MTN is on the lookout for fintechs in the payments, lending, and remittance space in a bid to accelerate its financial services offering, according to a report by Semafor.
“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,” CEO Ralph Mupita said.
In Africa, MTN’s fintech operation largely revolves around its mobile money business, which is present in more than 10 African countries. The service allows customers to send money domestically, pay merchants online and offline, and increasingly conduct cross-border remittances. Mobile money has become a cornerstone of MTN’s diversification strategy as traditional voice revenues stagnate and competition in data intensifies.
However, MTN’s definition of fintech extends beyond wallet-based services. In markets such as Nigeria, the company has frequently highlighted its airtime lending business — through which customers borrow airtime or data and repay later — as a fintech product. That segment alone generated more than ₦131 billion in revenue in 2025.
Fintech is currently the group’s primary acquisition focus, but MTN has not ruled out deals in adjacent technology verticals. In 2022, the company announced a strategic shift, rebranding itself from a telecommunications operator to a broader technology platform. Since then, it has invested in data centers, cloud services, and enterprise-focused technology tools aimed at governments and large organisations.
Alongside acquisitions, MTN is also rethinking how it expands geographically. Rather than entering new markets with its full suite of telecom and digital services, Mupita said the company is increasingly open to launching a limited number of offerings first. This more targeted approach could see MTN introduce fintech or digital financial services ahead of traditional telecom infrastructure, particularly in parts of East Africa.
The shift signals a growing confidence in fintech as a standalone growth engine for the group. With mobile money adoption rising and demand for digital payments and remittances accelerating across the continent, MTN appears intent on positioning its fintech arm as a catalyst for its next phase of expansion.
