MTN Enlists Alipay's Parent Company, Ant International, to Revitalize MoMo Mobile Money in Nigeria

MTN Partners with Ant International for MoMo Super App

MTN Group Fintech announced a technology partnership with Ant International, the Singapore-based global arm of the Chinese fintech giant behind Alipay, on Tuesday. The collaboration aims to transform MTN’s MoMo mobile money platform into a comprehensive super app. This new platform will integrate payments, commerce, financial services, and third-party mini-applications within a single ecosystem. The initial rollout is slated for Nigeria, MTN’s largest market, in the third quarter of this year.

Serigne Dioum, chief executive of MTN Group Fintech, described the announcement as “an important milestone” for their “One Big Tech” strategy. Group CEO Ralph Mupita added that the partnership is expected to create a “more seamless, secure, and intuitive” MoMo platform, enhancing digital access and fostering economic participation across the region. However, significant challenges lie ahead for the platform.

Overcoming Challenges in the Nigerian Market

Despite ambitious goals, MoMo recorded 3.7 million active wallets in Nigeria at the close of 2025, significantly falling short of MTN’s target of 30 to 40 million. This represents a roughly tenfold difference between aspiration and reality. Active wallets had previously declined by 6.1 percent to 2.7 million in the first half of 2025, with an even steeper drop earlier in the year to 2.1 million in the first quarter, marking a 55.6 percent year-on-year decrease. While MTN attributed these declines partly to a strategy of prioritizing quality users over quantity, this explanation has not fully satisfied analysts.

MTN Nigeria invested ₦16.4 billion to develop MoMo PSB by the end of 2022. When MTN and Airtel entered Nigeria’s payment market that year, they were expected to disrupt traditional banks and fintech companies. This anticipated disruption, however, did not materialize as expected. Payment Service Banks (PSBs) have struggled to attract users compared to popular fintech platforms like OPay, Moniepoint, and Palmpay, which have acquired millions of users. Nigerian authorities have also adopted a cautious approach, preferring the PSB model which restricts the services telecom providers can offer. MTN’s PSB license permits deposits and money transfers but excludes lending, a profitable core of fintech, placing MoMo at a structural disadvantage against other consumer fintech competitors. This contrasts sharply with MTN’s success in other markets, such as Ghana, where nearly two-thirds of its customers have active mobile money wallets. Nigeria, being the continent’s most populous country and MTN’s most strategically vital market, has proven to be more resistant to widespread adoption.

Ant International's Expertise and Future Outlook

Ant International is not new to the African telecoms landscape. MTN is the second major South African operator to partner with the Chinese fintech company for its super-app ambitions. In July 2020, Vodacom, an MTN competitor, signed a technology deal with Ant Group’s Alipay. This agreement was notable as it marked the first instance where Ant licensed the Alipay platform to an external company without taking an equity stake. The financial specifics of the MTN agreement have not been disclosed, and it remains unclear if Ant is investing in this venture.

Ant International brings extensive experience, as Alipay has evolved into one of the most successful payment platforms and complete digital ecosystems globally. This development took years, supported by significant infrastructure and a conducive regulatory environment. A key question is how well this experience will translate to Nigeria, given its distinct infrastructure, regulatory framework, and competitive landscape. As stated by MTN Group, “The partnership, which is expected to launch in Nigeria next quarter, will introduce a super-app platform designed to enhance user experience, deepen digital inclusion and enable a next-generation ecosystem for digital finance, lifestyle and commerce services around MoMo.”

What this means for Africa: This strategic partnership aims to enhance digital inclusion and financial services in MTN's largest market, Nigeria, potentially setting a new standard for mobile money platforms across the continent.