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MTN Group is increasingly relying on its operations outside South Africa to drive growth, with Nigeria and Ghana among the markets delivering the strongest performance in the first half of 2026.
The telecommunications group recorded a 17.5 per cent increase in service revenue in constant-currency terms to R115.3 billion ($7.21 billion) during the period. However, most of the growth came from its international operations, with Ghana, Nigeria, Uganda, Côte d’Ivoire and Cameroon emerging as key contributors.
By comparison, MTN’s South African business recorded only 1.5 per cent growth in service revenue, highlighting the growing importance of its operations across the 19 markets where the group operates.
The company expects Nigeria to deliver at least low-20 per cent service-revenue growth for the year, while Ghana is projected to achieve growth in the mid-to-upper 30 per cent range. South Africa, meanwhile, is targeting low-to-mid-single-digit growth.
“The increasing contribution from our broader markets and growth platforms continued to enhance the resilience and quality of Group earnings,” MTN said in its latest results.
MTN Group President and Chief Executive Officer, Ralph Mupita, said the performance reflected strong commercial momentum across the business.
“We are encouraged by the record margins delivered in the period as well as the strong cash upstreaming from operations,” he said.
Data and digital services drive growth
MTN’s growth is increasingly being driven by services beyond traditional voice calls.
Data revenue increased by 29.2 per cent in constant-currency terms during the first half of the year, significantly outpacing the 2.4 per cent growth recorded in voice revenue.
The group’s total customer base also expanded by 6.7 per cent to 317.7 million, while active data subscribers increased by 9.1 per cent to 179.3 million.
MTN invested almost R20 billion ($1.25 billion) in capital expenditure during the first half of the year, with spending directed towards expanding its mobile network, connecting more homes and upgrading its technology infrastructure.
The growing customer base is also providing a foundation for the group’s expansion into digital financial services through its MoMo platform.
MTN had 70.8 million monthly active mobile money users by June 2026, while fintech transaction volumes increased by 17.2 per cent to 13 billion.
Transaction value rose 33.8 per cent in constant-currency terms to $330.5 billion, supported by 1.4 million active agents and 2.3 million active fintech merchants.
Fintech merchants increased by more than 18 per cent during the period, while advanced financial services continued to contribute significantly to fintech revenue growth.
MTN restructures fintech operations
The group is also restructuring its fintech operations across key African markets as it seeks to unlock further growth from digital financial services.
MTN has completed the structural separation of its Ghana fintech business and is progressing with similar processes in Nigeria and Uganda.
The company is also deepening its partnership with Ant International as it seeks to strengthen its position in Africa’s rapidly expanding digital payments and fintech market.
MTN has positioned fintech as one of three major growth platforms under its Ambition 2030 strategy, alongside connectivity and digital infrastructure.
South Africa faces tougher conditions
While the group’s international markets are expanding rapidly, MTN’s home market continues to face a more challenging operating environment.
MTN South Africa’s subscriber base declined slightly to 39.5 million, including 28.2 million prepaid customers, amid intense competition and constrained consumer liquidity.
Mupita said the company had seen encouraging signs in prepaid services, including stronger data growth, reduced reliance on airtime advances and increased bank-based recharges.
He added that MTN’s efforts to reshape its prepaid customer base were expected to support higher-quality growth over time.
The South African business nevertheless recorded stronger performance in the second quarter compared with the first quarter, supported by its postpaid, enterprise and wholesale segments.
Digital infrastructure remains a strategic priority
MTN’s broader growth strategy also includes expanding its digital infrastructure capabilities.
The company is pursuing the acquisition of the remaining shares in IHS Towers, a transaction it expects to support revenue, earnings and free cash flow growth over time, subject to regulatory approvals.
In Nigeria, authorities have granted conditional approval for the transaction, including a requirement for MTN to sell down up to 30 per cent of its Nigerian IHS business to local investors.
The developments underscore MTN’s broader strategy of reducing its dependence on traditional telecommunications revenue while building stronger positions in connectivity, fintech and digital infrastructure.
With faster-growing markets such as Nigeria and Ghana increasingly contributing to group performance, MTN’s latest results suggest that its future growth trajectory is becoming more closely tied to the expansion of Africa’s broader digital economy.
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