MTN Nigeria moves MoMo to new platform as fintech revenue falls 26%
MTN Nigeria’s fintech revenue has yet to recover to pre-suspension levels after the company temporarily halted its airtime and data credit service between April and June 2026, even as it migrates mobile money customers to a new platform.
MTN Nigeria has shifted its popular mobile money service, MoMo, to a new platform called Alipay+, in an effort to expand its fintech operations as revenue from the service fell 25.91% in the nine months leading up to September 2026. The decline in revenue highlights the company's reliance on airtime and data credit services, which were briefly suspended in April to implement new compliance rules.
After resuming under a new multi-partner model, MoMo's transaction volumes increased by 69.1% compared to the previous quarter. The migration to Alipay+ aims to provide a more reliable and feature-rich customer experience. MoMo's monthly active users grew to 3.2 million by the end of Q3 2026, and the company expects this number to continue growing as existing users migrate to the new platform and new customers are onboarded.
MTN's fintech revenue now accounts for just 2.11% of the telecom operator's total revenue of ₦4.61 trillion ($3.42 billion) in the same period. Despite the challenges, MTN's CEO, Karl Toriola, remains optimistic about MoMo's potential, stating that the company aims to expand its customer base to 30 million in the medium term and compete with established mobile money operators like OPay, which has around 50 million active customers.
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