MTN Diversifies for Stronger Future

Telecom giant MTN is experiencing accelerated growth in markets outside of its home base in South Africa, with Nigeria and Ghana leading the charge. The company reported service revenue up 17.5% to $7.21 billion (constant currency) for the first half of 2026, driven primarily by these emerging markets.

While South Africa posted modest growth of just 1.5%, countries like Nigeria and Ghana are expanding at significantly faster rates—Nigeria aiming for low-20% service revenue growth and Ghana targeting mid-to-upper 30% expansion.

Diversification Pays Off

The latest results underscore MTN’s strategic shift towards a more diversified portfolio across its 19 markets. This approach allows the company to leverage faster-growing businesses in regions like Nigeria and Ghana to offset slower growth 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 recent report.

Digital Services Drive Expansion

Beyond voice services, MTN’s data revenue surged 29.2%, while mobile money (MoMo) reached 70.8 million monthly active users. The platform processed $330.5 billion in transactions—a 33.8% increase year-over-year.

The company is restructuring its fintech operations and deepening partnerships to accelerate growth in this key area, with particular focus on Nigeria and Ghana.

Strategic Investments for the Future

MTN committed $1.25 billion in capital expenditure during the first half of 2026 to expand mobile networks, improve IT infrastructure, and connect more homes—investments that position the company for sustained growth across Africa.