MTN Group, Africa’s largest mobile telecommunications operator, has reported a strong improvement in revenue for the first nine months of 2026, supported by recovering business performance in Nigeria and continued growth in Ghana.
The South African telecommunications company said its group service revenue increased by 17.2% in constant-currency terms to 176.2 billion rand for the period ended September 30, 2026. The figure represents a 9.9% increase when measured using reported exchange rates.
The performance reflects stronger demand for mobile data and connectivity services, alongside improving contributions from several markets where MTN operates.
According to the company’s quarterly update released on Monday, November 9, growth accelerated during the third quarter, with service revenue increasing by 16.6% in constant-currency terms. The group said September recorded an 18.1% growth rate, indicating improving commercial momentum towards the end of the reporting period.
Nigeria played a significant role in the recovery, while Ghana maintained strong growth across its telecommunications and financial technology businesses.
Nigeria strengthens MTN’s growth performance
MTN Nigeria was one of the major contributors to the group’s improved results, following a period of slower growth earlier in the year.
The Nigerian subsidiary recorded a 19.7% increase in service revenue during the third quarter, compared with 13.2% in the second quarter. Growth accelerated throughout the quarter, reaching 21.6% in September.
The improvement was supported by stronger demand for data, increased customer activity and the gradual recovery of services that had previously affected commercial performance.
For the nine months ended September, MTN Nigeria reported service revenue of approximately ₦4.59 trillion, representing a 23.7% increase compared with the corresponding period in 2025.
Data remained the largest contributor to the company’s service revenue. It generated approximately ₦2.68 trillion, an increase of 35.8% year on year. Voice revenue also rose by 11.1% to approximately ₦1.50 trillion.
The Nigerian business recorded total revenue of ₦4.61 trillion, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 36.8% to ₦2.62 trillion.
Its EBITDA margin expanded by 5.5 percentage points to 56.9%, reflecting stronger revenue generation and efforts to control operating costs.
MTN Nigeria’s customer base also expanded. The company reported 94.7 million mobile subscribers at the end of September, up 10.9% from the previous year, while active data users increased by 12% to 57.2 million.
Ghana maintains strong revenue growth
Ghana was another important contributor to MTN Group’s performance, recording strong growth across its core services.
The subsidiary’s service revenue increased by 35.7% in the third quarter, while EBITDA grew by 42.1%, according to the group’s update.
Growth was supported by demand for mobile data, voice services, digital products and Mobile Money.
Ghana’s performance helped offset weaker growth in some other parts of MTN’s African operations and reinforced the importance of the West African market to the group’s overall business.
The company also reported improving contributions from Cameroon and Côte d’Ivoire, indicating that growth was becoming more widespread across its operating markets.
Data demand continues to drive telecommunications growth
The latest results underline the increasing importance of data services to MTN’s business model.
Across its operations, the company reported a 28.2% increase in data revenue in constant-currency terms, reaching 88.9 billion rand for the first nine months of 2026.
Data traffic rose by 27.3% to 22,754 petabytes, reflecting growing customer consumption and the expanding use of internet-based services.
MTN had approximately 323 million customers across its operations at the end of September. Active data subscribers reached 181.7 million, while active Mobile Money users stood at 70.3 million.
The growth highlights the opportunities available to telecommunications operators as more consumers, businesses and institutions rely on digital connectivity for communication, payments, entertainment and commercial activities.
However, the expansion also requires continued investment in network capacity, infrastructure and service quality to accommodate increasing traffic.
South African operations face a different challenge
While Nigeria and Ghana delivered strong growth, MTN’s home market in South Africa continued to experience pressure on service revenue.
The company reported that service revenue in South Africa increased by just 1% during the first nine months of 2026. Revenue remained flat in the third quarter.
MTN attributed the subdued performance partly to continued pressure in the prepaid voice market and the effect of lower mobile termination rates. The company also said it was prioritising a more valuable prepaid customer base.
Despite the limited revenue growth, the South African operation recorded its strongest earnings quarter of the year during the third quarter.
Its EBITDA increased by 7%, while the EBITDA margin improved by 3.6 percentage points to 38.1%.
The improvement reflected the initial benefits of cost-reduction measures and efforts to improve operational efficiency.
MTN said it remained focused on restoring sustainable revenue growth in South Africa while maintaining profitability.
Fintech business and Mobile Money expansion
MTN also reported improvements in its financial technology operations, although the division’s performance remained below its medium-term growth ambitions.
Across the group, fintech revenue increased by 12.7% in constant-currency terms during the first nine months.
Mobile Money continued to provide an important source of growth, with transaction value rising by 36.9% to $512.5 billion.
Advanced fintech services recorded particularly strong growth, increasing by 32.4% in the reporting period.
In Nigeria, the restoration of Airtime Advance services under a multi-partner arrangement contributed to an improving commercial outlook. The service had been suspended between April and June before returning under the new operating model.
MTN said rebuilding this business remained an important priority as it seeks to strengthen its digital financial services offering.
MTN maintains focus on investment and expansion
MTN said its financial position remained strong, supported by improved earnings and cash generation.
Group EBITDA increased by 22.9% in constant-currency terms to 86 billion rand, while the EBITDA margin expanded by 2.8 percentage points to 47.9%.
Free cash flow reached 22.4 billion rand, and the company reported that 21.4 billion rand had been transferred to its holding company during the first nine months.
The group also continued preparations for its proposed acquisition of IHS Holdings. MTN said shareholder approval and regulatory clearances in Nigeria and from the Common Market for Eastern and Southern Africa had been secured, with other approval processes still underway.
The company expects the transaction to be completed before the end of 2026, subject to the remaining requirements.
Looking ahead, MTN said it would focus on maintaining growth in Nigeria and Ghana, improving performance in South Africa, expanding fintech services and strengthening cash generation.
The latest results suggest that Nigeria’s improving performance is becoming increasingly important to MTN’s wider growth strategy, as demand for mobile data and digital services continues to reshape the telecommunications industry across Africa.
