MTN Targets Fintech Acquisitions as Mobile Money and Digital Finance Drive Growth

MTN Group has signalled strong interest in acquiring fintech companies in payments, lending, and remittances as it seeks to accelerate the expansion of its financial services business, according to a report by Semafor.

Speaking on the company’s acquisition strategy, MTN Group CEO Ralph Mupita said the focus is not on short-term deals but on strengthening the group’s long-term platform.

“This is not about buying things and flipping them. It’s about strengthening the platform. If an acquisition helps us grow faster, improve the customer experience, or bring new capabilities into the group, that’s what we’re interested in,” Mupita said.

Across Africa, MTN’s fintech operations are anchored by its mobile money business, which operates in more than 10 countries. The service enables customers to send money domestically, pay merchants both online and offline, and increasingly conduct cross-border remittances. Mobile money has become central to MTN’s diversification strategy as traditional voice revenues stagnate and competition in the data market intensifies.

However, MTN’s fintech ambitions extend beyond digital wallets. In key markets such as Nigeria, the group considers its airtime and data lending services a core fintech product. Through this service, customers borrow airtime or data and repay later. In 2025 alone, this segment generated more than ₦131 billion, equivalent to approximately $87 million, underscoring its growing contribution to group revenues.

While fintech remains MTN’s primary acquisition focus, the company has not ruled out investments in adjacent technology sectors. In 2022, MTN formally repositioned itself from a traditional telecommunications operator into a technology platform company. Since then, it has expanded into data centres, cloud services, and enterprise technology solutions targeted at governments and large organisations.

Alongside acquisitions, MTN is also adjusting its geographic expansion strategy. Rather than launching its full telecom and digital services stack in new markets, the company is increasingly open to rolling out select offerings first. This approach could see MTN introduce fintech or digital financial services ahead of traditional telecom infrastructure, particularly in parts of East Africa.

The strategy reflects MTN’s growing confidence in fintech as a standalone growth engine. With mobile money adoption rising rapidly and demand for digital payments and remittances accelerating across the continent, MTN appears determined to position its fintech arm as a key driver of its next phase of expansion and long-term value creation.

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