The caller was not a government official or a billionaire, but the moment was seismic. Nigeria then had fewer than 400,000 connected telephone lines for a population of over 120 million people. Getting a landline was considered a luxury, often requiring years of waiting, heavy unofficial costs, and privileged connections. For most Nigerians, access to telecommunication services was simply out of reach.

That first call was placed on the MTN Nigeria network. It began one of the most consequential corporate stories in African economic history, a story of explosive subscriber growth, billion-naira fines, currency crises, fintech ambitions, and, ultimately, the rewiring of everyday Nigerian life.

As MTN Nigeria marks 25 years of commercial operations, Techeconomy looks at 25 documented milestones and industry firsts, the operator’s measurable economic impact, its role in education, fintech and the startup ecosystem, the persistent tensions around data sovereignty and regulatory compliance, and the unfinished agenda that will define the next chapter.

MTN Nigeria at a Glance – FY 2025

Part One: 25 Milestones & Industry Firsts

Milestones are not marketing; they are data points. The following 25 events, drawn from NCC filings, NGX listing memoranda, company disclosures, and independent reporting, chronicle the arc of MTN Nigeria’s quarter-century, from a greenfield GSM licence to a multi-product digital platform serving nearly 90 million Nigerians.

Economic Impact

Transformation of Nigeria’s Teledensity

The most arresting data point in MTN Nigeria’s 25-year story is not a financial metric rather a structural one. In early 2001, Nigeria had around 400,000 fixed telephone lines for a population exceeding 128.5 million. Teledensity was below 1%.

By April 2023, the NCC recorded 223.6 million phone subscribers, a teledensity of 117%, with 157 million internet subscribers and 92 million broadband connections representing 48% broadband penetration.

The country had moved, within a single generation, from a communications desert to one of Africa’s most connected nations. MTN was not the only contributor to this transformation, but it was the catalyst.

GDP Contribution & Sector Performance

Nigeria’s telecommunications and information services sector is now the third-largest contributor to real GDP, behind agriculture and trade, according to NBS data for Q2 2024. The telecom sector contributed N2.508 trillion to GDP as recently reported, growing at 14.13% year-on-year in Q1 2023, the second consecutive year of double-digit growth.

MTN Nigeria, as the sector’s dominant player with over 37% market share by active subscribers (and over 50% by some Telegeography estimates), is the single largest private-sector driver of this output.

MTN Nigeria’s own revenue trajectory underscores the scale of value creation: from a nascent operator in 2001 to a company reporting N5.2 trillion (USD 3.84 billion) in full-year service revenue in 2025, a figure that would rank it among the top 10 companies on the Nigerian Stock Exchange by turnover. Its 2025 EBITDA of N2.7 trillion, at a margin of 52.7%, represents one of the most profitable large-scale operations in Nigerian corporate history.

Tax Contributions

MTN Nigeria paid N878.7 billion in taxes and levies in FY 2025 alone, a figure that dwarfs the budgets of multiple Nigerian state governments. In 2025, the company’s full tax charge under the newly implemented Nigeria Tax Act 2025 amounted to N583.18 billion (USD 429.7 million), representing 34.38% of net profit.

This was a reversal from a N149.89 billion tax credit in 2024 (itself a product of foreign exchange losses under the naira unification policy), and reflects the structural impact of fiscal reform on Nigeria’s largest corporate taxpayers.

Over its 25-year lifespan, MTN Nigeria has contributed hundreds of billions of naira in corporate taxes, import levies, spectrum fees, right-of-way charges, and the landmark N330 billion SIM registration fine, an involuntary but significant fiscal contribution to federal revenues.

The company’s 2019 NSE listing, itself a condition of the fine settlement, created one of the most widely held equity securities in the Nigerian retail investor market.

Employment & Indirect Economic Activity

MTN Nigeria directly employs thousands of workers and supports hundreds of thousands of indirect jobs through its distribution network of agents, dealers, and resellers.

Even if it sales the majority stakes in MoMo PSB, the 800,000+ agents constitute a micro-enterprise ecosystem in their own right, providing livelihoods in urban and peri-urban markets.

The operator’s capital expenditure commitments, N1 trillion in 2025 alone, flow into construction, logistics, equipment distribution, tower maintenance, and fibre deployment, multiplying through the broader economy.

Impact on the Telecommunications Sector

Market Structure & Competition

Again, MTN’s arrival in 2001 did not merely add capacity to Nigeria’s telecom sector, it created the sector. The NCC’s landmark GSM auction of January 2001 was itself the product of institutional courage: a public, transparent process that replaced a cancelled, scandal-ridden private tender.

MTN, Econet (later Airtel), and M-Tel each paid USD 285 million for their licences. MTN’s aggressive rollout put pressure on rivals and set the competitive tempo for an industry that would eventually expand to include Globacom (2003), Etisalat/9mobile (now T2) (2008-09), and multiple MVNOs from 2025.

Today, Nigeria’s  mobile market is a four-player oligopoly dominated by MTN (51.62% share) and Airtel (34.30%), followed by Globacom (12.20%) and T2, formerly 9mobile (1.88%), according to March 2026 NCC data.

MTN’s consistent network leadership, winning 14 out of 15 awards in Opensignal’s inaugural Nigeria Mobile Network Experience Report for the April-June 2025 period, including the overall Best Network title, has maintained its commercial dominance across three decades of changing technology generations.

Infrastructure Development

MTN’s fibre backbone, which now exceeds 30,000 km, underpins not only its own network but wholesale connectivity services for smaller ISPs and enterprise customers.

The company’s Dabengwa Data Centre is one of the few Tier III certified facilities in Nigeria, supporting hyperscale demand and regulatory data residency requirements. A March 2025 reciprocal RAN-sharing agreement with Airtel covering 4,200 sites, generating an estimated USD 150 million in combined capex savings over three years, signals a maturing sector moving from competitive duplication to infrastructure efficiency.

Technology Generational Leadership

MTN Nigeria has led or co-led every technology generation transition in Nigerian mobile history: the first 2G GSM call in 2001, 3G/HSPA+ deployment in 2008, 4G LTE launch by 2016, and 5G commercial operations from August 2022 with one of the first licences in sub-Saharan Africa.

By early 2025, 5G subscriber adoption had reached approximately 4.39 million (2.6% of the mobile base), with 5G adoption hampered by device affordability, infrastructure costs, and economic headwinds rather than network readiness.

MTN’s 5G download speeds of 235 Mbps, 6.4 times faster than 4G, position the infrastructure well for enterprise use cases including cloud surveillance, IoT, and private networks.

Tariff Reform & Sector Sustainability

One of the most significant structural developments in 2025 was the NCC’s approval of a 50% tariff adjustment, the first meaningful price revision since 2013. After years of operating under tariff structures eroded by naira depreciation (from approximately N307/USD in 2015 to a trough of N1,600/USD in 2024), MTN and other operators faced a systemic sustainability crisis.

MTN Nigeria’s 2024 loss of N400.44 billion, on record revenues of N3.36 trillion, illustrated the paradox of a revenue-rich, loss-making company battling forex losses of N925.36 billion.

The 2025 tariff adjustment, while controversial among consumer advocacy groups, enabled MTN’s dramatic profit recovery: a N1.1 trillion profit after tax in 2025, and a doubling of capex to N1 trillion, funding the network upgrades that will sustain service quality.

Impact on Education

The MTN Foundation Scholarship Programme

Established in 2010, the MTN Foundation Scholarship Programme has awarded over 14,700 scholarships across three categories: the Science and Technology Scholarship (STS) for 300-level students in public tertiary institutions; the Scholarship for Blind Students (SBS) since 2012; and the Top 10 UTME Scholarship, introduced in 2020, automatically awarded to the ten highest-scoring JAMB candidates each year.

In the 2026 cycle, 400 students are receiving STS awards of N300,000 each until graduation, conditional on maintaining academic standards. An additional 60 blind students receive N200,000 annually. These awards span 44 federal and state-owned institutions.

The programme’s three-tiered structure, covering STEM achievement, disability inclusion, and meritocratic secondary-to-tertiary pathways, reflects a considered, if modestly funded, approach to addressing Nigeria’s human capital gap.

Media Innovation Programme (MIP)

The introduction of MTN Media Innovation Programme, in 2022, in facilitated by the School of Media and Communications (SMC), Pan-Atlantic University, has become one of the most significant capacity-building initiatives for journalists and media professionals in Nigeria’s technology and business ecosystem.

Its importance lies in equipping journalists with deeper understanding of telecommunications, digital economy trends, innovation, fintech, AI, and emerging technologies, improving the quality of tech reporting in Nigeria. It may sound demeaning to say some who ‘report ICT or telecom’ could not differentiate between telecom subscribers and subscriptions. It is a fact!

Aside the being better equipped with the understanding of the industry and its peculiarities, MIP participants gain exposure to multimedia storytelling, data journalism, digital reporting tools, and modern newsroom practices required in today’s rapidly evolving media landscape.

By my estimation, MTN Nigeria would have spent N1.5billion on the project from Cohort 1 to Cohort 5!

By exposing journalists to industry realities, regulation, and innovation ecosystems, the programme helps reduce misinformation and improves balanced reporting on telecoms and technology issues.

Fellows interact directly with telecom executives, policymakers, academics, and innovators, giving them access to insights that strengthen analytical and policy-focused journalism.

Overall, the MTN Media Innovation Programme has evolved beyond a corporate training initiative into a strategic platform for strengthening technology journalism and digital economy discourse in Nigeria.

Digital Skills & the 3MTT Programme

Beyond formal scholarships, MTN Nigeria committed N3 billion to the Federal Government’s 3 Million Technical Talent (3MTT) programme, which had trained more than 90,000 Nigerians in digital skills by mid-2025.

The company’s Y’ellopreneur programme, meanwhile, provides business literacy and financial management training to SME owners and market traders, segments that form the informal backbone of Nigeria’s consumption economy.

MTN Nigeria also distributes STEM scholarships and has, per its Q3 2025 earnings disclosure, distributed over 25,000 learning materials as part of its education-focused CSI commitments.

The company also runs internship placements for scholarship recipients within its technical divisions, providing industry exposure to students who might otherwise graduate without sector-relevant experience.

Connectivity as an Educational Infrastructure

The most profound educational impact of MTN’s 25 years is infrastructural rather than philanthropic. Nigeria’s telecom penetration growth, from near-zero in 2001 to 117% teledensity, has enabled e-learning, EdTech platforms, digital libraries, and remote schooling at scale.

MTN’s network is the underlying infrastructure for virtually every digital education service operating in Nigeria, from Coursera access in Abuja to WhatsApp-based lesson distribution in rural Kebbi State. The 55 million active data users on MTN’s network as at March 2026, with average usage of 13.1 GB per subscriber per month, represent millions of Nigerians accessing educational content that was physically inaccessible a generation ago.

Startups and the Digital Economy

Startup Enablement & the Accelerator Ecosystem

In July 2025, MTN Nigeria launched its ‘From Africa, for Africa’ accelerator, a 12-week programme backed by a N100 million (USD 65,200) fund targeting startups across fintech, agritech, health, AI and cybersecurity.

Selected cohort companies receive access to MTN’s cloud services, MoMo APIs, and data analytics tools, a meaningful competitive advantage given the cost of building equivalent infrastructure independently. A demo day connects startups with investors and potential partners.

The programme enters a competitive accelerator market that includes Google for Startups Accelerator Africa and Telecel-Startupbootcamp AfriTech. MTN’s differentiator is infrastructure access: few accelerators can offer startups a ready-made distribution network and API access to one of Africa’s largest mobile money platforms.

The structural question is whether the N100 million fund is commensurate with the ambition, by comparison, the 3MTT programme commitment of N3 billion suggests the potential for significantly deeper startup investment.

MTN as Enabler of Nigeria’s Tech Ecosystem

Nigeria’s tech startup ecosystem, which produced Flutterwave, Paystack, Andela, and dozens of other unicorns and near-unicorns, was built on mobile connectivity infrastructure that MTN primarily provides.

Every mobile payment, USSD banking session, WhatsApp Business interaction, and API-driven transaction by Nigeria’s 50+ million active internet users traverses, in large part, MTN’s network. The operator’s enterprise segment, which recorded 54.7% revenue growth in Q1 2025, reflects the growing commercialisation of this infrastructure role, from IoT connectivity for energy and logistics companies to SLA-backed low-latency services for financial traders in Lagos’s Marina district.

Data Sovereignty, Regulations and Unresolved Tensions

No episode in MTN Nigeria’s history is more instructive, or more contested, than the N1.04 trillion SIM registration fine of October 2015.

The NCC fined MTN N200,000 per unregistered SIM for 5.2 million lines that had not been deactivated by the regulatory deadline.

The fine, equivalent to USD 5.2 billion, was the largest regulatory penalty ever imposed on a telecommunications company in Africa. MTN’s share price fell 20% on the Johannesburg Stock Exchange within days.

The episode illuminated several structural tensions: the gap between Nigeria’s regulatory ambitions and its enforcement infrastructure; the political leverage that a company representing one-third of MTN Group’s global revenue can exercise through diplomatic channels; and the SIM registration regime’s role as a data sovereignty instrument.

The fine was ultimately settled at N330 billion, a 68% reduction, paid over a staggered schedule completed by 2019, with the NSE listing as a partial quid pro quo.

The settlement revealed that regulatory independence, while constitutionally enshrined in the NCC Act, is subject to executive-level influence in practice.

Data Localisation & the Foreign Operator Question

MTN Nigeria is a subsidiary of MTN Group, a South African multinational. This ownership structure raises persistent questions about data sovereignty: where is subscriber data stored, processed, and potentially accessed by foreign intelligence services?

The NCC’s data localisation requirements, the CBN’s directives on MoMo PSB data residency, and the passage of Nigeria’s Data Protection Act 2023 have progressively tightened the regulatory framework around data handling.

MTN’s Tier III certified Dabengwa Data Centre in Nigeria represents a physical investment in local data infrastructure, but critics argue that ownership and operational control of data flows in a foreign-headquartered entity cannot be fully governed by national regulations alone.

Forex, Repatriation & Economic Sovereignty

MTN Nigeria’s 2024 loss of N400.44 billion was driven almost entirely by foreign exchange losses of N925.36 billion, a direct consequence of the CBN’s naira unification policy and the subsequent currency depreciation from N907.1/USD to N1,535/USD within a single year.

The paradox is structurally significant: a Nigerian company earning naira revenues from Nigerian consumers was effectively punished by the naira’s weakness, because its tower lease obligations and group-level transactions are denominated in foreign currency.

This dynamic, in which the financial health of Nigeria’s most important telecom infrastructure provider is materially exposed to FX policy, raises legitimate questions about the alignment between foreign corporate ownership structures and national economic resilience.

The 50% tariff hike approved in January 2025 partially resolved the immediate sustainability crisis, but the underlying structural exposure remains. MTN’s 2025 recovery, N1.1 trillion in profit after tax, was enabled partly by naira stabilisation (average N1,436/USD in 2025 vs N1,535/USD in 2024) and partly by the tariff adjustment. Neither factor is permanently guaranteed.

Quality of Service & Consumer Advocacy

Despite network leadership awards, MTN Nigeria and its peers have faced persistent criticism over quality of service, customer care responsiveness, and the affordability implications of the 2025 tariff hike. Consumer rights groups argued that a 50% tariff increase on services still suffering from dropped calls, data throttling, and billing disputes was premature.

The NCC’s position, that the increase was necessary to prevent network degradation and investment withdrawal, was technically defensible but politically difficult in a cost-of-living crisis.

MTN’s doubling of capex to N1 trillion in 2025 provides some empirical support for the regulator’s logic; the long-term test is whether service metrics visibly improve for the mass market.

The Unfinished Agenda

MTN Nigeria’s 25th anniversary is as much an occasion for audit as for celebration. Against the achievements must be set the targets unmet, the gaps unaddressed, and the structural risks that could complicate the next decade.

Digital Divide

Despite 117% teledensity, an estimated 200 million Nigerians across sub-Saharan Africa (including a significant proportion in Nigeria’s north and rural zones) still live without mobile broadband coverage, per GSMA data.

Lagos and Abuja account for 31% of sector revenue and host the densest 5G footprint. Fiber-to-tower ratios average 96% in these cities but only 31% in the rural North-East.

The government’s ambitious 70% broadband penetration target for 2025 was not achieved, penetration stood at approximately 45% at the start of 2025. Closing this gap will require not just MTN’s N1 trillion capex, but coordinated right-of-way reform, rural subsidy mechanisms, and device affordability programmes.

5G Mass Market Adoption

5G commercial users stood at approximately 4 million by early 2025, less than 5% of MTN Nigeria’s subscriber base.

High device costs, limited 5G device penetration, and the economic climate are the primary barriers. MTN’s 5G strategy is currently enterprise-first and urban-centric, a rational approach to ROI, but one that risks replicating the geography of digital exclusion that characterised early 4G deployment.

MoMo & Financial Inclusion Depth

With 5.5 million active wallets against a subscriber base of 87.3 million, MoMo’s penetration of MTN’s own customer base remains below 7%. The potential, in a country with 38 million unbanked adults, is orders of magnitude larger.

MTN’s pivot from volume to quality is strategically sound, but the pace of financial inclusion impact will need to accelerate if MoMo is to fulfil its social mandate rather than serve primarily as a revenue diversification vehicle.

Regulatory & Governance Maturity

The 2015 fine episode, the ongoing US SEC whistleblower complaint against MTN Group (reported in March 2026, relating to a contingent liability of up to 70% of the value of MTN Group’s proposed USD 6.2 billion merger with IHS Towers), and periodic questions about NCC independence all suggest that the governance and regulatory architecture around Nigeria’s most important telecom operator remains a work in progress. Regulatory predictability, transparent tariff-setting, and enforceable data protection are prerequisites for the long-term investment confidence the sector requires.

25 Hearty Cheers to a Network that partly Built a Nation

MTN Nigeria’s 25-year record is, by most objective measures, an extraordinary achievement. The operator arrived in a country where most people had never made a phone call, and built a network that today connects 89.5 million subscribers, processes trillions of naira in financial transactions, hosts millions of broadband connections, and serves as the invisible infrastructure for an emerging digital economy.

It has contributed hundreds of billions in taxes, trained tens of thousands of students, and physically enabled the connectivity on which Nigeria’s startup ecosystem operates.

It has also been fined the largest regulatory penalty in African telecom history, faced recurring questions about data sovereignty and profit repatriation, navigated foreign exchange crises that turned record revenues into billion-naira losses, and presided over quality of service gaps that continue to frustrate millions of consumers.

The tension between its role as critical national infrastructure and its nature as a foreign-owned, profit-maximising corporation has never been fully resolved.

The next 25 years will be shaped by whether Nigeria can build a regulatory architecture mature enough to extract maximum public value from MTN’s infrastructure without deterring the capital investment the country urgently needs.

For MTN, the question is whether it can transition credibly from a mobile network operator to a digital platform company, deploying MoMo, cloud, enterprise IoT, and 5G in ways that deepen inclusion rather than simply deepen margins.

The first call was made on May 16, 2001. The conversation, in many respects, is still ongoing.

This happened during the handover ceremony of the new Y’ello Box digital centre. The session, which brought together hundreds of residents, was designed to equip the local population, particularly women, with the necessary digital financial skills to navigate the modern economy and secure their families’ futures.

The Central Bank of Nigeria recently stated that there is still an over 20% gap left to meet its National Financial Inclusion Strategy (NFIS) target of 95 percent overall financial inclusion (this was originally set for the end of 2024). Currently 74% of Nigerians are financially included, as of the first half of 2025. This presents an opportunity that MoMo PSB intends to step in to fill.

Victor Onyebuchi, acting chief commercial officer, MoMo PSB, articulated the core philosophy of the drive, stressing that the goal was to keep wealth within the community.

“Our initiative is centred on financial inclusion –  ensuring that the economic value generated within this ecosystem remains in the community to fuel sustainable local growth,” Onyebuchi explained. This strategic focus ensures that the Y’ello Box serves as an internet cafe and an economic incubator.

The activation was an immersive experience led by the MoMo team, under the guidance of Deborah Odo-Effimi, the company’s chief compliance officer.

Residents were taught how to use MoMo for secure transactions, SIM registrations, and business management.

The atmosphere became electric when the training transitioned into a massive giveaway. To encourage the adoption of digital banking, MoMo rewarded active participants with prizes.

Residents walked away with solar-powered fans to combat the heat, umbrellas for the rainy season, and branded caps and wristbands.

These rewards served as practical incentives for the financial literacy challenges conducted on-site, including a special MoMo account challenge for elders aged 50 and above.

The session culminated in the announcement of two grand prize winners, Ibrahim Abdulrazaq and Sobanke Rasheedat, who were each awarded a ₦100,000 grant and a POS device to launch their own businesses.

“I’m so happy that I’m among the people they picked. I really appreciate it. This MoMo account means a lot to me,” Rasheedat said. When asked about her business plans, she shared her vision for expansion: “I would like to use the money to upgrade my business. Because I’m a business owner. I sell bags. And my mom sells flowers.” Another dream may just come true, all because of a Y’ello Box.

The panel, moderated by Olumatoyin Abioye, fintech product lead, featured Musty Mustapha, co-founder and managing director of Kuda MFB, and Rosemary Aimankhu, chief commercial officer of MoMo PSB.

“Every decision you make in a business has its implications, and it has its cost,” Mustapha said. 

“When you operate with the mindset of growing at all costs, regardless of whether you are really adding value to people’s lives, you are only solving for today and neglecting what could happen in the future.” 

He stressed that African users are digitally aware but operate in low-trust environments, meaning fintechs must design products that build value, not rely on incentives for user acquisition.

Aimankhu reiterated this point, noting the need to understand the context of users. “When we have the context of who those billion users are, we can actually create the value that is speaking about. It’s very, very important,” she said. 

She added that operational weaknesses are usually the first to fail as companies scale, highlighting the importance of preparing systems for growth from the outset.

Mustapha explained that the early months of a fintech’s life often leave operations underdeveloped because priorities focus on product and software development. 

“Anything or any area of a business you are not giving 100% attention to is the area that will cause problems as you scale,” he said. 

He recommended building flexibility into growth strategies and adjusting priorities over time, from customer acquisition to compliance, and eventually revenue.

On the question of trust, Aimankhu said reliability is indispensable. “You are available when I want, I can close my eyes and say, when I make this transfer, the person at the other end is going to get it. If the person does not get it, I begin to doubt,” she said. 

Mustapha added that infrastructure beyond fintechs’ control, like roads, electricity, and identity systems, is a limiting factor, and businesses must plan with redundancy to mitigate these constraints.

The panel also explored which fintech models will dominate mass adoption. Aimankhu predicted embedded finance would prevail for low-end smartphone users, noting the importance of affordable, reliable services for everyday payments. 

Mustapha highlighted the competitive advantage of combining fintech agility, telco distribution, and strong balance sheets from traditional banks.

The challenges startups avoid acknowledging has always been an issue to be addressed, and Mustapha stressed that assumptions about average users are common. 

“A lot of us still continue to have this conception of what an average user is. What they want is just that you create political trust,” he said. 

Aimankhu further added that leveraging local community networks is essential to gaining customer trust.

The discussion ended on balancing tough decisions between staff and customers. While Aimankhu said, “The customer is the reason why we’re here. You can reorganise internally to reposition that staff, but never prioritise your staff over your customer.” 

Mustapha, on the other hand, noted that a business should avoid ever having to make such a choice, maintaining both staff and customer support to keep operations stable.

Reaching the next billion users in Africa is not simply about rapid growth, but creating value, building trust, and preparing operationally for unpredictable scale.

This Memorandum of Understanding was signed at the MoMo PSB head office in Victoria Island, Lagos on Wednesday February 3.

Through this partnership, registered SMEs under SMEDAN will gain access to MoMo PSB’s digital solutions across multiple channels, including apps, POS, USSD, partner portals, and other tailored platforms.

These solutions enable merchants to accept payments through multiple channels, pay staff salaries, manage tills and multiple shops, and oversee core business activities from a single, integrated platform.

Participating businesses will also enjoy access to market opportunities within the broader MoMo PSB and MTN ecosystem, alongside capacity-building support designed to strengthen their operations and support long-term growth.

The partnership underscores MoMo PSB and SMEDAN’s shared commitment to empowering entrepreneurs with practical, accessible financial solutions that reduce operational stress, improve cash flow, and enable business growth. By combining SMEDAN’s extensive SME network with MoMo PSB’s digital financial infrastructure, the collaboration will drive meaningful impact across Nigeria’s SME ecosystem.

Speaking on the partnership, Usoro Usoro, the executive director, Strategy and Innovation for MoMo PSB said:

“This partnership with SMEDAN reflects our commitment to supporting small and medium-scale businesses with tools that help them operate more efficiently and unlock new growth opportunities. Through the MoMo PSB Business App, we’re making it easier for entrepreneurs to manage payments, increase revenue, and focus on growing their businesses profitably.”

Charles Odii, the director general/CEO of SMEDAN, also said,

“This partnership is about removing friction and making sure financial support reaches small businesses in a way that is simple, transparent, and built for real impact.”

The benefits of the MoMo PSB’s digital solutions are not limited to SMEs within the SMEDAN Ecosystem. SMEs all over Nigeria can also access these tools for growth.

MoMo PSB remains committed to bridging financial gap in Nigeria through strategic partnerships and collaboration.

The PSB is also deepening inbound remittance capabilities from the United Kingdom, United States, Canada, and Europe.

With the latest expansion, MoMo PSB customers in Nigeria can now send money to a wider network of African countries, including Ghana, Benin Republic, Rwanda, Togo, Cameroon, DR Congo, Congo Brazzaville, The Gambia, Côte d’Ivoire, Liberia, Malawi, Zambia, Sierra Leone, Uganda, and now Kenya and South Sudan.

On the inbound corridor, customers can conveniently receive international transfers directly into their MoMo wallets from senders across the UK, US, Canada, and Europe.

This development reinforces MoMo PSB’s growing role in enabling fast, secure, and inclusive cross-border payments for Nigerians at home and in the diaspora.

The enhanced service offering reflects MoMo PSB’s ongoing commitment to advancing financial inclusion by simplifying the process of moving money across borders.

Customers benefit from swift transaction processing, competitive exchange rates, secure transfers, and the ease of receiving funds directly into their MoMo wallets, removing many of the delays and frictions traditionally associated with cross-border remittances.

The expansion is driven by strategic partnerships with Brij, Lightway Finance, and Thunes, leveraging their global payments infrastructure to deliver reliable, efficient, and compliant cross-border transfer experiences.

Speaking on the development, Usoro Usoro, Executive Director, Strategy and Stakeholder Management, MoMo PSB, said:

“Through our partnerships with Lightway Finance and Thunes, we have strengthened our international payments infrastructure to support both outbound and inbound remittances across key corridors. This expansion reflects our commitment to building secure, scalable, and inclusive financial solutions that meet the evolving needs of our customers.”

By widening both its sending and receiving corridors, MoMo PSB continues to deepen access to financial services and strengthen Nigeria’s connection to the global economy, making international payments more accessible, affordable, and seamless for individuals and businesses alike.

The 90-day promo, which kicked off on June 23, has continued to gain momentum across the country.

The initiative offers customers the chance to win life-changing prizes, including grand cash rewards and smaller daily prizes, simply by recharging their lines.

Speaking on the impact of the promo, Dr. Karl Toriola, MTN Nigeria’s chief executive officer, has said:

“We understand the evolving needs of our customers. The MTN Mega Billion Promo is our way of giving back, providing tangible value, and demonstrating our unwavering commitment to their financial well-being. We remain customer-first in everything we do.”

For many beneficiaries, these winnings have gone beyond personal gain, helping to cover family needs, invest in small businesses, and access essential services.

Participation spans both urban and rural areas, reflecting MTN’s stated goal of making the promo inclusive and accessible.

One such beneficiary is a young woman, named Deborah Obuhoro, who won ₦5 million on her birthday.

“Growing up has been very difficult for me, taking care of myself, my siblings, my family.” she said. “I’ve never even had a million naira in my account. Now I’m five million naira rich. It’s like a dream come true.”

According to Onyinye Ikenna-Emeka, MTN Nigeria’s chief marketing officer, the use of MoMo Payment Service Bank (MoMo PSB) for disbursements has enabled broader participation and access.

“The MTN Mega Billion Promo is more than a reward scheme. It is a strategic initiative to empower customers through MoMo PSB. By leveraging MoMo for prize disbursements, we are not only facilitating winnings, but we are also driving broader financial inclusion,” she said.

The promo aims to produce 195 millionaires and a total of 5,460 winners within 90 days. Rewards range from daily cash prizes to a N5 million jackpot on weekdays and aN10 million jackpot in the ‘Saturday Mega Draw,’ creating a weekly climax of excitement.

To join the promo, customers simply dial *900# to opt in, and recharge with as low as 100 naira. The Mega Billion Promo aligns with MTN’s broader mission to empower Nigerians and create opportunities that reach beyond connectivity.

MTN is reinforcing its role as more than just a telecommunications provider, it is positioning itself as a partner in progress for millions of Nigerians.

Fintech Revival Gains Traction

After recalibrating its strategy earlier this year, MoMo PSB entered H1 2025 with sharp intent, and the numbers speak volumes.

Active wallets rose to 2.7 million, bolstered by the addition of over 562,000 new customers in Q2 alone.

This renewed momentum comes as MTN Nigeria doubled down on its commitment to drive inclusive digital finance for underserved communities.

A standout figure: customer deposits surged nearly fivefold between December 2024 and June 2025, reflecting rising trust in MoMo’s secure, accessible services and an expanding user base of high-value customers.

Expanding Partnerships, Enriching Ecosystems

Leveraging a strengthened partner network, MoMo PSB focused on attracting premium users and enhancing deposit performance.

This ecosystem-driven approach has unlocked new opportunities for integrated services, improved wallet functionality, and deeper engagement in Nigeria’s digital payment landscape.

“MoMo’s resurgence is not just about growth, it’s about strategic refinement and ecosystem empowerment,” said Karl Toriola, CEO of MTN Nigeria. “We’re building a fintech platform that’s resilient, user-centric, and transformative for millions.”

MoMo at the Heart of Digital Inclusion

As MTN Nigeria channels investment into infrastructure and innovation, MoMo PSB stands as a pillar of financial inclusion. The company’s role in expanding access to digital financial services aligns tightly with MTN’s broader vision of empowering Nigerian communities through technology.

Through initiatives like the ₦3 billion commitment to the 3MTT Programme and the launch of a ₦100 million startup accelerator, MoMo PSB is actively helping bridge gaps in access, opportunity, and entrepreneurship.

These efforts are creating real value, not just for customers, but for the future of Nigeria’s digital economy.

Looking Forward: Stability Meets Scalability

With macroeconomic headwinds easing and digital adoption rising, MoMo PSB is positioned to scale further in H2 2025. As MTN Nigeria shifts to optimize capex and enhance free cash flow, the fintech segment is expected to play a critical role in sustained profitability and service innovation.

MoMo PSB’s strategic renaissance is more than a comeback, it’s a signal of resilience, readiness, and relevance in an increasingly digital Nigeria.

Let’s get one thing right, Payment Service Banks (PSBs) are not miracles. They’re not here to solve every problem, but they’re supposed to make moving money simpler, especially for folks who’ve been historically locked out of formal banking. 

Both MoMo PSB (by MTN) and Smartcash PSB (by Airtel) assert being at the forefront. But assertions are cheap. Apps crash, customer care ghosts you, and your money vanishes into a digital black hole. So, we decided to do what a lot of people won’t—tell you the truth, straight up.

This isn’t a hit job. Far from it. MTN and Airtel are partners in building digital Nigeria, and as stakeholders ourselves, we believe feedback (however blunt) is the only fuel for better service. So, here’s an honest comparison that’ll help them serve you better.

User Experience

If customer reviews were gospel, MoMo PSB would need a serious intervention. The app does well in terms of free data access, user-friendly design, international transfers, and a wide bouquet of services. But then, many users say it’s like dating someone with potential but no consistency. One day it works like a dream, next day you’re locked out, calling customer care that won’t pick.

Some reviewers seemed quite upset, with one stating: “I transferred 30k, couldn’t send it out, ended up buying airtime till it finished.” Others? Comedic: “This app is bipolar.”

Smartcash PSB isn’t walking on water either. Sure, there are users who say the app is “fast and sharp” and has “the best UI ever,” but others describe the app as a “fraud,” accuse it of withholding refunds, and complain about bugs so numerous they could start a farm. 

“The bugs in this are enough to start a farm…you should be sued for making such an inconvenience for people.”

Another user’s review reads: “This is the worst financial app I’ve ever used in my life…focus on making your network better.”

Other issues range from false promises—like a supposed 100% bonus that turned out to be a measly 2%—to delayed refunds and locked accounts for no clear reason. Signing up alone is a challenge for many, with repeated errors, failed validations, and app crashes making onboarding an issue.

Hence: Both apps are frustrating in their own unique ways. If you’re lucky, they work. If you’re not, welcome to the club.

Features and Functionality

MoMo PSB offers a commendable menu: transfers, airtime/data, bill payments, diaspora remittances, and the popular USSD backup (*671#). Its data-free app use is a unique feature. MoMo’s latest “Refer & Win” campaign even dangles 50 years of airtime or data if you refer friends. Awesome.

Smartcash PSB isn’t behind in innovation either. From selfie-based identity upgrades to free 5GB bonuses on deposits, the platform clearly wants to hook users. It also supports international remittances and has a wider service ecosystem for rural users, with USSD backup (*939#).

But behind the bells and whistles are some very real cracks. MoMo users frequently complain of delayed transactions, login errors, and a customer support team that vanishes when needed most. 

Smartcash users, while enjoying rewards, usually face uncredited transactions, poor refund processes, and exaggerated marketing claims. It’s not always what you get—it’s what you thought you were getting.

Winner: It’s a draw. Both MoMo and Smartcash offer attractive features, but execution is shaky.

Customer Service

On the subject of responsiveness, MoMo PSB’s record is bleak. Looking at WhatsApp to email to carrier pigeon, users say they’ve tried it all—no help in sight. One user wrote, “I am extremely disappointed with momo psb customer service. I reached out to them multiple times through email, WhatsApp, Instagram, and even by phone, yet received zero responses. A transaction was made to my account, and the money still hasn’t reflected. How can a bank operate with such poor communication and lack of responsibility when handling people’s finances?”

But Smartcash PSB isn’t exactly customer service royalty either. One customer’s ₦500,000 transaction failed, “This app lied to me, my money close to 500,000 did not enter my account and the money was with them.” Another waited days to verify their BVN, only to be told to start over. Even when issues are escalated, resolutions are usually delayed or unhelpful. A user bluntly called the support team “sad excuses for developers.”

Winner: Nobody. Both PSBs need to retrain their teams and reimagine what ‘support’ means.

Network and Agent Reach

Here’s where scale starts to matter. MoMo PSB, powered by MTN, has considerable reach, with 68,016 agents by the end of 2024. Though this was a decline from the 239,000 recorded earlier in the year, it was a deliberate act focused on prioritising higher-quality, more engaged users and optimising operational efficiency. It’s easy to find a MoMo agent in even semi-rural areas. 

But Smartcash PSB, backed by Airtel, has built out its agent network to over 205,000 agents as of March 2024.

And where you can’t find an agent, the mobile app becomes your only hope. Unfortunately, that hope hangs on the app not crashing.

Innovation and Recognition

MoMo leads with incentives and a zero-data app. Smartcash counters with faster upgrades and stronger localisation. But in terms of public recognition, Smartcash PSB walks away with a prize—literally. It was named Outstanding Payment Service Bank of the Year (2024), a title MoMo is yet to match.

Who Should You Trust With Your ₦1,000?

Neither MoMo nor Smartcash apps are flawless, and your experience depends largely on luck, patience, and how urgently you need your money.

Smartcash PSB offers enticing rewards and a more stable app environment, but its trust issues and exaggerated promises are dealbreakers for some. MoMo PSB, with its data-free advantage and larger name recognition, sometimes has technical glitches and silence from customer care.

Our advice? Use both—cautiously. But keep your receipts, screenshots, and a backup plan.

Final Scorecard

So, what’s your experience been like using MoMo or Smartcash PSBs? Are you team MoMo or Smartcash? Tag us @TecheconomyNG and let’s get the real conversation started.

Let this be a wake-up call for both the users and providers too. You’re not competing with each other. You’re competing with trust. And right now, both of you are overdrawing.

The new campaign is part of MoMo PSB’s ongoing commitment to deepening financial inclusion and enhancing the digital banking experience for millions of Nigerians.

According to the fintech company, with ‘Refer & Win’, MoMo customers who perform qualifying transactions and refer their family and friends to open and activate/reactivate their accounts stand a chance to be among the 11 lucky winners to receive star prizes of airtime or data every month for 50 years, or the 110 lucky winners to receive consolation prizes of airtime or data every month for one year.

The promo is open to both new and existing customers.

Phrase Lubega, the chief executive officer of MoMo PSB, described the campaign as an avenue to give back to loyal customers whilst promoting seamless and convenient transactions.

“This initiative is about giving back to our customers while promoting the ease and convenience of using MoMo for everyday transactions. By simply transacting on the platform, customers get the chance to enjoy free airtime and data for life, an offer that truly rewards their loyalty,” he said.

Lubega said the company’s goal is to redefine banking by making financial transactions seamless, accessible, and rewarding for every Nigerian.

“With initiatives like Refer & Win, we are not only incentivising our customers but also reinforcing our commitment to financial inclusion. We want every transaction on MoMo to be more than just a payment, it should be an opportunity to gain more value, convenience, and benefits”, he added.

To participate in the promo, customers need to perform any of the eligible transactions such as MoMo-to-MoMo transfers (minimum of N1,000), other bank transfers (minimum of N1,000), Pan African inbound/outbound remittance (minimum of N10,000), bill payments (minimum of N1,000), betting wallet top-ups (minimum of N1,000) and airtime/data purchases (minimum of N200), and refer as many friends as possible to open accounts and do same or reactivate their inactive accounts by doing the same.  They also get an instant 100MB on every active referral.

There will be a weekly electronic draw from week 2 – week 12 which will see a total number of 121 lucky winners emerge at the end of the promo duration.

Each qualifying transaction automatically enters them into the promo, with winners selected through periodic draws. Note that the performance counter resets every week. The promo will run for 12 weeks effective 3rd April – June 25th, 2025.

As part of the initiative, MoMo PSB will also engage users through nationwide activations, interactive sessions, and digital campaigns to drive awareness and participation.

The Refer & Win promo further strengthens MoMo PSB’s position as a key player in Nigeria’s financial services sector, offering innovative solutions that simplify transactions and enhance customer satisfaction.  (Terms and Conditions apply).

The program, held on March 26 at the fintech’s headquarters in Victoria Island, Lagos, aimed to bridge the financial literacy gap and foster economic inclusion.

Participants engaged in interactive workshops, mentorship sessions, and expert-led discussions, gaining practical knowledge on savings, investment strategies, and wealth-building.

The event provided women with essential tools to make informed financial decisions and take control of their financial futures.

Chioma Nwahiri, Head, Business Development, MoMo PSB, highlighted the importance of financial empowerment for women, stating:

“Every woman deserves access to financial security, stability, and growth. Women deserve financial independence and freedom; and at MoMo PSB, we believe that financial knowledge is a key driver of economic empowerment.”

Speaking on leveraging MoMo PSB as a tool for financial freedom, she added:

“MoMo is designed to make financial management simpler, smarter and more accessible for every woman. A financially independent woman can secure her family’s future, invest in her career or business, navigate challenges with confidence, and achieve her personal and professional goals. That’s why we created the MoMo app, to give users a simple, secure, and powerful financial management tool.”

Jennifer Awirigwe, founder of FinTribe, highlighted the collaboration’s impact in advancing financial education among women.

“FinTribe was built on the foundation of empowering women to make informed financial decisions.We truly appreciate MoMo PSB for partnering with FinTribe on this initiative. This partnership highlights the power of financial inclusion, demonstrating that when women come together in the right circles, we can achieve remarkable things.“

The event not only provided valuable learning experiences but also served as a platform for networking and sharing inspiring stories of financial journeys.

Participants left with practical strategies to improve their financial well-being, reinforcing MoMo PSB’s commitment to advancing financial inclusion and expanding opportunities for women across Nigeria.

This International Women’s Day celebration marks another milestone in MoMo PSB’s mission to empower, educate, and uplift women, demonstrating the company’s ongoing dedication to supporting women’s financial growth and independence.