MoMo wallets hit 5 million as MTN prepares fintech separation

MTN Nigeria’s mobile money division added 1.3 million wallets in the first half of 2026, bringing its total active MoMo wallets to 5 million. Revenue from the fintech business also grew by 132% year-on-year, underscoring the growing contribution of financial services to the telecom giant’s business.

Despite the strong growth in wallets and revenue, fintech service revenue declined by 7.2% during the period due to the suspension of airtime and data lending services earlier in the year. The company said it expects growth in the segment to accelerate in the second half of the year following the resumption of those services.

MTN is also awaiting regulatory approvals for its planned fintech separation after shareholders approved the transaction on April 30, 2026. Under the proposed structure, MoMo Payment Service Bank and Yello Digital Financial Services will cease to be subsidiaries of MTN Nigeria once the transaction is completed.

“Once completed, the transaction is expected to improve balance sheet flexibility, reduce future funding obligations and allow MTN Nigeria to retain meaningful exposure to long-term fintech growth,” the company said in its financial statements.

Read more: EXCLUSIVE: MTN’s MoMo PSB courts old users via voice calls

The performance of the fintech business came against the backdrop of one of the strongest earnings periods in MTN Nigeria’s history. Revenue for the company rose 25.9% year-on-year to ₦2.99 trillion, while operating profit increased 41.9% to ₦1.27 trillion.

Profit before tax surged 75.4% to ₦1.09 trillion, while profit after tax climbed 70.6% to ₦707.5 billion. The second quarter accounted for nearly half of the profits recorded during the first six months of the year, highlighting strong momentum heading into the second half.

Employee costs more than doubled year-on-year, rising from ₦54.7 billion in H1 2025 to ₦135.6 billion in H1 2026. Advertising and promotional expenses also increased significantly as the company continued to invest in customer acquisition and retention.

Data remained MTN’s primary growth engine. Data revenue grew 38.4% to ₦1.7 trillion as the number of data subscribers increased to 55.7 million from 51 million a year earlier. Network data traffic rose 25.8% during the period, reflecting continued demand for digital services. Voice revenue also expanded, although at a slower pace, growing 12% year-on-year.

“We enter the second half with confidence in Nigeria’s long-term structural growth opportunity, underpinned by rising data demand, further headroom for smartphone adoption, underpenetrated home broadband, accelerating enterprise digitalisation and the long-term potential of fintech as execution improves,” CEO Karl Toriola said.

Last updated: July 31, 2026