Cell C Drives Mobile Virtual Network Operator (MVNO) Success

South African telecoms operator Cell C has announced significant growth in its MVNO business, reaching 5.7 million subscribers for the year ended May 31, 2026. This marks a substantial 27.3% increase from 4.5 million the previous year and represents all customers using Cell C’s infrastructure.

The company’s first full-year results since listing on the Johannesburg Stock Exchange (JSE) in November 2025 show that Cell C is extending its dominance as a wholesale network provider. While total subscribers now stand at approximately 9 million—a 17.1% year-over-year increase—the MVNO segment demonstrates particularly strong performance.

Cell C currently hosts an estimated 80%-85% of South Africa’s MVNO traffic, solidifying its position in a market with over 23 active operators who have collectively sold more than 7 million SIM cards. Key partners include major banking and retail networks like Capitec Connect, FNB Connect, Shoprite K’nect, Standard Bank Mobile, Nedbank Connect, and Mr Price Mobile.

Strategic Pivot to Infrastructure Enabler

Cell C’s success stems from a strategic shift away from direct subscriber competition toward becoming a wholesale infrastructure provider. The company has decommissioned its physical tower network, adopting a Virtual RAN model through partnerships like the one with MTN for radio access while maintaining its core network capabilities.

Financial Highlights

• Revenue increased 13.5% to R12.6 billion ($786.1 million)
• Service revenue up 5.6% to R11.1 billion ($692.7 million)
• Data traffic surged 47% year-over-year
• Profit after tax grew by 87.6% to R4.2 billion ($262.1 million)
• Infrastructure investment reached R810 million ($50.5 million)

The growth is largely driven by data consumption, which has increased significantly while voice traffic declined by 4%, reflecting changing consumer behavior.

Network Performance Leadership

Recent network performance reports confirm Cell C’s strength: a nPerf barometer showed joint leadership with MTN among MVNOs, achieving an overall score of 48.016 points (MTN scored 48.153). While MTN led in download and upload speeds, Cell C maintained its five-year streak as the leader in latency—critical for responsive applications like video streaming and online gaming.