MTN Finds New Growth Engine Across African Markets

MTN Group is experiencing a significant shift in its growth drivers, with markets outside of South Africa now leading the charge. The company’s first-half 2026 results show service revenue up 17.5% to R115.3 billion ($7.21 billion) in constant currency, but with gains concentrated across Nigeria, Ghana, Uganda, Côte d’Ivoire, and Cameroon.

While South Africa posted modest growth of just 1.5%, these faster-growing markets are helping offset weaker conditions at home. MTN is targeting low-20% service revenue growth in Nigeria and mid-to-upper 30% expansion in Ghana—significantly higher than the low-to-mid-single digit gains expected in South Africa.

“The increasing contribution from our broader markets and growth platforms continued to enhance the resilience and quality of Group earnings,” MTN stated in its results. CEO Ralph Mupita echoed this sentiment, noting the company’s strong performance reflects successful conversion of commercial momentum.

The digital transformation underway at MTN is evident in changing revenue streams. Data revenue surged 29.2% while voice revenue grew only 2.4%, highlighting a clear shift towards higher-value services. The group added 6.7% more customers to reach 317.7 million, with active data subscribers climbing 9.1% to 179.3 million.

Expanding Fintech Footprint

MTN’s mobile money platform, MoMo, is proving a significant growth catalyst, reaching 70.8 million monthly active users by June. Transaction volumes rose 17.2% to 13 billion with a total value of $330.5 billion—supported by a network of 1.4 million agents and 2.3 million merchants.

The company is restructuring its fintech operations across key markets, including separating the Ghana business and progressing similar processes in Nigeria and Uganda, while deepening partnerships with global players like Ant International.

South Africa remains a competitive market where MTN faces liquidity constraints. Subscriber numbers edged down to 39.5 million as part of a deliberate strategy to reset the prepaid base—trading short-term volume for higher quality growth over time. Postpaid, enterprise and wholesale businesses helped drive stronger Q2 performance than in Q1.

MTN’s Ambition 2030 strategy focuses on three key platforms: Connectivity, Fintech, and Digital Infrastructure—including its planned acquisition of the remaining shares in IHS Towers.