MTN Pursues Banking Licenses to Expand Financial Services

On August 25, 2026, MTN Group CEO Ralph Mupita announced that MTN, Africa's largest mobile network operator, is actively pursuing deposit-taking banking licenses in select markets. This decision signifies a shift from merely facilitating payment transfers to directly holding customer deposits and underwriting loans.

MTN's Mobile Money ecosystem processed $330.5 billion across 13 billion transactions in the first half of 2026, supported by 70.8 million active accounts. Currently, licensed banks manage the underlying deposits, limiting MTN to origination fees.

By obtaining banking licenses, MTN aims to change this dynamic. Mupita stated that the rollout will be strategic, focusing on markets with high wallet usage while maintaining partnerships with banks in other regions to manage credit risk.

He emphasized that the future growth of MTN will be driven by lending. In Nigeria, MTN is facilitating this transition by establishing its fintech division as an independent unit and implementing a high-throughput platform to enhance lending operations.