This initiative underscores MTN’s commitment to customer-centricity, coming on the heels of recent adjustments to voice and data tariffs.

The MTN Mega Billion Promo is aimed at cushioning the impact of these changes while delivering visible and immediate value to subscribers.

“We understand the evolving needs of our customers, especially in the current economic climate,” said Dr. Karl Toriola, CEO, MTN Nigeria. “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.”

The promo is geared towards producing 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.

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

Participation is free and open to all MTN subscribers aged 18 and above. Customers can opt in through the following channels:

•    USSD: Dial*900#;
•     MyMTN App: Use the Mega Billion section to opt in and track entries;
•     SMS: Text ‘MEGA’ to 900;
•     Web: Visit https://mtnmegabillion.comand click subscribe.

Once in, every recharge of N100 or more made via bank channels, VTU, myMTN NG, MoMo, USSD, or Logical Pins automatically qualifies the subscriber for daily and weekly draws.

Winners will be selected using a random number selector, based on accumulated points from recharge frequency and amount.

Daily excitement draws will be streamed live across Instagram Live, YouTube Live, and Facebook Live, ensuring transparency and daily engagement, and allowing participants to witness the selection process in real time. Winners will be notified through official MTN channels, and public announcements will be made only with their consent.

The MTN Mega Billion Promo delivers on MTN’s brand promise to provide customers with value, excitement and empowerment, especially in a time of economic change.

This is primarily in response to Uganda’s National Payment Systems Act 2020 and is an important part of the MTN Group’s strategy to enhance value from its fast-expanding financial technology services.

The National Payment Systems Act 2020 explicitly requires mobile money operators to establish distinct legal entities for their financial services. 

The Act states, “A payment service provider, other than an entity solely established to issue electronic money, a financial institution or microfinance deposit taking institution, that intends to issue electronic money shall establish a subsidiary legal entity for that purpose.” (Section 48(1)). 

Again, it prevents telecom operators from using airtime as a substitute for money, clarifying that “An electronic money issuer shall not— (a) count or issue airtime as electronic money; or (b) use airtime for permissible transactions.” (Section 55(2)). 

These stipulations necessitate a clear demarcation between mobile money and traditional telecom services.

This restructuring also aligns with the “Ambition 2025” strategy of the Johannesburg-listed MTN Group. 

The group is creating standalone fintech entities across its key African markets, including Ghana and Nigeria, to unlock new value, attract investors, and ensure solid regulatory adherence. 

For instance, MTN Ghana launched “New FinCo” in May 2025, and MTN Nigeria established MoMo PSB under a Payment Service Bank licence.

The proposed transaction will see MTN Mobile Money Uganda transferred to a new, independent entity. This new company will be owned by MTN Group Fintech Holdings B.V. and a trust established to represent the interests of MTN Uganda’s minority shareholders. 

The separation aims to enable both the mobile money and telecommunications businesses to pursue their respective growth paths independently within the East African market.

MTN MoMo already holds a strong footprint, particularly across West and Central Africa, with approximately 14 million active subscribers in Uganda alone. 

The mobile money services ascertained commendable growth in the first quarter of 2025, with revenues increasing by 18.4% to reach $70.8 million (Ush 255.6 billion). This financial performance stresses mobile money’s growing significance as a revenue driver, at times even surpassing traditional telecoms revenues in key regions.

The formal approval for this separation will be sought from shareholders at an Extraordinary General Meeting (EGM) scheduled for 2nd July 2025. This meeting will be conducted in a hybrid format, allowing for both physical and electronic participation. 

If approved, the transaction will result in MTN MoMo ceasing to operate as a direct subsidiary of MTN Uganda. 

Even with this internal restructuring, MTN Uganda’s listing on the Uganda Securities Exchange, where it has been an actively traded stock since its 2021 initial public offering, will not be affected. 

The transaction is subject to final regulatory and shareholder approvals.

The Nigerian Communications Commission (NCC) recently reported that Nigeria’s internet consumption reached 973,455 terabytes in December 2024, a 36.5% increase from the previous year. 

That’s 998.79 million gigabytes of data used in just one month. Despite this surge in demand, the country’s broadband penetration stood at 44.43%, far below the 70% target set in the National Broadband Plan (2020–2025). 

Even more concerning, Nigeria ended 2024 with 164.9 million active telecom subscribers—down from 224.7 million the year before.

Imagine streaming a movie now costing as much as a meal, and staying online feels like a privilege reserved for the wealthy. 

This sharp decline in active subscribers, even with the growing need for internet services, is leading to talks of Nigerians being unable to afford staying connected.

Inflation and currency devaluation have shot the industry’s costs of operations really high, leading to the Nigerian Communications Commission’s (NCC) recent approval of a 50% increase in telecommunications tariffs—the first such hike in over a decade—to help operators manage the high expenses. 

The Need for Inclusive Resilience in the Telecom Sector

This tariff increase has struck conversations across various bodies. The Nigeria Labour Congress (NLC) has labelled the hike as “insensitive” and “unjustifiable,” especially given the current cost-of-living issue. 

While telecom operators argue that the challenges leave them with no choice, consumers are wondering if affordable connectivity is becoming a thing of the past.

Inflation is wearing out disposable income, forcing consumers to prioritise essentials over data and call plans. Businesses, especially SMEs, rely heavily on telecom services, but higher costs threaten their ability to stay competitive.

The rural-urban gap in connectivity may expand, as rural consumers—who already struggle with access—may be priced out of the market.

In the midst of these challenges, the telecom sector must find ways to remain profitable without sidelining lower-income consumers. The key lies in resilient and inclusive strategies that balance affordability, sustainability, and growth.

Strategy 1: Tiered and Flexible Pricing Models

1. The Power of Segmentation in Telecom

To effectively serve a diverse customer base, telecom operators should segment their users into low-income, middle-income, and high-income categories. This segmentation allows for targeted services that meet the specific needs and financial capabilities of each group.

2. Implementing Flexible Pricing Structures

• Pay-as-you-go options: Ideal for price-sensitive users who prefer to control their spending without committing to fixed plans.
• Subscription models: Offer middle-income consumers affordable packages with predictable billing cycles.
• Premium services: Provide high-income users with enhanced features such as high-speed internet and exclusive customer support.

3. Strategy 2: Infrastructure Cost Optimisation Through Public-Private Partnerships (PPP)

1. The High Cost of Expanding Telecom Network Infrastructure

Building and maintaining telecom infrastructure, such as towers and broadband cables, require huge capital investment. Inflation further increases these costs, making it challenging for operators to expand and upgrade their networks.

2. Leveraging PPP to Reduce Financial Stress

Collaborating with government entities and development banks can help telecom operators share the financial risks associated with infrastructure projects. For example, partnerships can be formed to extend network coverage to underserved rural areas, with shared investment and benefits.

In Kenya, the government and private telecom operators have partnered to expand rural connectivity, resulting in increased access to communication services in previously underserved regions.

Initiatives like the National Optic Fibre Backbone Project and partnerships with telecom providers such as Safaricom, Telkom Kenya, and Airtel have helped boost this.

Strategy 3: Digital Transformation and AI-Driven Efficiency

1. How Digital Transformation Can Lower Costs

Leveraging digital tools and automation can simplify operations, reducing the need for manual intervention and lowering operational expenses. For instance, AI-powered network management systems can optimise bandwidth usage and predict maintenance needs, thereby reducing downtime and associated costs.

2. The Impact on End-Users

Customers benefit from faster and more efficient services, such as AI-driven customer support that can handle inquiries promptly. These efficiencies can lead to cost savings for operators, which can be passed on to consumers in the form of more affordable services.

Strategy 4: Expanding Alternative Revenue Streams

1. Moving Beyond Traditional Revenue Models

Relying solely on voice and data services is becoming more and more unsustainable. Diversifying into areas like financial technology (fintech), cloud services, and the Internet of Things (IoT) can open new revenue streams. This is seen in MTN’s transition to a Techco.

2. Monetising Digital Services

• Mobile money and payment solutions: Offer financial services to unbanked populations, generating transaction fees.
• Entertainment bundles: Partner with streaming services to provide bundled offerings, enhancing value for consumers.

MTN’s MoMo, Airtel Money and Safaricom’s M-Pesa are prime examples of telecom operators successfully launching into mobile financial services, greatly contributing to revenue growth.

Strategy 5: Strengthening Local Supply Chains to Mitigate FX Risks

1. The Problem of Foreign Exchange Dependency

Heavy reliance on imported equipment makes telecom operators vulnerable to currency fluctuations, increasing costs unpredictably.

2. Investing in Local Manufacturing and Partnerships

Developing local production capabilities for items like SIM cards and network components can reduce foreign exchange exposure. Partnering with local tech firms can also promote innovation and cost-effective solutions tailored to the local market.

Strategy 6: Data-Driven Decision Making for Telecom Customer Retention

1. The Cost of Customer Churn in an Economic Downturn

Losing customers can be more expensive than retaining existing ones, especially when inflation reduces consumers’ disposable income. High churn rates force telecom companies to spend more on marketing and customer acquisition, which can negatively impact already tight budgets.

2. Leveraging Big Data and Analytics for Personalised Offers

Telecom operators can use customer data analytics to identify usage patterns, predict churn risk, and design personalised retention strategies.

• Usage-based incentives: Offering discounts or data bonuses to customers who frequently recharge can encourage continued engagement.
• Loyalty rewards: Retaining long-term customers through perks such as discounted family plans or exclusive streaming deals.

MTN and Airtel have successfully used data analytics to provide dynamic pricing models, such as location-based discounts and time-sensitive data plans, reducing churn and boosting customer satisfaction.

Strategy 7: Strengthening Regulatory and Industry Collaboration in Telecom

1. The Impact of Government Policies on Telecom Viability

Government policies on taxation, spectrum licensing, and price regulations are important in determining telecom sector stability. The recent 50% tariff hike approved by the Nigerian Communications Commission (NCC) is an example of how policy decisions directly affect consumers and telecom operators.

2. Advocacy for Fair and Sustainable Policies in the Telecom Sector

Telecom companies must engage policymakers and industry regulators in constructive dialogue to ensure that tariff adjustments, tax structures, and regulatory frameworks balance profitability with affordability for consumers.

3. Encouraging Investment-Friendly Policies in the Telecom Sector

• Reducing multiple taxation: Telecom firms should advocate for streamlined tax policies to prevent excessive levies that inflate operational costs.
• Incentives for rural expansion: Government support, such as tax breaks for rural infrastructure projects, can make connectivity more accessible in underserved areas.

Regulatory frameworks can encourage competitive pricing while ensuring telecom operators remain profitable.

Summary of Key Points

Though there are economic pressures like inflation, telecom operators can thrive and ensure inclusive connectivity by implementing seven key strategies:

1. Tiered and flexible pricing models to serve all income groups.
2. Public-private partnerships (PPP) to reduce infrastructure costs.
3. Digital transformation and AI for cost efficiency.
4. Diversifying revenue streams beyond data and voice services.
5. Strengthening local supply chains to reduce foreign exchange risks.
6. Using data-driven strategies to retain customers.
7. Collaborating with regulators to ensure fair pricing policies.

The Lot of Resilient Connectivity

With smart, adaptive strategies, telecom operators can continue to deliver quality services across all economic segments while mitigating the impact of inflation.

The telecom sector must act assertively by adopting innovative pricing, infrastructure investment, and customer-centric solutions. 

Regulators, industry leaders, and consumers must collaborate to ensure that connectivity remains affordable, sustainable, and inclusive—regardless of economic conditions.

MTN Group and Ericsson have strengthened their partnership to enhance mobile financial services and financially empower millions of citizens across Africa.

The partnership is set to broaden the scope of financial inclusion from first-time users to high-end business applications, utilising MTN’s Mobile Money (MoMo) service on the Ericsson Wallet Platform.

The comprehensive suite of services will provide MTN’s customer base across Africa with access to a world-class mobile connectivity-based financial ecosystem.

In addition to ramping up MTN’s goal of advancing financial inclusion for the unbanked, the service provider will offer advanced financial services to address the rapidly evolving digital financial needs of individuals and enterprises.

Powered by the Ericsson Wallet Platform, MTN Mobile Money enables individuals and businesses to conduct secure and convenient banking and payment transactions with ease, directly from their mobile devices.

MTN MoMo customers can securely manage funds, pay merchants and utility providers, and access loans and insurance services with ease and affordability, promoting financial freedom and stability.

The platform places a strong emphasis on financial technology (FinTech), with focus areas including the growth of merchant and e-commerce payments, facilitating national and international money transfers among family members and others (remittance services), advancing banking solutions (BankTech), and offering insurance services (InsurTech).

MTN visit to Ericsson HQ

The agreement was signed during a visit by senior MTN Group executives to Ericsson’s Group Headquarters in Kista, Sweden, where key strategic priorities and collaboration between the two companies was discussed.

More than 63 million MTN active subscribers already use its Mobile Money platform in some form across 16 African countries.

MTN MoMo annual transaction value has almost tripled since 2018, growing from USD 76 billion in 2018 to USD 204 billion in 2022.

Transaction volumes increased by almost 300 percent during the same period – from 3.5 billion transactions in 2018 to 12.7 billion in 2022.

Ericsson Wallet Platform supports more than 400 million registered mobile wallets and processes more than 2.8 billion transactions, worth more than USD 40 billion, every month through communication service providers and financial institutions globally.

Serigne Dioum, Chief Fintech Officer, MTN Group, says:

“At MTN, we are not just connecting people, we are unlocking a world of financial possibilities for every African. With 63.5 million active users, our Mobile Money platform is advancing economic empowerment across the continent. MTN Mobile Money offers a spectrum of mobile financial services, encompassing money transfers, payments, savings, and loans for every consumer, actively driving financial inclusion, and advancing economic empowerment across the continent. Our collaboration with Ericsson is a significant milestone in the execution of our Ambition 2025 – building the largest and most valuable platform business and create shared value for our customers in Africa.”

Michael Wallis-Brown, Head of Mobile Financial Services, Ericsson, says:

“Ericsson’s partnership with MTN is a world-leading example of the ability of mobile financial services to financially empower people and business – from giving the unbanked their first opportunity to control their finances, making it easier for women to access financial services and promoting digital inclusion – to enabling more advanced users to access high-end services. This model can be applied in any market anywhere in the world to genuinely empower mobile subscribers of all financial standings. Our valued MTN partnership also supports Ericsson’s AfricaInMotion vision to promote a sustainable and connected Africa.”

Other technical details

The partnership extension includes a transition to public cloud deployments and the refinement of the Open API services framework, fostering the acceleration of fintech innovation in Africa.

It will give entrepreneurs an opportunity to develop revenue-generating applications and, by utilising Continuous Integration/Continuous Deployment (CI/CD), will enable an automated software development and deployment workflow for the MTN Mobile Money (MoMo) fintech platform across all of its African operations.

Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians.

Why PalmPay Is Playing Big in the Digital Banking Space- Chika Nwosu

PalmPay offers money transfers, bill payments, credit services, and savings on its app and via its mobile money agents.

Since launching in Nigeria in 2019 under a Mobile Money Operator license, the platform has grown to 30 million users, and 1.1 million businesses including 600,000 merchants and 500,000 agents are part of its cashless payment ecosystem.

Leading Nigerian fintech, PalmPay has won the awards for Financial Institution of the Year, Best Use of Social Media and Brand Manager of the Year in person of Kevin Olumese.

The award was presented last Friday at the Prestigious Nigerian Marketing Awards at Eko Hotel and Suites, Victoria Island.

The Nigerian Marketing Awards recognises marketing excellence in Nigeria. It seeks to reward and celebrate outstanding brands, personalities and organisations in the Nigerian marketing industry.

The awards are endorsed by the Advertising Regulatory Council of Nigeria (ARCON), Association of Advertising Agencies of Nigeria (AAAN), National Institute of Marketing of Nigeria (NIMN), Outdoor Advertising Association of Nigeria (OAAN), and Experiential Marketers Association of Nigeria (EXMAN).

Upon receiving the awards, Kevin Olumese, Senior Marketing Manager, PalmPay, noted that ‘these awards are a testament to the many giant strides of the brand and evidence of the hardworking team at PalmPay which includes employees, partners, agents and merchants. It’s an honour to receive these awards because it was contested with phenomenal brands like Nigerian Breweries and MTN’s MoMo. ’

Since launching in Nigeria in 2019, PalmPay has been committed to driving economic empowerment in Nigeria. Through its secure, user-friendly, and inclusive suite of financial services, PalmPay brings top-tier products into the pockets of everyday Nigerians. With this, we drive financial inclusion.

The platform has grown to over 30 million app users and over 1.1 million businesses, with 600,000 merchants and 500,000 agents as part of its cashless payment ecosystem.

The company has disclosed USD 140m of funding. The PalmPay app is available on Google Play Store and iOS App Store in Nigeria and Ghana, with more markets going live in 2023.

The partnership represents a significant milestone in the logistics and payment services sector.  MoMo PSB users can now initiate payments through the delivery company’s App and access it from the MoMo App, to make payments for their services.

“At MoMo PSB, our commitment is to enhance the lives of our customers through innovative and convenient financial solutions. This partnership with Kwik Delivery embodies that commitment, as it empowers our customers with greater convenience, speed and security when making payments for delivery services. We remain committed to partnerships that will advance digital payments in Africa,” said Eli Hini, Chief Executive Officer, MoMo PSB.

Speaking about the partnership, Romain Poirot-Lellig, Kwik Africa’s CEO emphasised its customer-centric nature, stating,

“At Kwik, our mission is to provide efficient and reliable delivery services. We understand that a seamless payment process is a vital component of this mission. Partnering with MoMo PSB enables us to offer our customers an innovative solution, reducing payment restrictions and improving their overall experience. By integrating our services with MoMo, we’re extending the reach of our platform and opening up a world of convenience for our users.”

In the era of digital transformation, MoMo PSB and Kwik Africa are determined to simplify the lives of their customers, making payments for deliveries and logistic services more accessible and efficient than ever before. Kwik Delivery service is currently available on the MoMo App or by dialing *671#.

To open a MoMo account, MTN subscribers can dial *671# on their mobile device.  The MoMo mobile app option is also available for download on the Google Play or Apple Stores.

The collaboration between MoMo PSB and Saana Capital LLC (“Brij”), marks a significant milestone in cross-border financial transactions within the African continent.

With this partnership, MoMo PSB customers will be able to send and receive money from various African countries directly using their MoMo accounts, eliminating the need for foreign currency or domiciliary accounts.

This innovative offering will empower MoMo PSB’s customers with greater convenience, speed, and affordability when conducting cross-border transactions within Africa.

The collaboration also includes a comprehensive bill payment solution to conveniently settle bills across various African countries.

The feature provides individuals and businesses with a seamless and efficient method to meet their financial obligations across borders, enhancing convenience and promoting economic growth.

“We are thrilled to partner with Saana Capital LLC (“Brij”), to introduce this groundbreaking service to our valued customers,” said Eli Hini, CEO of MoMo PSB. “This collaboration aligns with our commitment to providing innovative financial solutions that cater to the evolving needs of our customers. With this service, we are making cross-border transfers and bill payments across Africa more accessible, efficient, and cost-effective than ever before.”

Nicholas Koros, CEO of Saana Capital LLC (“Brij”), stated, “We are delighted to join forces with MoMo PSB in this strategic partnership. By combining our expertise in cross-border payment services with MoMo’s customer base and strong reputation, we can collectively revolutionise the way individuals and businesses manage their financial transactions across African borders. This collaboration underscores our shared vision of fostering financial inclusion and driving economic empowerment in Africa.”

Inbound service is currently available to customers who wish to send money from Uganda and Rwanda. Inbound transfers from other African countries, as well as outbound transfer and bill payment services, will be available to MoMo PSB customers in the coming weeks.

For inbound transfers, MoMo customers in Nigeria will be notified via SMS whenever money is sent to their wallets from countries enlisted, and the local currency equivalent will be credited to their MoMo wallet at the prevailing exchange rate.

To open a MoMo account, MTN subscribers can dial *671# on their phone to begin.  

The MoMo mobile app option is also available for download on the Google play store or Apple App store.

TechEconomy reported that MoMo started operation in May 19 after obtaining licence from the Central Bank alongside other mobile network operators to deepen financial inclusion in the country.

According to the company’s financial result for the half year 2022, the active 2.4 million wallets generated MoMo transaction volume of approximately 7 million.

MTN said: “We achieved some important strategic milestones in H1 towards delivering our Ambition 2025 Strategy.

This includes the final approval for our MoMo Payment Service Bank (PSB) and the commencement of commercial operations on 19 May 2022, leveraging the solid foundation of our existing MoMo business.”

“We are pleased with the progress since the launch and excited about the prospects of our fintech business and driving financial inclusion in the country.

As of the end of June 2022, we recorded 4.2 million registered MoMo wallets of which 2.4 million are active, generating MoMo transaction volume of approximately 7 million within six weeks of operations.

“Our fintech active users rose by 87.3% YoY to 11.5 million, of which 2.4 million represent active MoMo wallets. This has helped drive growth in the total volume of transactions to over 124.3 million.

“Our MoMo PSB commenced commercial operations on 19 May 2022 and we are pleased with the progress thus far.”

According to MTN, it’s primary focus is to offer and scale basic services targeting the large unbanked segment and evolve into more advanced services across our fintech verticals, leveraging our vast distribution network.