MTN Pushes to Convert 317M Telecom Subscribers into MoMo Financial Users

MTN Group Fintech CEO Serigne Dioum says the telco aims to convert its 317 million mobile subscribers across Africa into active users of its MoMo financial platform, moving beyond simple money transfers. Speaking at the MTN Group Fintech Summit 2026 in Johannesburg, Dioum highlighted Nigeria and South Africa as key markets where MoMo penetration remains low despite huge subscriber bases.

In Nigeria, MTN appointed Bode Abifarin as Managing Director and CEO of MoMo Payment Service Bank effective September 1, 2026, to expand licences and align telecom and fintech operations. The platform already processes about 18 loans per second, averaging $20 each, and handled over 13 billion transactions worth $330 billion in the first half of 2026, with more than 2.3 million merchants, one million agents, and over $3 billion in international remittances.

A new partnership with Ant International will enable a super-app model, letting users save, borrow, pay merchants, receive cross-border remittances, and access everyday services without leaving MoMo. Dioum envisions a closed-loop ecosystem where payment becomes the final step of a digital lifestyle, not the primary goal.

For Nigerians, this means easier access to credit, savings, and payments for daily needs, potentially reducing reliance on traditional banks. Will you use MoMo for more than just sending money, or stick with conventional banking options?

SOURCE: https://techcabal.com/2026/09/04/serigne-dioums-mtn-fintech-vision-goes-beyond-mobile-money/