MTN moves MoMo to Alipay+ platform as fintech revenue falls 25.91%

MTN Nigeria has begun moving MoMo customers to a new digital payment platform after fintech revenue fell 25.91% to ₦97.5 billion in the nine months ended September 2026. The migration comes as monthly active MoMo users reached 3.2 million and transaction volumes rose 69.1%.

The revenue drop followed the temporary suspension of Xtratime, MTN's airtime and data credit service, on April 16, 2026. MTN suspended the service to comply with new regulatory requirements governing digital lending. Xtratime later resumed under a revised multi-partner arrangement, but recovery has been gradual.

Fintech revenue and MoMo migration

MTN's third-quarter financial results show fintech revenue rose 78.5% in the third quarter compared with the preceding quarter. The business still contributed just 2.11% of MTN Nigeria's ₦4.61 trillion revenue in the nine months.

In August 2026, MTN migrated MoMo Payment Service Bank to a new platform powered by Alipay+. The migration followed a strategic partnership between MTN Group Fintech and Ant International, aimed at improving 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.

MTN reported 3.2 million monthly active MoMo users at the end of September. Transaction volumes increased by 69.1% compared with the second quarter. Despite the broader revenue decline, the 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.

Restructuring and outlook

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. It also 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.