MTN MoMo's revenue doubled in nine months
MTN Nigeria's MoMo PSB grew revenue 102.2% in the nine months to September 2026, and customer wallet balances reached N43.8 billion, per its results.
The facts
- According to Nairametrics, MTN MoMo Payment Service Bank (MoMo PSB) grew revenue by 102.2% in the nine months ended September 30, 2026.
- Customer wallet balances more than quadrupled to N43.8 billion in the same period.
- The figures come from MTN Nigeria Communications Plc's latest financial results, as reported by Nairametrics.
- The source gives no breakdown of user numbers, transaction volumes or profit for MoMo PSB.
Case notes · Danny's take
Why it matters
Mobile money in Nigeria has long been a promise. These numbers suggest it is starting to become a habit. Wallet balances that more than quadrupled mean people are leaving money in the wallet, not just passing it through. A telco with millions of SIM cards and agents already in place has a distribution edge that most fintech startups spend years trying to build. Revenue growth is not the same as profit, though, and the source does not say which one MoMo PSB is delivering.
For traders
Look at MTN Nigeria's full filing for MoMo PSB's profit, user numbers and transaction volumes, not just the headline growth rate. Doubling from a small base is easier than doubling from a large one, so check the base.
For builders
A telco-backed payment bank is both a competitor and a distribution channel. Look at how wallets, agents and bank transfers connect to it, and where a smaller product can serve people the big wallet does not reach.
Not financial advice. Do your own investigation.
This story was summarised with AI from Nairametrics Tech's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.