MTN Group said at its capital markets day on 10 June 2026 that it was finalising the separation of its fintech businesses in Nigeria and Uganda, as it set out its Ambition 2030 strategy. The update followed the announcement of a technology partnership between MTN Group Fintech and Ant International, which MTN describes as a leading global digital payment, digitisation and financial technology provider, to transform the MoMo mobile-money platform into a super app. The partnership was announced on 9 June.
SEPARATION PROGRESS
In Nigeria, MTN Nigeria's shareholders approved the transfer of majority control of its fintech subsidiaries, including MoMo Payment Service Bank, to MTN Group Fintech B.V. at an annual general meeting on 30 April 2026. In Uganda, MTN is reorganising its mobile-money business under a separate holding structure. Ghana became the first market to complete the separation, on 31 March.
"The separations are complex as we have to minimise value leakage," group chief executive Ralph Mupita said. He said the company was open to minority shareholdings of up to 30% in its fintech businesses. MTN is also working to upgrade its banking licence in Nigeria so that it can offer lending, international remittances and a broader range of payment services.
In 2023, MTN agreed a minority investment and commercial partnership with Mastercard that valued its fintech business at about $5.2 billion.
ANT INTERNATIONAL PARTNERSHIP
Under the partnership with Ant International, MTN will deploy a mini-app platform intended to turn MoMo into a super app, integrating financial and commerce services, together with enhanced fraud-prevention capabilities and consumer and merchant engagement features. The upgraded platform is expected to debut in Nigeria next quarter, where MTN launched MoMo in 2022 after obtaining a Payment Service Bank licence from the Central Bank of Nigeria. MoMo operates in 14 African markets. MTN's Ambition 2030 strategy, presented at the capital markets day, projects that Africa's fintech revenue pool will grow 13-fold by 2030. MTN said MoMo had 69.5 million monthly active users.