MTN Group has achieved a major milestone, surpassing 300 million customers across its markets, while signaling a positive turnaround in Nigeria, its largest and most strategic market. In a quarterly update for the nine months ended September 2025, MTN CEO Ralph Mupita highlighted that the group delivered a robust performance, supported by improving macroeconomic conditions and disciplined execution of its strategic priorities.
The group’s results reflect a more stable operating environment across key markets:
- Inflation pressures eased, with MTN’s blended inflation rate moderating to 13.3%, down from 13.9% in FY2024.
- Exchange rate stability improved:
- The rand averaged R18.23 per US dollar, slightly stronger than prior periods.
- The naira remained relatively stable.
- The Ghanaian cedi strengthened against the dollar.
These improvements contributed to a return to positive retained income and net equity positions in MTN Nigeria, reversing the impact of prior currency devaluations.
MTN delivered strong growth across its core revenue streams:
- Group service revenue: Up 25.9% in rand terms (22.6% in constant currency).
- Data revenue: Increased 40.3% in rand terms (35.4% in CC), driven by:
- 9.1% growth in active data subscribers to 165.8 million.
- Rising demand for digital services.
- Voice revenue: Up 10.0% (10.8% in CC).
- Fintech revenue: Surged 35.7% (23.1% in CC), supported by mobile money adoption.
Key operational metrics:
- Total subscribers: Up 5.8% to 301.3 million.
- Active Mobile Money users (MoMo): Increased 5.3% to 64.3 million.
- Data traffic: Grew 26.6% to 17,876 PB.
- Fintech transaction value: Jumped 38.0% in CC to US$342.3 billion.
- MTN Nigeria: Service revenue soared 57.1% in constant currency, signaling a strong recovery.
- MTN Ghana: Delivered 35.9% growth in constant currency.
- MTN South Africa: Posted 2.0% growth, with solid postpaid and enterprise performance offset by competitive pressures in prepaid.
CEO Ralph Mupita expressed confidence in the group’s trajectory:
We are encouraged and energized by the year-to-date performance, supported by improved macro conditions, and delivered broadly across our markets. We remain committed to executing our strategy, delivering our medium-term targets, and unlocking value for shareholders and stakeholders.
Focus areas for the coming quarters:
- South Africa: Drive recovery in the prepaid segment.
- Nigeria & Ghana: Sustain strong growth momentum.
- Capital investment: Targeting R33–R38 billion in capex for FY2025 to support network expansion and digital services.
Dividend update:
- MTN Nigeria declared an interim dividend of ₦5.00/share on 30 September 2025, amounting to approximately R975 million, payable in Q4.
Mupita emphasized strengthening the balance sheet to maintain financial flexibility and support long-term growth initiatives.
