MTN wants to be your lender now, abi you trust them?

MTN don come again o. Serigne Dioum, the Group Fintech CEO, just announced at their capital market event on Wednesday that they are seeking licences to lend directly to customers using their own balance sheet. Dem say only 4% to 5% of adults across Africa get access to formal credit, so they want to capture that market. But I get one question — when last you see MTN network work well for you to trust them with your money?

MTN Fintech generated $2.8 billion in revenue in 2025, processed over $500 billion in transaction value, and they claim over 70 million active MoMo users. Ralph Mupita, the Group CEO, said Nigeria is a key market and they are pursuing additional licences including PSSP and PTSP. But the thing wey dey worry me be say, if MTN cannot give me stable data for my area for Aba, how dem go handle my loan application when I need credit for my small manufacturing business? Nearly 80% of Nigerian MSMEs lack access to formal credit according to NCGC report, and the funding gap is $236 billion. But is MTN the right solution?

I get friends wey dey use MoMo for transfers, but direct lending? That one different ball game. The interest rates wey dem go charge, the data they will collect on you, the way dem go pursue you if you default — e no clear. Be honest, you go take loan from MTN? Or you think say this is better than traditional banks? Let's argue this.