Introduction

MTN Nigeria has relocated its MoMo mobile money service to a new Alipay+ platform, even as fintech revenue continues to struggle. The migration comes amid a broader restructuring effort to stabilize the telco's digital finance arm.

What Happened

Between April and June 2026, MTN temporarily suspended its airtime and data credit service, Xtratime, to meet new Nigerian compliance requirements. The pause contributed to a 25.91% drop in fintech revenue, which fell to ₦97.5 billion ($72.42 million) over the first nine months of 2026. In August 2026, MoMo PSB officially migrated to the Alipay+ platform following a partnership between MTN Group Fintech and Ant International. The move is intended to boost transaction speed, reliability, and feature depth for MoMo users. Despite the platform shift, core mobile money revenue rose 102.2% driven by higher float income, with wallet balances quadrupling to ₦43.8 billion. Monthly active users reached 3.2 million by quarter-end, and transaction volumes jumped 69.1% quarter-over-quarter.

Why This Matters

The Alipay+ migration signals MTN's intent to leverage China-backed infrastructure to compete in Nigeria's crowded mobile money landscape. With OPay already serving roughly 50 million active customers, MTN aims to grow its own user base to 30 million over the medium term. The structural separation of MoMo Payment Service Bank and Y'ello Digital Financial Services into a new holding structure, backed by a proposed 60/40 split between MTN Group and MTN Nigeria, could reshape the company's fintech trajectory. However, revenue remains heavily dependent on airtime and data credit, and recovery depends on restoring full service capabilities and expanding wallet adoption beyond transactional usage.

Key Takeaways

  • MTN moved MoMo to Alipay+ in August 2026 after a partnership with Ant International.
  • Fintech revenue dropped 25.91% to ₦97.5 billion in the nine months through September 2026.
  • Xtratime suspension from April to June 2026 impacted short-term earnings.
  • Core mobile money revenue surged 102.2% as wallet balances quadrupled to ₦43.8 billion.
  • MoMo recorded 3.2 million monthly active users and a 69.1% quarterly transaction volume increase.
  • The company targets 30 million Nigerian customers and a restructured holding model to strengthen its market position.

Conclusion

MTN's transition of MoMo to Alipay+ marks a strategic pivot toward platform reliability and scaled digital payments, even as fintech revenue remains below pre-suspension levels. The success of this migration, coupled with the proposed holding structure and targeted user growth, will likely determine whether MTN can close the gap with dominant players like OPay. Stakeholders will be watching how quickly wallet activity deepens and whether the new infrastructure translates into sustainable, long-term revenue growth.