MTN Group is considering obtaining banking licences in selected African markets. This strategic move aims to deepen the telecoms giant's presence in financial services, allowing it to take deposits and finance loans directly.
The potential shift comes as MTN's financial technology (fintech) business continues its strong growth trajectory. Group Chief Executive Officer Ralph Mupita confirmed the company is assessing this option. MTN seeks to reduce its reliance on traditional banks and other financial institutions that currently fund some of its lending products.
This development fits into Ghana's evolving digital financial landscape. Mobile money has become a cornerstone of financial inclusion, with the Bank of Ghana actively regulating the sector. The central bank has been keen on ensuring stability and consumer protection within this rapidly expanding ecosystem. MTN's potential entry into direct banking could intensify competition and innovation in Ghana's financial sector.
Ralph Mupita stated that MTN is not pursuing banking licences across all its markets. Instead, it focuses on countries where its mobile money operations have sufficient scale. This includes markets with large customer bases and substantial funds moving through digital wallets. Ghana is a key market where MTN's MoMo Advance product, offering short-term credit, has seen significant uptake.
This move has several implications for Ghana's economy and financial markets. It could lead to increased access to credit for individuals and small businesses, particularly in underserved areas. Traditional banks might face stiffer competition, potentially driving down lending rates and improving service quality. The Bank of Ghana will closely monitor this transition, ensuring regulatory compliance and financial stability.
MTN's fintech ecosystem processed US$500.3 billion in transactions during 2025. This represents a substantial 37.6 percent increase from the previous year. The total value of loans facilitated through its BankTech business reached US$3.5 billion. This figure marks an impressive 80.4 percent year-on-year increase, highlighting the strong demand for digital lending solutions.
The growth in lending was largely driven by MTN's more mature markets. Ghana and Uganda were particularly strong contributors to this expansion. The company's MoMo Advance product provides short-term credit to customers. It has been successfully rolled out in several markets, including Ghana, Uganda, and Cameroon. This product exemplifies MTN's strategy to offer accessible financial solutions.
The transition to direct banking, if pursued, would be gradual due to associated risks. Lending directly from MTN's balance sheet requires careful management and robust risk assessment frameworks. This strategic evolution forms part of MTN's broader plan. It aims to transform its fintech operations into a major digital financial services platform. This platform will encompass payments, lending, remittances, savings, and insurance.
MTN currently operates MoMo across much of its African footprint. It reported 69.5 million monthly active MoMo customers at the end of 2025. This vast customer base provides a strong foundation for its expanded financial services ambitions. The company is currently considering the banking licence option. It has not yet announced any definitive acquisition of such licences. This careful assessment underscores the significance and complexity of the potential shift.
The potential for MTN to become a direct lender could reshape how financial services are delivered in Ghana. It could also influence the regulatory landscape. Policymakers will need to adapt to new models of financial intermediation. Consumers stand to benefit from increased choice and potentially more competitive financial products. This development marks a pivotal moment for digital finance in Ghana and across Africa.