…Nigeria, Ghana lead MTN’s strongest quarter yet as data traffic soars 26.6%
MTN Group delivered its strongest performance in years in the third quarter of 2025, crossing the historic threshold of 300 million subscribers and posting a 25.9 per cent jump in revenue, driven by stellar growth in Nigeria and Ghana as well as a surge in data usage across key markets.
The Pan-African operator said its performance reflected a return to macroeconomic stability in major economies, improvements in foreign exchange availability, and the continued acceleration of digital consumption across Africa.
The Group finished the period with 304.4 million subscribers, a net addition of more than 9 million users in three months. Service revenue expanded by 22.6 per cent year-on-year, while overall revenue rose 25.9 per cent. Executives described the quarter as a pivotal moment, not only because of the subscriber milestone but due to the broad-based recovery in financial and network indicators across the business.
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Nigeria, MTN’s largest market, played a central role in the rebound. After a turbulent 2024 characterised by sharp currency volatility, inflation spikes and operational pressures, the company reported that macroeconomic conditions had begun to stabilise in Africa’s biggest economy. FX liquidity improved, the naira strengthened, and inflation showed early signs of easing.
Against this backdrop, MTN Nigeria delivered what the Group called an exceptional turnaround, recording double-digit expansion across voice, data and fintech. The Nigerian market also restored positive equity levels, enabling the resumption of dividend payments to shareholders for the first time since the FX-related financial strain of the previous year.
Ghana also emerged as a strong performer, helping drive the Group’s overall momentum. Executives said both Nigeria and Ghana offered clear evidence that disciplined execution and sustained network investment were paying off. Revenue, margins and subscriber additions across the two markets outpaced internal forecasts, lifting the Group’s consolidated EBITDA margin to 45 per cent despite ongoing cost pressures in other regions.
A major highlight of the quarter was the explosive growth in digital activity across MTN’s footprint. Data traffic surged by 26.6 per cent, underpinning a 40 per cent rise in data revenue. The company attributed this to its ongoing 4G and 5G rollout, capacity upgrades in urban clusters, rapid device penetration, and growing adoption of streaming, cloud services and social video. The period also saw meaningful improvements in network availability and user experience, especially in Nigeria, Uganda and Côte d’Ivoire.
Fintech remained another crucial growth pillar, with transaction volume and value rising sharply across MoMo markets. The value of fintech transactions reached $342 billion in the quarter, while fintech revenue grew 35.7 per cent. Advanced services such as payments, merchant solutions, international remittances and micro-lending maintained strong traction as MTN deepened partnerships with banks, regulators and ecosystem players. Active MoMo users climbed to 64 million, consolidating MTN’s position as one of Africa’s most influential digital financial services providers.
The Group also highlighted an improvement in cash upstreaming, which rose to R11.3 billion, helping strengthen liquidity and support network investments. Net debt to EBITDA excluding leases improved to 0.4x, indicating a more stable balance sheet following two volatile years marked by currency shocks and inflationary pressure in several markets. Capital expenditure reached R27.9 billion, keeping the Group’s capex intensity at 16.8 per cent and positioning it to sustain growth in data and fintech services.
MTN said the quarter also marked an important strategic step forward with the announcement of a landmark partnership with Microsoft aimed at democratising access to artificial intelligence-powered education, training and productivity tools across Africa. The initiative, tied to the celebration of MTN’s 300-million customer milestone, is expected to begin rolling out in 2026 and will focus on upskilling youth, empowering small businesses and supporting digital transformation at scale.
Ralph Mupita, MTN Group president and CEO described the quarter as a validation of the company’s Ambition 2025 strategy and its long-term bet on digital-first growth. He noted that while challenges remained, particularly in South Africa’s prepaid segment and in markets still grappling with inflation and fiscal constraints, the strong and resilient performance in Nigeria and Ghana demonstrated the underlying strength of MTN’s pan-African model.
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He said the Group would continue to prioritise investment in networks, platforms and partnerships that enable inclusive digital access.
Looking ahead, MTN said it expects sustained demand for connectivity, fintech and enterprise solutions, supported by population growth, youthful demographics, increasing cloud adoption and rising digital participation across Africa. The company plans to accelerate 5G rollout in key markets, expand fibre infrastructure, deepen its mobile money ecosystem and enhance AI-driven customer engagement capabilities.