN Nigeria’s broader fintech business, which was affected by the temporary suspension of its airtime and data credit service between April and June 2026.

Key Highlights

• MoMo revenue: Core mobile money revenue increased by 102.2% in the nine months ended September 2026.
• Customer wallet balances: Rose more than fourfold to N43.8 billion from December 2025.
• MoMo monthly active users: Reached 3.2 million, up 11.6% from 2.9 million a year earlier.
• Third-quarter transaction volumes: Increased by 69.1% compared with the second quarter of 2026.
• Overall fintech revenue: Fell by 25.9% to N97.5 billion from N131.6 billion.
• Airtime and data credit service: Revenue rose by 78.5% in the third quarter compared with the second quarter following its resumption under a multi-partner model.

MoMo moves to new Alipay+ platform

MTN Nigeria said MoMo PSB moved to the Alipay+ platform in August 2026 as part of efforts to strengthen its digital financial services business.

• The company described the platform as more reliable, feature-rich and secure, providing a foundation for MoMo PSB to develop a larger digital financial services platform.
• Monthly active users stood at 3.2 million at the end of the third quarter, compared with 2.9 million in September 2025, representing an 11.6% year-on-year increase.
• MTN Nigeria noted that the latest active-user figure was measured on the new platform only, as the migration of customers from legacy wallets continued alongside the onboarding of new users.
• Transaction volumes also increased by 69.1% in the third quarter compared with the preceding quarter, indicating stronger activity on the platform during the period.

The company attributed the 102.2% increase in core mobile money revenue mainly to higher float income, as customer wallet balances rose to N43.8 billion, more than quadrupling from their level at the end of December 2025.

Overall fintech revenue falls 25.9%

Despite the growth in its core mobile money business, MTN Nigeria’s overall fintech revenue declined by 25.9% to N97.5 billion in the first nine months of 2026, compared with N131.6 billion a year earlier.

The decline reflected the suspension of the company’s airtime and data credit service between April and June 2026. The service subsequently resumed under a multi-partner model and continued to recover in the third quarter.

Revenue from the service increased by 78.5% in the third quarter compared with the second quarter, although the recovery had not fully offset the weakness recorded earlier in the year.

For the July-to-September quarter, the broader fintech segment generated N20.3 billion in revenue, down from N48.4 billion in the corresponding period of 2025.

Market reaction

Shares of MTN Nigeria Communications Plc gained 3.03% on the Nigerian Exchange on Friday, October 30, 2026, closing at N850, up N25 from the previous closing price of N825.

The stock opened at N825 and traded between N844 and N850 during the session, with 1.22 million shares exchanged in transactions valued at approximately N1.01 billion.

Despite the gain, the shares remained below their 52-week high of N915, while the 52-week low stood at N429.30.