MTN Group has delivered a robust and wide-ranging performance across its operations during the third quarter, with standout contributions from its Nigerian and Ghanaian subsidiaries fuelling the overall momentum. The telecommunications powerhouse, which spans 19 markets in Africa and the Middle East, highlighted this success in its latest trading update, underscoring a period of relative economic steadiness that bolstered activity in its core regions.
Key achievements encompassed a subscriber base that swelled past the 300 million threshold for the first time, alongside notable financial recoveries in Nigeria, where the operation achieved positive retained earnings and net equity for the first time in several years. This milestone enabled the resumption of dividend payments, a development that signals renewed confidence in the unit’s trajectory. Complementing these advances, the group’s fintech ecosystem saw transaction volumes climb by 38 per cent to reach 342.3 billion US dollars, reflecting heightened adoption of digital financial services amid broader economic digitisation trends.
Service revenue for the group rose by 25.9 per cent in the quarter ending September, equivalent to a 22.6 per cent increase when adjusted for constant currency fluctuations. This uplift was predominantly propelled by explosive growth in the company’s largest markets: MTN Nigeria posted a staggering 57.1 per cent surge, while MTN Ghana advanced by 35.9 per cent, according to the company’s official trading statement. In South Africa, the home market recorded a more modest 2 per cent expansion, buoyed by resilient gains in postpaid contracts and enterprise solutions, though these were tempered by fierce rivalry in the prepaid segment, where pricing pressures continue to weigh on margins.
Data services emerged as a particular bright spot, with revenues expanding by 40.3 per cent—or 35.4 per cent in constant currency terms—driven by escalating demand for high-speed connectivity and content consumption. Similarly, fintech revenues jumped 35.7 per cent, or 23.1 per cent on a constant-currency basis, as mobile money platforms gained traction in underserved communities. The subscriber metrics further illustrated this vitality: total users grew by 5.8 per cent to 301.3 million, active data subscribers climbed 9.1 per cent to 165.8 million, and active Mobile Money accounts increased by 5.3 per cent to 64.3 million. Data traffic volumes, meanwhile, surged by 26.6 per cent, highlighting the intensifying reliance on mobile broadband for everything from remote work to entertainment streaming.
This positive performance unfolded against a backdrop of improving macroeconomic conditions in MTN’s operational footprint. Inflation rates moderated in several key economies, while local currencies exhibited greater stability compared to prior periods of volatility, creating a more predictable environment for investment and consumer spending. As reported by ITWeb, such stabilising factors have been crucial in enabling telecom firms like MTN to navigate persistent challenges, including sporadic power disruptions and regional conflicts, without derailing growth objectives.
Underpinning these revenue gains, group earnings before interest, tax, depreciation and amortisation climbed by 41.1 per cent, supported by vigorous top-line expansion and a comprehensive efficiency initiative that curbed operational costs across the board. The company allocated significant capital expenditure to network enhancements, investing in 5G rollouts and resilience upgrades to sustain service quality amid fluctuating energy supplies. In Ghana specifically, TechAfrica News noted that these efforts contributed to a 36.3 per cent year-on-year rise in service revenue to 17.3 billion Ghanaian cedis for the nine months ended September, with EBITDA margins improving to 58.4 per cent through targeted infrastructure outlays and strategic pricing.
Looking ahead, MTN’s leadership remains intent on revitalising the prepaid business in South Africa, where competitive dynamics demand innovative bundling and loyalty programmes to recapture market share. Efforts in Nigeria and Ghana will centre on preserving this upward trajectory, while turnaround initiatives in other territories—such as Sudan and Cameroon—aim to address localised hurdles like regulatory shifts and infrastructure gaps. On the fintech front, the group is prioritising the acceleration of its Mobile Money Payment Service Bank in Nigeria to deepen financial inclusion, alongside ecosystem-wide scaling efforts that integrate services like remittances and merchant payments. Plans are also advancing to structurally delineate the fintech arm from core telecom operations, potentially paving the way for greater agility and future partnerships.
The board’s unwavering backing of chief executive Ralph Mupita underscores a unified commitment to the Ambition 2025 blueprint, which emphasises sustainable growth, digital innovation, and community impact. Through initiatives like the MTN Ghana Foundation’s new digital skills centre in Tamale—set to equip over 30,000 students with training in artificial intelligence and robotics—the company is embedding its commercial success within broader societal benefits. As MTN steers through a landscape of evolving consumer behaviours and technological frontiers, these Q3 results position it as a resilient force in Africa’s connectivity revolution.