MTN MoMo Revenue Doubled: What It Means for Your Money, OPay and Moniepoint

 

Dikanons Finance | Fintech

MTN MoMo just reported something worth paying attention to. Its core mobile money revenue more than doubled, while customer wallet balances increased more than fourfold.

But there is another part of the story. MTN moved MoMo PSB to a new Alipay+ platform in August 2026, and its reported monthly active users are now measured on that platform only.

So, what is driving the revenue growth? Does it mean more people are using MoMo? And what should you understand if you use MoMo, OPay, Moniepoint or a traditional bank app?

Let's break down the figures and explain what they mean for your money.

 

What MTN MoMo Reported in Q3 2026

According to MTN Nigeria's Q3 2026 financial results, core mobile money revenue increased by 102.2%.

Here are the important figures:

Metric	MTN's reported performance
Core MoMo revenue	Increased by 102.2%
Customer wallet balances	More than quadrupled to ₦43.8 billion
Monthly active users	3.2 million at September 2026
Transaction volumes	Increased by 69.1% in Q3 compared with Q2
Overall fintech revenue	Fell by 25.9% to ₦97.5 billion

 

The figures reveal two different developments. MoMo's core wallet business grew strongly, while the wider fintech segment recorded a decline.

Understanding the difference is important if you want to interpret MTN's performance correctly. MTN Nigeria's Financial Reporting page

Why Did MTN MoMo Revenue More Than Double?

The main driver was higher float income.

In simple terms, float income is income generated from funds held within a financial institution's payment or deposit system and placed in permitted interest-earning assets.

As customer wallet balances increased to ₦43.8 billion, the pool of funds supporting float income also became larger.

This helps explain why MoMo's revenue could rise significantly.

However, it is important to understand that the ₦43.8 billion represents customer wallet balances. It is not MTN's revenue or profit. The 102.2% increase refers to core mobile money revenue, not the total value of customer money held in wallets.

For customers, the lesson is that a growing wallet balance does not automatically mean the customer is earning interest on that balance.

Before keeping substantial money in a wallet, understand whether the product pays interest, what conditions apply and whether the money is held in a savings product or an ordinary payment wallet.

 

Did MoMo Actually Lose Active Users?

Not according to the comparable figures in MTN's Q3 report.

At the end of September 2026, MoMo PSB reported 3.2 million monthly active users. The comparable figure for September 2025 was 2.9 million, representing an increase of 11.6%.

Why, then, did the figure appear lower than the 5.0 million active wallets reported at half-year?

The explanation is the platform migration.

In August 2026, MoMo PSB moved to its new Alipay+ platform. MTN stated that the September active-user figure was measured on the new platform only, while legacy wallets were still being migrated and new customers were being onboarded.

Therefore, comparing the 5.0 million half-year figure directly with the 3.2 million September figure would be misleading.

There is also evidence of increased activity. MTN reported that transaction volumes rose by 69.1% in Q3 compared with Q2.

This suggests stronger transaction activity during the quarter, although it does not, on its own, establish how much each individual customer spent or how profitable every transaction was.

 

Why Did Overall Fintech Revenue Fall by 25.9%?

This is where the distinction between core mobile money and the wider fintech business becomes important.

Although core MoMo revenue increased by 102.2%, MTN Nigeria's overall fintech revenue declined by 25.9%, falling from ₦131.6 billion in the first nine months of 2025 to ₦97.5 billion in the corresponding period of 2026.

One major reason was the temporary suspension of Xtratime, MTN's airtime and data credit service.

Xtratime allows eligible prepaid customers to borrow airtime or data and repay the amount when they recharge. MTN temporarily suspended the service during the implementation of the applicable digital lending regulatory requirements.

For information on digital money lending regulation, consult the FCCPC's digital money lending information

The service later resumed under a new multi-partner model. MTN reported that revenue from the service increased by 78.5% in Q3 compared with Q2.

In other words, two different trends were happening:

1.    Core mobile money revenue increased, supported mainly by higher float income.

2.    The wider fintech business was affected by the suspension of the airtime and data credit service.

This explains why MoMo's core revenue could grow strongly while the overall fintech segment recorded a decline.

 

MoMo PSB vs OPay vs Moniepoint vs Traditional Banks: What Should You Know?

These services may look similar when you use their apps to transfer money, pay bills or receive funds. However, the institutions behind them do not all operate under the same licence.

Provider or institution	Relevant category	Important distinction
MoMo PSB	Payment Service Bank	Can accept deposits and provide payment services but cannot grant loans under the CBN's PSB guidelines.
OPay	Mobile money service, with a separate OPay Microfinance Bank	Check which regulated entity provides the particular product you are using.
Moniepoint	Microfinance Bank	Provides banking services under a microfinance banking licence.
Traditional bank	Deposit Money Bank	Operates under a commercial banking licence and offers a broader range of banking services.

 

Why does the licence matter?

It helps you understand what the institution is permitted to do, the products it can offer and the regulatory framework that applies to your deposits.

For example, the CBN's Payment Service Bank guidelines permit PSBs to accept deposits, operate electronic wallets and provide payment services. You can consult the Central Bank of Nigeria for its regulatory guidelines on Payment Service Banks. However, they prohibit PSBs from granting loans, advances and guarantees.

That restriction does not mean a PSB is automatically risk-free. Every financial institution carries operational, technology, liquidity and other risks.

Similarly, the fact that a provider operates a microfinance bank does not mean every loan application will be approved or that its lending limits are automatically higher than those of another provider.

Always check the legal institution behind the product, its licence and the terms of the service.

 

What Does NDIC Protection Mean for Your Money?

Deposit insurance is another important consideration when choosing where to keep your money.

The Nigeria Deposit Insurance Corporation (NDIC) provides protection to eligible depositors if an insured financial institution fails, subject to the applicable coverage limits and conditions.

The published maximum coverage limits include:

• Deposit Money Banks: ₦5 million per depositor per insured bank.
• Microfinance Banks: ₦2 million per depositor per insured institution.
• Payment Service Banks: ₦2 million per depositor per insured institution.
• Mobile Money Operator subscribers: A separate coverage arrangement of up to ₦5 million per subscriber, subject to the applicable scheme.

These limits are not unlimited guarantees. They also should not be applied interchangeably to every app or product.

For example, do not automatically assume that a wallet branded with a fintech company's name has the same deposit insurance category as a bank account operated by a separate subsidiary.

Check the institution holding your deposit and confirm its status using the NDIC's official insured-institutions information.

For more information, visit the NDIC website

 

Three Practical Lessons From MTN MoMo's Revenue Growth

1. Understand What Happens to Money in Your Wallet

A wallet is useful for receiving money, making transfers and paying bills. However, an ordinary payment wallet is not necessarily a savings account.

MTN's results show that higher customer wallet balances contributed to its increased float income.

That does not mean every wallet provider earns the same amount or that customers receive no benefits from keeping money in a wallet. It means you should understand the financial arrangement behind the product.

If you intend to keep money for several months, compare suitable savings products and their interest rates, fees, withdrawal conditions and risks.

2. Pay Attention to Platform Changes

The MoMo migration shows why customers should take platform updates seriously.

When a financial service changes its technology or operating platform, customers may need to update their apps, complete verification or follow migration instructions.

Do not ignore official notifications from your financial service provider.

Use only verified official channels, protect your PIN and password, and never disclose your one-time password (OTP) to someone claiming to help with migration.

If you have an unresolved balance or cannot access your wallet, contact the provider through its official customer support channels.

3. Look Beyond Revenue Headlines

A 102.2% increase in core MoMo revenue sounds impressive. However, the 25.9% decline in overall fintech revenue provides a broader picture of the business.

This is a useful financial lesson: one strong performance indicator does not automatically mean every part of a business is doing well.

When reading company results, look at the revenue source, the reporting period, customer activity and the factors behind the change.

That is how you avoid drawing the wrong conclusion from an attractive headline.

 

My Professional Take

From my perspective as an accountant, one important lesson from MTN's results is that revenue growth should never be viewed in isolation. It is equally important to understand where the revenue comes from, what drives it and how sustainable that source of income may be.

The increase in MoMo's wallet balances and float income shows why the financial structure behind a digital payment service matters. However, as a customer, I would not choose a financial platform simply because its revenue is growing. I would consider the institution's licence, transaction costs, reliability, customer support and the protection available for my deposits.

My advice is simple: use digital wallets for convenience, understand the terms of the service and make informed decisions about where you keep your money. A convenient payment platform and a suitable place for long-term savings are not necessarily the same thing.

 

Frequently Asked Questions

1. Is MTN MoMo PSB a commercial bank?

No. MoMo Payment Service Bank is a Payment Service Bank licensed under the CBN's regulatory framework. It can accept deposits and provide payment services, but it is not authorised to grant loans under the PSB guidelines.

2. Why did MTN MoMo revenue increase by 102.2%?

MTN Nigeria attributed the increase mainly to higher float income, supported by customer wallet balances that more than quadrupled to ₦43.8 billion from December 2025.

3. Did MTN MoMo lose active users in September 2026?

The 3.2 million figure at September 2026 was measured on the new Alipay+ platform only, so it should not be directly compared with the 5.0 million half-year figure. MTN reported year-on-year growth from 2.9 million in September 2025 to 3.2 million in September 2026.

4. Is my money safe in MTN MoMo?

MoMo PSB is a regulated Payment Service Bank, and eligible deposits are covered under the applicable NDIC deposit insurance arrangement, subject to its coverage limit and conditions. However, regulatory status and deposit insurance do not eliminate every possible risk. Protect your account credentials and confirm the applicable coverage.

5. Should I switch from OPay or Moniepoint to MoMo?

Not simply because MoMo's revenue increased. Choose a financial service based on the features you need, transaction charges, reliability, customer support, accessibility and the terms of the specific account or wallet.

6. Will MoMo increase its transaction fees because revenue has grown?

MTN's reported revenue growth was driven mainly by higher float income. This does not establish that transaction fees will increase. Check the provider's official fee schedule for any changes.

 

Final Thoughts

MTN MoMo's Q3 2026 results offer an important lesson about the changing nature of Nigeria's fintech industry.

Core mobile money revenue grew by 102.2%, customer wallet balances increased more than fourfold, and transaction volumes rose by 69.1% in Q3 compared with Q2. At the same time, the wider fintech segment recorded a decline because of the disruption to its airtime and data credit service.

For customers, the lesson is not that one fintech provider is automatically better than another.

It is to understand the financial institution behind the app, know where your money is held, check the applicable deposit protection and avoid keeping substantial funds in a payment wallet without understanding its terms.

Convenience matters, but understanding how your money is held matters just as much.

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Disclaimer: This article is intended for general educational and informational purposes only. It is based on publicly available company reports and regulatory information believed to be relevant at the time of writing. It should not be considered financial, investment, banking or legal advice. Financial products, fees, terms and regulatory requirements may change. Readers should verify information directly with the relevant financial institutions and regulators before making financial decisions. Dikanons Finance does not guarantee the accuracy or completeness of third-party information and accepts no responsibility for decisions made solely on the basis of this article.

Sources and Further Reading

1.    MTN Nigeria Communications Plc: Q3 2026 Financial Results for the Nine Months Ended 30 September 2026.

2.    MTN Nigeria: Financial Reporting.

3.    Nigeria Deposit Insurance Corporation: NDIC Deposit Insurance Information.

4.    Central Bank of Nigeria: Guidelines for Licensing and Regulation of Payment Service Banks in Nigeria.

5.    Federal Competition and Consumer Protection Commission: Digital Money Lending and Approved Providers.