MTN Group Sees Strong Revenue Momentum as Ghana and Nigeria Lead Growth
MTN Group has posted another solid performance, with service revenue for the first nine months of 2025 rising by 25.9 per cent, underpinned by robust growth in its Nigerian and Ghanaian operations. The telecommunications giant, which operates in 16 African markets and serves more than 300 million subscribers, said group service revenue increased by 22.6 per cent on a constant currency basis.
The company highlighted Nigeria as its biggest driver of growth, recording a 57.1 per cent surge in service revenue. MTN Ghana also delivered a strong outturn, reporting 35.9 per cent growth, supported by a more stable cedi, easing inflation and sustained demand for data and mobile financial services.
In contrast, MTN South Africa registered modest improvement, with service revenue inching up by 2 per cent. The company said gains in post-paid and enterprise solutions were tempered by heightened competition and pressure within the prepaid segment.
Across its footprint, MTN continued to benefit from rising digital consumption. Data revenue expanded by 40 per cent following an increase in active data users and higher demand for faster connectivity. Fintech revenue also grew by 35.7 per cent as transaction volumes increased and adoption of mobile money and related services widened.
MTN confirmed that it invested 27.9 billion rand (US$1.63 billion) in capital expenditure during the period to bolster network quality and support commercial activities. According to the Group, the investments have contributed to higher data traffic and accelerated uptake of its fintech offerings.
The company’s subscriber base increased by 5 per cent, reaching 301 million customers across Africa.
Looking ahead, MTN said it is preparing to roll out an AI-powered digital inclusion programme in partnership with Microsoft in early 2026. The initiative is expected to expand access to digital productivity tools and learning platforms across its markets.
