MTN targets 30 million fintech users in Nigeria

Key facts

MTN currently has five million fintech customers in Nigeria.

The telecoms group sees a path to reaching as many as 30 million Nigerian fintech customers.

Achieving the upper target would make the customer base six times its current size.

MTN describes Nigeria as the market where its fintech growth opportunity is most pronounced.

Why it matters

Reaching 30 million users would add as many as 25 million customers to MTN’s Nigerian fintech base. The scale of the target highlights Nigeria’s importance to the group’s financial technology ambitions, although the available evidence does not specify a deadline, investment plan or products that would drive the expansion.

MTN is targeting a sharp expansion of its fintech business in Nigeria, with the telecoms group aiming to grow from five million customers to as many as 30 million over the medium term.

The upper target represents a sixfold increase from the company’s current Nigerian fintech customer base. In absolute terms, MTN would need to add as many as 25 million customers to reach that level.

The company views Nigeria as the market where its fintech opportunity is most pronounced. That assessment places the country at the centre of the growth potential identified by the telecoms group.

However, the available evidence does not define what MTN means by the medium term. It also does not provide annual milestones, expected spending, revenue projections or details of the fintech services through which the company intends to attract the additional customers.

It is therefore not yet clear how quickly MTN expects the expansion to happen or what operational steps will support it. For now, the figures establish the scale of the ambition: moving from five million Nigerian fintech customers towards a possible 30 million.