MTN Group is considering obtaining banking licenses in several African markets as the telecommunications company looks to expand its lending business beyond its current partnerships with banks.

During a press conference, MTN Group CEO Ralph Mupita said the company is evaluating markets with large customer bases and substantial balances held in mobile wallets.

“We’re beginning to explore whether it makes sense to acquire banking licenses in regions where we have large customer bases and substantial funds in wallets,” Mupita stated. “This would allow us to accept deposits.”

At present, MTN extends loans to customers through partnerships with banks. Mupita said that if the company secures banking licenses in selected markets, it could gradually begin using its own balance sheet for lending while continuing to maintain existing partnerships.

He said lending is a major opportunity for MTN’s fintech business, which has been built on mobile money, agent networks and payment services across multiple markets. “The key growth area now, and in the future, is lending,” he remarked.

The comments come as MTN’s fintech operations continue to expand across African markets, even though revenue growth in the segment was modest in the first half of 2026.

The telecom group said fintech revenue rose 1.4% year-on-year to about $931.7 million (R14.9 billion) in the first half of 2026. That increase came despite disruptions in some operations, including the suspension of airtime advance services in Nigeria and challenges with the agent network in Uganda.

MoMo, MTN’s mobile money platform, delivered stronger growth. Revenue from MoMo rose 17.8%, supported by the expansion of advanced services in countries including Ghana, Rwanda, Zambia and Benin.

The platform also recorded higher user engagement, with 70.8 million monthly active users, up 12.1% from a year earlier. The active agent network grew 13.1% to 1.4 million agents, while the active merchant base increased 18.1% to 2.3 million.

MoMo processed 13 billion transactions in the first half of 2026, up 17.2% year-on-year. Transaction value rose 33.8% to $330.5 billion.

These figures give MTN a large financial services customer base as it examines opportunities to expand lending and deposit services, but they also show how closely the business depends on regulatory approvals, market-specific partnerships and operational stability in individual countries.

In Nigeria, MTN’s fintech operations have also been profitable, with the MoMo Payment Service Bank and Y’ello Digital Financial Services generating revenue of ₦77 billion in the first half of 2026.

Nigeria remains a key market for MTN. In the first half of 2026, the country generated 30% of MTN Group’s service revenue, totaling about ₦3 trillion. That revenue came from data services, which contributed ₦1.70 trillion, voice services at ₦993 billion, and fintech at ₦77 billion.

MTN Nigeria posted strong earnings in the period as the telecom market recovered following tariff changes introduced in 2025.

The company is also restructuring its fintech operations to function more independently. In April 2026, MTN Nigeria announced plans to sell a 60% stake in its fintech services to MTN Group for ₦152.06 billion. Similar changes have already been made in Ghana and Uganda.

MTN’s latest strategy points to a more direct role in lending, and potentially deposits, in selected African markets. However, the company said this would be a gradual process rather than an effort to secure banking licenses in every market where it operates.