MTN Group Reports 17% Revenue Growth As Nigeria And Ghana Boost Performance

MTN Group has reported more than 17 per cent growth in service revenue for the first nine months of 2026, supported by improved performance in Nigeria and continued strong results in Ghana. The company recorded revenue of 176.2 billion rand ($10.68 billion), while third-quarter service revenue rose by 16.6 per cent. However, fintech revenue growth is expected to remain below its medium-term target due to disruptions to its Airtime Advance service in Nigeria, which MTN hopes to restore to pre-suspension levels by the end of the year.

MTN Group, Africa’s largest telecommunications operator, has reported strong revenue growth for the first nine months of 2026, supported by improved performance in Nigeria and continued expansion in Ghana.
The South African telecoms company said its service revenue increased by more than 17 per cent in constant-currency terms in the nine months ended September 30. Its third-quarter service revenue also rose by 16.6 per cent, reflecting sustained demand for its telecommunications services across key African markets.
MTN recorded group service revenue of 176.2 billion South African rand, equivalent to approximately $10.68 billion, during the nine-month period.
The results highlight the importance of Nigeria and Ghana to MTN’s operations, particularly as the company continues to pursue growth in telecommunications and digital financial services.

NIGERIA AND GHANA SUPPORT REVENUE GROWTH

MTN attributed part of its improved performance to a recovery in Nigeria and continued strong results in Ghana.
Nigeria is one of the company's major markets, with a large population and significant demand for mobile connectivity, data services and digital financial products. Improved performance in the country can therefore have a substantial effect on the group's overall financial results.
Ghana also remained an important contributor, with its strong performance helping to support MTN's revenue growth during the reporting period.
The increase in service revenue indicates that MTN continued to generate higher income from its core telecommunications activities, including the services it provides to individual customers and businesses.

FINTECH BUSINESS FACES CHALLENGES IN NIGERIA

Despite the positive revenue performance, MTN warned that growth in its fintech business could remain below its medium-term target range for the full year 2026.
The company said disruptions to its Airtime Advance business in Nigeria had affected its expectations for fintech revenue growth.
Airtime Advance allows eligible customers to access airtime or related services on credit and repay the amount later. The service is particularly relevant to customers who may need to make calls or access mobile services when they do not have enough money to recharge immediately.
MTN said it expects the business to recover to levels recorded before its suspension by the end of 2026.
The anticipated recovery will be important to the company's broader fintech strategy, as it seeks to expand beyond traditional voice and data services into digital financial products.

MTN EXPLORES EXPANSION INTO BANKING

MTN is also exploring opportunities to obtain banking licences in selected markets as part of its plans to strengthen its financial services operations.
The proposed expansion would allow the company to increase lending using its own balance sheet, potentially giving it greater control over how it provides credit and other financial products to customers.
The move reflects a broader strategy among telecommunications companies to use their extensive customer networks and digital platforms to participate more actively in financial services.
However, expanding into banking would require MTN to operate within the regulatory frameworks of the markets where it seeks licences. The company would also need to manage lending risks and meet the requirements governing financial institutions.

WHAT THE RESULTS MEAN FOR MTN'S FUTURE GROWTH

MTN's latest results show that its telecommunications business continues to generate strong revenue, with Nigeria and Ghana playing important roles in its performance.
However, the outlook for its fintech operations remains more challenging because of the disruption to Airtime Advance in Nigeria. The company's ability to restore the service and expand its financial products could influence how quickly this part of its business grows.
MTN will also be seeking to balance its telecommunications expansion with its ambitions in digital banking and lending.
The expected recovery of Airtime Advance by the end of 2026 and progress towards banking licences will be important developments to watch as the company works towards its longer-term revenue and growth targets.