MTN Group’s latest results reveal a data-led recovery led by Nigeria and Ghana. But the 17.2% headline needs qualification: it is service-revenue growth measured at constant exchange rates. Growth recorded in the group’s reported accounts was 9.9%, a difference that matters when judging performance.
For the nine months ended September 30, 2026, service revenue reached R176.2 billion. EBITDA, operating earnings before interest, tax, depreciation and amortisation, rose 22.9% to R86 billion in constant-currency terms.
Why the 17.2% figure needs context
MTN attributed the gap between constant-currency and reported growth partly to the rand averaging about 10% stronger against the US dollar, reducing the rand value of results from African operations outside South Africa. Constant-currency reporting removes exchange-rate movements to make underlying performance easier to compare; it does not replace the reported figure.
EBITDA growth exceeded service-revenue growth, lifting the group margin by 2.8 percentage points to 47.9%. Improved operating efficiency, alongside higher revenue, supported the result.
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Nigeria and Ghana anchor the West African performance
Nigeria’s recovery is significant for the group. MTN Nigeria reported service revenue of ₦4.586 trillion for the first nine months of 2026, up 23.7% year on year. Third-quarter service revenue grew 19.7%, while nine-month EBITDA rose 36.8% to ₦2.6 trillion.
The Nigerian operation had 94.7 million subscribers at September-end, including 57.2 million active data users. In Ghana, service revenue increased 33.5% over nine months, and data revenue rose 44.7%. Ghana’s quarterly service-revenue growth was 35.7%.
Data is becoming MTN’s main growth engine
Data generated 50.4% of MTN Group’s service revenue. Group data revenue rose 28.2% in constant-currency terms, active data subscribers increased 9.6% to 181.7 million, and data traffic grew 27.3%.
Demand is also rising across Nigeria. Nigerian Communications Commission figures show national internet usage reached 1.73 million terabytes in September 2026, from 1.15 million terabytes a year earlier, an increase of about 51%. The figures cover all operators, not MTN alone, but show why network capacity is commercially important.
Higher usage can create more revenue, but operators must invest in network coverage, capacity and quality to manage the traffic.
Back Story: the recovery is not yet complete
MTN’s fintech performance shows why the rebound is uneven. Group fintech revenue grew 12.7% in constant-currency terms, below its medium-term ambition. MTN cited Nigeria’s temporary suspension of Airtime Advance in the second quarter, lower interest rates on Ghanaian mobile-money float balances and election disruption in Uganda.
Airtime Advance resumed in Nigeria in July under a multi-partner model. Revenue improved in the third quarter but remained below pre-suspension levels. South African service revenue grew only 1% over nine months and was flat in the third quarter.
MTN’s results point to a data-led recovery driven by Nigeria and Ghana, not a uniform rebound across every market. Sustaining growth will depend on turning higher usage into durable revenue while managing investment, currency and regulatory pressures.
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