MTN is considering banking licences in selected African markets, a move that could allow the telecom giant to take deposits and lend from its own balance sheet as its MoMo fintech business expands

MTN Group CEO Ralph Mupita says the company wants to grow its Nigerian fintech customer base from 5 million to 30 million.

MTN Group is exploring banking licences in select markets as the company looks to expand lending from its own balance sheet, CEO Ralph...