NewsBite analysis · Business, FinTech
TechCabal
MTN targets Nigeria's lending market, seeks new licences
MTN is making a strategic push into Nigeria's lending sector, seeking the necessary licenses to offer a variety of financial products directly. The company’s fintech division is one of its fastest-growing areas, with plans to address the notable credit gap affecting many businesses across Africa. The move shows MTN's commitment to enhancing financial accessibility in a burgeoning market where traditional lenders have significant limitations.
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Published 10 Jun 2026, 16:30 UTC4 min read
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Summary
TL;DR
- MTN seeks new regulatory approvals for lending licenses in Nigeria.
- The company aims to transition from facilitating loans to direct lending.
- Approximately 80% of Nigerian MSMEs lack access to formal credit.
- In 2025, MTN Fintech generated $2.8 billion in revenue.
- MTN already supports over 70 million active MoMo users.
Interesting facts
- Only 4-5% of adults in Africa have access to formal credit.
- MTN estimates the African fintech revenue pool may expand 13-fold in five years.
- More than 90% of transactions in Africa are still cash-based.