MTN Nigeria has begun migrating customers of its mobile money service, MoMo, to a new digital payment platform powered by Alipay+, following a 25.91% drop in fintech revenue to ₦97.5 billion in the nine months ended September 2026. The decline came after the temporary suspension of its airtime and data credit service, Xtratime, which was halted on April 16, 2026, to comply with new regulatory requirements governing digital lending.
Fintech Revenue Decline and Recovery
According to MTN's third-quarter financial results, the revenue decline followed the suspension of Xtratime, although the service resumed under a revised multi-partner arrangement. MTN disclosed that fintech revenue increased by 78.5% in the third quarter compared with the preceding quarter, indicating a gradual recovery.
Despite the rebound, the fintech business contributed just 2.11% of the company's ₦4.61 trillion revenue recorded during the nine-month period.
MoMo Migration to Alipay+ Platform
In August 2026, MTN migrated MoMo Payment Service Bank to a new platform powered by Alipay+, following a strategic partnership between MTN Group Fintech and Ant International. The upgrade aims to improve transaction speed, security, and reliability.
MTN Nigeria Chief Executive Officer Karl Toriola said the upgraded infrastructure would provide a stronger foundation for expanding digital financial services. The company reported 3.2 million monthly active MoMo users at the end of September, while transaction volumes increased by 69.1% compared with the second quarter.
Wallet Balances and Growth Targets
Despite the broader revenue decline, MTN's core mobile money business recorded 102.2% revenue growth. Customer wallet balances more than quadrupled from December 2025 to ₦43.8 billion, supported by increased adoption and deposits.
MTN attributed the improvement to stronger customer engagement and growing use of its financial services. The company expects further growth as more customers complete migration to the upgraded platform.
MTN is also pursuing a major restructuring of its fintech operations, subject to regulatory approval. Under the proposed arrangement, MTN Group would acquire a 60% stake in the fintech businesses, leaving MTN Nigeria with 40%. The telecom operator aims to expand its Nigerian fintech customer base to 30 million over the medium term and plans to restore Xtratime to expected operating levels by the end of November 2026.
For Nigerian customers, the changes could mean faster transactions, improved payment reliability, and expanded digital banking services as competition intensifies.
