ABUJA, Aug 3 – MTN Nigeria’s fintech business recorded a sharp drop in revenue in the second quarter of 2026 after the company temporarily suspended its airtime and data credit service, Xtratime.
According to the company’s first-half 2026 financial statements, fintech revenue fell 72.4% year-on-year to ₦12.99 billion ($9.50 million) in the second quarter. As a result, first-half fintech revenue declined 7.2% to ₦77.2 billion ($56.49 million), even as the telecom operator reported stronger overall earnings. Profit after tax rose 70.6% to ₦707.54 billion ($517.69 million).
The decline followed MTN’s decision to suspend Xtratime on April 16 while it put in place processes required under Nigeria’s 2025 Digital, Electronic, Online or Non-Traditional Consumer Lending Regulations.
Even with the pause, the company’s mobile money business continued to grow. Mobile money revenue increased by about 132%, while active MoMo wallets rose by 1.3 million to five million during the period.
Meanwhile, MTN said the airtime credit service has resumed and expects fintech performance to improve in the second half of the year.
The company also said work is continuing on the planned separation of its fintech business after shareholder approval, although the transaction is still awaiting regulatory clearance. Under the proposed structure, MTN Group plans to invest ₦152.06 billion ($110.54 million) for a 60% stake in the fintech businesses, while MTN Nigeria will keep the remaining 40%.
Outside fintech, the telecom operator reported strong growth across its core business. Total revenue rose 25.9% to ₦2.99 trillion ($2.19 billion), supported by higher data and voice revenue. MTN ended the period with 92.2 million subscribers, 55.7 million active data users and declared an interim dividend of ₦26 per share.
