MTN Group Ltd. is not pursuing a commercial banking license—at least not yet.Chief Executive Ralph Mupita said the telecom giant’s immediate focus is on expanding financial inclusion across Africa through its mobile money platform, despite growing speculation about a potential move into mainstream banking.
“Banking is just a license,” Mr. Mupita said at the Bright Conversations series in Accra. “It allows you to deploy capital and certain capabilities. We don’t see ourselves as a bank today—but we’re not ruling it out in the future.”
For now, MTN is doubling down on its core fintech business, which has emerged as a central pillar of its growth strategy. The company operates one of the continent’s largest mobile money networks, aiming to serve the millions of Africans who remain outside the formal banking system.
“We’ve only scratched the surface,” Mr. Mupita said. “Financial inclusion is far from complete. We’re not even halfway through that journey.”
His comments come on the heels of a strong earnings report. MTN posted a 23.3% year-over-year increase in service revenue, reaching $5.7 billion in the first half of 2025. The company credited much of the performance to gains in Ghana, one of its key markets.
Mr. Mupita praised MTN’s Ghanaian workforce and reaffirmed the company’s commitment to service quality in the country.
The clarification signals MTN’s intent to remain focused on scalable digital financial services rather than traditional banking, at least in the near term. Still, the door remains open for a deeper foray into financial services if market conditions—or regulatory opportunities—shift.
