MTN Group recorded a 9.9% year-on-year increase in service revenue, reaching $10.7 billion (R176.2 billion) during the first nine months of 2026, a performance largely propelled by third-quarter growth momentum in its operations in Nigeria and Ghana.
According to financial filings submitted for the period ending September 30, 2026, the telecommunications conglomerate attributed its financial outcome to higher data consumption, a operational turnaround in Nigeria, and steady growth within its Ghanaian subsidiary.
The multinational telecom operator expanded its total subscriber base by 7.2%, bringing its active customer count to 322.9 million across various African markets amid intense regional competition.
What drove the revenue growth?
Data services emerged as the primary growth engine for the enterprise, registering a 20.9% reported-currency surge to hit $5.4 billion (R88.9 billion). Data now accounts for 50.4% of total service revenue, as active data users climbed 9.6% to reach 181.7 million.
This expansion was further reinforced by a 27.3% jump in aggregate data traffic, totaling 22,754 petabytes, alongside smartphone penetration reaching 66.4% across the subscriber demographic.
Conversely, traditional voice revenue dipped by 3.1% on a reported basis to $2.8 billion (R46.0 billion), though it registered a 3.4% increase on a constant-currency basis. Industry observers note this reflects a broader consumer shift from conventional voice calls to internet-based communication channels.
Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) grew by 22.9% in constant currency, elevating the overall EBITDA margin by 2.8 percentage points to 47.9%.
Commenting on the results, MTN Group President and Chief Executive Officer Ralph Mupita stated that customer demand remained strong across all operating regions, noting that EBITDA growth outpaced service revenue due to effective operational leverage and cost containment measures that absorbed higher energy expenses.
How did regional markets perform?
Regional data indicates that MTN Nigeria spearheaded data expansion with a 31.4% increase in data revenue for the third quarter of 2026, pushing its active data user base to 57.2 million. Service revenue in Nigeria grew by 19.7% during the third quarter, peaking at 21.6% by September 2026.
In tandem, MTN Ghana posted a 39.9% rise in quarterly data revenue and secured 15-year 5G and mobile broadband spectrum licenses valued at $202 million. Meanwhile, South Africa recorded its strongest earnings quarter of the year, with EBITDA rising 7.0% and margins expanding to 38.1% following structural cost interventions.
Fintech and capital investments
Fintech operations expanded as Mobile Money (MoMo) monthly active users grew by 9.3% to 70.3 million. Total transaction volumes rose 20.1% to 20.3 billion transactions, pushing overall transaction value up by 36.9% in constant currency to $512.5 billion. Total fintech revenue reached $1.37 billion, constrained temporarily by the suspension of airtime and data lending services in Nigeria during the second quarter of 2026.
Capital expenditure excluding leases stood at $1.75 billion, representing a capex intensity of 15.9% directed toward network coverage and infrastructure development in markets including Nigeria, Côte d’Ivoire, Uganda, and Ghana.
Looking ahead to the final quarter of the year, management intends to sustain commercial momentum, maintain expenditure discipline, and resolve operational challenges in Uganda alongside finalising the pending $2.2 billion IHS Holdings acquisition.