MTN Group, the largest mobile operator in Africa, has reported impressive results for the nine months ended September 2025, driven by strong revenue growth in Nigeria, Ghana, and across its extensive African operations.
The company’s upward trend was bolstered by MTN Nigeria’s return to positive retained earnings and the reinstatement of dividend payments.
Group CEO Ralph Mupita praised MTN Nigeria for restoring its retained earnings and net equity, which allowed the declaration of an interim dividend for the period.
“The Group demonstrated robust performance, bolstered by favourable macroeconomic conditions, stronger currencies, and the effective execution of our commercial strategy. We are particularly pleased that MTN Nigeria has returned to positive retained income and resumed dividend payments,” he stated.
Nigeria continued to shine as the Group’s top performer, with service revenue skyrocketing by 67.4% in Q3 and 46.9% year-to-date. Data revenues surged by 72.7%, and fintech revenues grew by 72.3%. Additionally, the number of active data users rose to 51.1 million, supported by expanded 4G and 5G networks and increased smartphone adoption.
Ghana showcased even more impressive figures, with service revenue soaring by 74.4% in Q3 and nearly doubling year-to-date to US$1.7 billion. This growth was driven by a substantial demand for data and flourishing digital services, which jumped by 106.1% compared to the previous year. The stability of the Ghana cedi also contributed to this outstanding performance.
Uganda also contributed positively, with service revenue rising 18.3%, driven by a 30.2% increase in data revenue and a strong mobile money (MoMo) sector.
Across MTN’s 19 markets, data and fintech remained the main growth drivers, with overall data revenues rising by 40.3% and traffic increasing by 26.6%. Active data customers grew by 9.1% to reach 165.8 million, while fintech revenue surged by 35.7%, driven by a 38% increase in transaction values and growth in MoMo users to 64.3 million.
Despite a global decline in voice usage, the Group maintained growth, with voice revenue increasing by 10%.
In Q3, total service revenue grew by 31.4%, bringing the year-to-date revenue to US$9.3 billion, up by 25.9% from 2024. EBITDA rose by 58.4% during the quarter, with margins expanding to 43.8%.
However, MTN South Africa lagged, reporting 2% growth in service revenue, with EBITDA down 4.6% due to intense competition in the prepaid market.
This quarter also marked a milestone for MTN, surpassing 300 million subscribers for the first time, with its customer base increasing by 5.8% to 301.3 million.
“We are thrilled to continue connecting Africa and fostering digital and financial inclusion at scale,” Mupita remarked.
He emphasised the significance of Nigeria’s return to dividend declarations, the rapid expansion of fintech services, and upcoming AI partnerships, such as the collaboration with Microsoft set to launch in 2026, signalling a new era of growth for MTN.
“We are motivated by our year-to-date performance and remain committed to unlocking value for Africa,” Mupita added.
