MTN MoMo Numbers Jump And People Are Noticing

Nigeria's mobile money industry is attracting more attention as MTN reports a major increase in revenue from its MoMo business. The growth suggests that more people are becoming comfortable using their phones to send, receive and manage money.

According to a November 2, 2026 report by Nairametrics, MTN MoMo revenue increased by 102.2%, while wallet balances reached ₦43.8 billion.

These figures show that mobile money is becoming an increasingly important part of everyday financial activities in Nigeria.

The Key Numbers Explained

The figures from MTN's nine-month results cover January to September 2026. Here is what they mean in simple terms:

• Revenue increased by 102.2%: MTN's core mobile money business generated more than twice the revenue it recorded in the same period last year.

• Wallet balances reached ₦43.8 billion: This was more than four times the amount recorded in December 2025, when customer deposits stood at approximately ₦9.84 billion.

• Active users reached 3.2 million: This represents an 11.6% increase from the 2.9 million recorded in September 2025.

• Transactions increased by 69.1%: The number of transactions completed in the third quarter was significantly higher than in the second quarter.

In everyday language, more money is being kept in MoMo wallets, more people are using the service, and more transactions are taking place.

It is important to understand that the ₦43.8 billion represents customers' wallet deposits, not MTN's revenue or profit. Nairametrics +1

What Is Driving MTN MoMo's Growth?

One major reason behind the increase is the growth in customer wallet balances. MTN explained that higher balances helped generate more float income. This is income earned from funds held within the mobile money system.

Another factor is the growing adoption of digital financial services. People increasingly want convenient ways to transfer money, receive payments and manage everyday transactions without always visiting a traditional bank.

MTN also moved MoMo PSB to a new Alipay+ platform in August 2026. The company expects the platform to provide a more reliable, secure and feature-rich experience.

The transition, alongside customer onboarding and increased transaction activity, could help the business attract more users. Nairametrics +1

What Does This Mean for Everyday Payments?

The growth of mobile money Nigeria could mean more convenient payment options for individuals, small businesses and market traders.

For example, a customer could pay a shopkeeper through a mobile wallet instead of carrying cash. A small business owner could receive payments and manage money through a phone.

It could also encourage more people to participate in digital financial services, particularly those who find traditional banking less convenient.

However, MTN's results also show that growth in one part of its fintech business does not mean every part is performing well. Its overall fintech revenue actually declined by 25.9% to ₦97.5 billion during the nine-month period, partly because its airtime and data credit service was temporarily suspended. Nairametrics

What Happens Next?

The latest MTN Nigeria results show that mobile money is becoming an increasingly important part of the company's digital financial services business.

With millions of active users, rising transactions and growing wallet balances, MTN MoMo has room to expand further.

For everyday Nigerians, the bigger development is the increasing role of digital wallets in how people send, receive and spend money.

The coming months will show whether MTN can maintain this momentum and turn its growing customer activity into sustained business growth.