MoMo Payment Service Bank (MoMo PSB), the fintech subsidiary of MTN Nigeria Communications Plc, recorded a 69.1 per cent quarter-on-quarter increase in transaction volumes in the third quarter of 2026, following its migration to the Alipay+ platform in August.
MTN Nigeria disclosed this in its financial results for the nine months ended September 30, 2026, noting that the transition provides the mobile money business with a new technology foundation to expand its digital financial services operations.
The migration marks a significant development in MTN Nigeria’s fintech strategy as the telecommunications operator seeks to scale its mobile money business, deepen customer engagement and expand its presence in Nigeria’s digital payments market.
According to the company, the Alipay+ platform was designed to improve reliability, scalability and security while providing customers with additional features. The transition is expected to support the development of MoMo PSB into a larger digital financial services platform.
MoMo PSB had 3.2 million monthly active users at the end of September 2026. MTN Nigeria, however, clarified that the figure now reflects customers measured exclusively on the new platform as existing wallets migrate and new customers are onboarded.
The company’s core mobile money revenue more than doubled, increasing by 102.2 per cent during the nine-month period, largely driven by higher float income as customer wallet balances more than quadrupled to N43.8 billion from December 2025.
However, the growth in core mobile money operations contrasted with the performance of MTN Nigeria’s wider fintech business, which recorded a 25.9 per cent decline in revenue to N97.5 billion in the nine months to September, compared with N131.6 billion in the corresponding period of 2025.
The divergence highlights the different performance trends within MTN Nigeria’s fintech operations. While core mobile money revenue expanded by 102.2 per cent, the wider fintech business remained under pressure, reflecting the impact of disruptions to its airtime and data credit service.
The decline was largely attributed to the suspension of the airtime and data credit service between April and June 2026. The service subsequently resumed under a multi-partner operating model, with revenue increasing by 78.5 per cent in the third quarter compared with the preceding quarter.
The transaction growth also provides an indication of increasing activity on the mobile money platform following the migration. At the end of September, MoMo PSB had 3.2 million monthly active users, while customer wallet balances had increased more than fourfold to N43.8 billion.
The figures, however, measure different aspects of the business. Transaction volume growth reflects changes in platform activity, monthly active users indicate customer engagement, while wallet balances show the funds held in customer accounts.
MTN Nigeria said its priorities for the fintech business include completing the migration of customers to the new MoMo platform, increasing wallet activity and expanding transaction use cases.
The company is also working towards restoring the airtime and data credit service to expected operating levels by the end of November 2026.
In addition, the structural separation of its fintech business is progressing, subject to regulatory approvals, as MTN Nigeria continues to pursue its broader strategy of developing digital financial services alongside its telecommunications operations.
The development comes as the company reported N4.61 trillion in total revenue for the nine months ended September 2026, representing a 23.6 per cent increase from N3.73 trillion recorded a year earlier.