MTN Service Revenue Rises 17.2% as Nigeria Operations Recover

MTN Group, Africa’s largest telecommunications operator, has reported a 17.2% increase in service revenue to 176.2 billion South African rand for the nine months ended Sept. 30, 2026, supported by stronger performance in Nigeria and sustained growth in Ghana.

The Johannesburg-based company disclosed the figures in its quarterly trading update released on Monday, saying revenue growth accelerated through the third quarter as demand for data and connectivity services remained strong across its markets.

Group service revenue grew by 16.6% in the third quarter, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 22.9% to 86 billion rand. The EBITDA margin expanded by 2.8 percentage points to 47.9%.

MTN President and Chief Executive Officer Ralph Mupita said the group recorded a strong performance in the first nine months of the year, with Nigeria restoring its growth momentum, Ghana sustaining its performance and other markets making improved contributions.

In Nigeria, service revenue growth accelerated to 19.7% in the third quarter, compared with 13.2% in the second quarter. Growth reached 21.6% in September, reflecting stronger commercial activity and improved operating conditions.

MTN Nigeria’s performance represents a significant recovery following currency pressures, inflation and regulatory changes that affected its operations in previous periods.

The Nigerian business has also benefited from increased data consumption, with demand for mobile connectivity supporting revenue growth. Its nine-month financial results showed service revenue rising 23.7% to 4.586 trillion naira, while profit after tax increased 55.3% to 1.165 trillion naira.

MTN Ghana also maintained strong momentum, recording service revenue growth of 33.5% in constant-currency terms. The group’s South and East Africa operations, excluding Ghana, recorded growth of 19.7%.

Across the group, customer numbers increased by 7.2% to 322.9 million, while data revenue rose 28.2%, accounting for 50.4% of total service revenue. Mobile Money monthly active users increased by 9.3% to 70.3 million.

MTN South Africa recorded a more modest performance, with service revenue increasing 1% in the first nine months. The company said its third-quarter earnings improved, with EBITDA rising 7% and its margin expanding to 38.1%, supported by cost-control measures.

Despite the stronger group performance, MTN said it remained focused on improving growth in South Africa’s prepaid market, restoring fintech momentum in some operations and addressing challenges in Uganda.

The company also reaffirmed its focus on completing its proposed acquisition of IHS Towers, subject to regulatory approvals, as it seeks to strengthen its telecommunications infrastructure across key African markets.

The latest results highlight the importance of Nigeria to MTN’s overall performance, as the recovery of its largest African market contributes to the group’s revenue growth and profitability.