MTN Group is exploring full banking licences in select African markets to expand its fintech offerings and capitalize on the continent’s digital lending surge.
MTN Group is seeking banking licenses in targeted markets to expand its fintech footprint and establish lending as a core growth driver according to CEO Ralph Mupita.
This move signals MTN’s drive to challenge established digital lenders like OPay and Moniepoint both of which have rapidly taken dominant shares in Africa’s expanding payments and credit market.
For MTN, this pivot beyond core telecom revenue marks a strategic shift toward building “future-proof” digital services.
Mupita identified payments, e-commerce, and lending as core pillars driving the company’s “future-proof” portfolio, noting that lending represents MTN’s primary long-term growth driver.
Currently, MTN provides loans via bank partnerships rather than direct lending. However, Mupita noted that the telecom giant is evaluating banking licenses in key markets with high user volumes and large mobile wallet balances enabling MTN to accept deposits and lend directly from its own balance sheet.
“It doesn’t mean we won’t do any partnership lending,” he added stressing that any transition would be selective and gradual given the risks involved rather than a blanket rollout across all of MTN’s African operations.
Beyond core financial services, MTN is scaling its digital infrastructure by building AI-enabled data centers in South Africa and Nigeria through Africa Data Hub Holding a joint venture with an undisclosed UAE-backed partner.
MTN will take a minority stake in the data center venture, with its Gulf-based partner providing the majority of the capital and technical expertise needed to build the facilities, according to Reuters.
The initial phase targets approximately 150 megawatts of capacity across South Africa and Nigeria with subsequent expansions dependent on demand.
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Together, MTN’s push for banking licenses and investments in data centers highlight its strategy to move beyond core telecom services and capture market share in Africa’s rapidly expanding digital finance and infrastructure sectors.
MTN has opened applications for the 2026 Africa PachiPanda Challenge, offering young Nigerian entrepreneurs tackling waste and pollution a chance to scale their green innovations for broader environmental impact.
In Nigeria, the top three winners of the challenge will share ₦10 million in cash prizes. They will also receive mentorship, business development support and direct access to investors and industry leaders.
