Africa’s largest telecommunications operator, MTN Group, is exploring banking licences in selected markets as it seeks to expand its rapidly growing lending business. The move could allow the company to accept deposits and provide loans directly from its own balance sheet, deepening its transformation from a mobile network into a financial-services platform.
Lending becomes the next growth engine
MTN currently offers loans through partnerships with established banks. Chief executive Ralph Mupita said direct lending could be considered in countries where the company has large customer bases and substantial balances held in mobile wallets.
The strategy would be introduced selectively and gradually. MTN expects to retain bank partnerships even in markets where it secures its own banking licence, allowing the group to balance growth opportunities with financial risk.
Mobile money provides scale
MTN’s MoMo platform had 70.8 million monthly active users at the end of June, an increase of 12.1 per cent from a year earlier. During the first half of 2026, the platform processed 13 billion transactions with a combined value of $330.5 billion.
Revenue from advanced services, including payments, e-commerce and lending, increased by 31.8 per cent. These services now represent a growing share of the mobile-money business as traditional transfers and cash withdrawals mature.
Opportunity brings greater responsibility
Banking licences could give MTN greater control over lending decisions, product development and interest income. They may also expand access to credit for consumers and small businesses that remain underserved by conventional banks.
However, direct lending would expose the company to credit losses, liquidity requirements and stricter regulatory supervision. MTN would need strong affordability checks, consumer safeguards and disciplined management of deposits.
The plan signals a broader shift in African fintech, with mobile-money providers moving beyond payments towards increasingly comprehensive financial services.
Newshub Editorial in Africa – 1 September 2026
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