Building Africa’s Largest Integrated Financial Ecosystem

Serigne Dioum, CEO of MTN Group Fintech, is on a mission to transform the telecom giant’s massive subscriber base into one of Africa’s leading digital and financial ecosystems. While MTN boasts over 317 million subscribers across its operations, MoMo currently engages around 70 million monthly active users—a gap Dioum aims to bridge by expanding MoMo’s utility beyond basic peer-to-peer transfers.

Strategic Focus on Key Markets

Dioum highlighted Nigeria and South Africa as anchor markets for this growth strategy. With these two countries accounting for a significant portion of MTN’s subscriber base, the focus is less about acquiring new users and more about deepening engagement among existing customers.

In Nigeria, where MoMo penetration lags behind other markets, MTN has upgraded its technology stack and appointed Bode Abifarin as Managing Director to spearhead regulatory expansion and market growth. Meanwhile, in South Africa—MTN’s home market with high banking penetration—Dioum sees an opportunity to compete by offering digital alternatives to persistent cash usage.

From Mobile Payments Pioneer to Fintech Leader

Dioum’s career began in mobile payments over two decades ago when the concept of transferring money via phone was relatively new. After studying telecommunications engineering in France and consulting for tech firms, he joined Orange Senegal before eventually making his way to MTN.

Under Dioum’s leadership, MTN Group Fintech has grown into a processing powerhouse, handling over 13 billion transactions worth $330 billion in the first half of 2026 alone. With 2.3 million merchants and one million agents, MoMo facilitates billions in international remittances annually.

The Next Phase: Beyond Transactions

Dioum’s vision extends beyond simple payment processing. He aims to make MoMo a comprehensive platform where users can manage all aspects of their digital lives—from borrowing and saving to purchasing daily services and receiving cross-border payments.