MTN Nigeria’s fintech arm has recorded its highest half-year revenue in at least five years, as the telecommunications giant continues to deepen its play in the digital financial services space.
According to the company’s financial results, fintech revenue surged by 71.8 percent to N83 billion in the first half of 2025, up from N48.4 billion in the same period of 2024. The figure represents a sharp increase from N31.6 billion reported in H1 2021, highlighting the company’s rapid fintech expansion trajectory.
“Fintech revenue grew primarily by the strong performance of the airtime lending product (Xtratime) and growth in advanced services, supported by the onboarding of high-value customers,” the company stated in its report.
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The report added that MTN’s strategic focus on expanding its fintech offerings appears to be paying off, with customer deposits growing significantly.
“Our continued focus on expanding advanced services and enhancing the quality of our fintech ecosystem has attracted more high-value users as we leverage our partner ecosystem, contributing to sustained growth in customer deposits, which increased by approximately fivefold compared to December 2024,” the company said.
Despite the growth in revenue and deposits, the number of active MoMo wallets declined by 6.1 percent to 2.7 million compared to December 2024. However, the company noted a rebound in the second quarter of the year, with the addition of approximately 562,000 new wallets during the period.
Also showing improvement were MTN’s distribution metrics: the number of active agents grew by 49.7 percent, and merchants onboarded rose by 3.5 percent, both compared to December 2024.
These figures, MTN said, reflect its strategy to optimise the quality of its distribution network and build a more sustainable fintech base.
Karl Toriola, the company’s CEO reaffirmed the company’s commitment to accelerating growth in the fintech segment.
“We are committed to executing our fintech growth strategy. After recalibrating our strategy earlier this year, we are encouraged by the positive trends observed in the second quarter and the renewed momentum in the broader ecosystem,” Toriola said.
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Toriola also emphasised the role of advanced services and strategic partnerships in driving MTN’s fintech growth.
“We have attracted a higher number of high-value users, leveraging our partner network, which has helped to spur sustained growth in customer deposits, which rose by nearly fivefold by June 2025, compared to December 2024.”
