MTN Reports Record First Half Results as West African Markets Surge

Mobile network operator MTN Group announced service revenue of approximately $7.18 billion (R115.3 billion) for the first half of 2026, marking a new historic high for the company. This represents a 17.5% increase from the previous year and reflects growing demand for mobile data and digital services across its markets.

The strong performance was particularly driven by MTN’s operations in Nigeria and Ghana, which contributed 30% and 19% to revenue respectively. In Nigeria, service revenue reached ₦3 trillion (approximately $6.2 billion), with data accounting for the largest share at ₦1.70 trillion. Voice services generated ₦993 billion while fintech solutions added ₦77 billion.

In Ghana, revenue jumped by 32.3% year-on-year to $1.3 billion (GH¢14.96 billion), with profit after tax increasing by 43.3% to $461 million (GH¢5.13 billion).

Key Growth Drivers:

• Dominant market share: MTN controls 48% of Nigeria’s telecom market and 85% of Ghana’s subscriber base, creating strong demand for its services.
• Fintech expansion: The growth of mobile money (MoMo) continues to drive user acquisition and infrastructure development in both countries.
• Tariff adjustments: A tariff increase implemented in early 2025 helped accelerate revenue growth from voice services.

Strategic Restructuring Supports Performance

MTN has been strategically separating its fintech arm from connectivity operations, a move that is now complete in Ghana and Uganda. This restructuring aligns with the company’s focus on digital transformation and unlocking new value from its assets.

While South Africa experienced mixed results due to increased competition, MTN’s overall performance demonstrates the resilience of its business model and the growth potential of African markets.