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MTN Nigeria’s fintech business has reported its highest half-year revenue in at least five years, underscoring the company’s aggressive expansion into digital financial services.
According to its latest financial results, fintech revenue surged by 71.8% to $56.2 million in the first half of 2025, up from $32.8 million in the same period of 2024. The performance marks a remarkable leap from $21.5 million reported in H1 2021, reflecting MTN’s sustained investment in its financial services strategy.
“Fintech revenue grew primarily due to 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.
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The report further highlighted that customer deposits rose nearly fivefold compared to December 2024, a testament to the company’s deepening fintech ecosystem and strategic partner collaborations.
“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,” MTN noted.
Despite the impressive revenue and deposit growth, active MoMo wallets declined by 6.1% to 2.7 million compared to December 2024. However, the firm observed a recovery in Q2 2025, adding approximately 562,000 new wallets during the period.
MTN’s distribution metrics also saw positive trends:
- The number of active agents grew by 49.7%.
- Merchants onboarded increased by 3.5%.
These improvements reflect the company’s strategy to strengthen its distribution network while building a more sustainable fintech base.
Karl Toriola, MTN Nigeria’s CEO, said the company remains focused on executing its long-term fintech roadmap.
“We are committed to executing our fintech growth strategy. After recalibrating our approach earlier this year, we are encouraged by the positive trends observed in Q2 and the renewed momentum in the broader ecosystem,” Toriola said.
He also reiterated that the growth is largely driven by advanced services and high-value customer acquisition, made possible through strategic partnerships across the financial services landscape.
MTN’s H1 2025 fintech performance positions it as one of the leading players in Nigeria’s fast-evolving digital finance sector, even as it faces the challenge of reactivating wallet users amidst rising competition.
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