MTN Group started 2025 on a strong note, reporting robust operational and financial results for the first quarter ended 31 March 2025. With 296.8 million subscribers across 16 markets, Africa’s largest mobile operator continues to deliver on its strategic ambition of leading digital solutions for the continent’s progress.
Impressive Financial Performance Across Markets
The Group recorded service revenue growth of 19.8% in constant currency, reaching R47.1 billion, fueled by stellar performance in its key markets—Nigeria, Ghana, and Uganda. MTN Nigeria led the pack with a 40.4% revenue increase, while Ghana and Uganda delivered growth of 39.5% and 13.5%, respectively. The Group’s EBITDA rose 33.0% year-on-year to R21.5 billion, lifting the EBITDA margin to 44.1%.
While South Africa’s performance was more modest due to ongoing competitive pressures, its enterprise and postpaid segments grew steadily. Notably, the Group maintained a net debt-to-EBITDA ratio of 0.7x, preserving significant liquidity headroom of R38 billion.
Fintech Growth Accelerates with MoMo Momentum
MTN’s fintech business continues to thrive, with revenue growing 25.2% and transaction value reaching $95.3 billion, a 48.9% increase year-on-year. The company’s Mobile Money (MoMo) monthly active users stood at 62.2 million, supported by solid growth in Ghana, Uganda, and Rwanda.
MTN is aggressively scaling its advanced services such as loans, insurance, payments, and remittances. Lending volumes surged by 80.3% to $592.7 million, while remittances rose 74.9% to $1.4 billion. The company also launched MoMo virtual cards in Uganda and Rwanda, in partnership with Mastercard, expanding digital financial access.
Data and Digital Services Drive Revenue
Data continues to be a growth engine, with revenue increasing by 28.7% and traffic up 30.4%. The number of active data users grew by 9.1% to 161.7 million, highlighting increasing internet penetration across MTN’s footprint.
In Nigeria, smartphone penetration hit 60.7%, and average data usage rose 29.5%, underscoring rising demand for high-speed connectivity. MTN is also expanding its 4G and 5G coverage, maintaining its leadership in home broadband across several markets.
Advancing Strategic Initiatives
MTN made progress in network sharing agreements in Nigeria and Uganda and expanded its partnerships with LEO satellite providers like Starlink and Lynk to improve rural connectivity. The Group also conducted Africa’s first satellite-to-phone trial with Lynk, showcasing its commitment to bridging the digital divide.
Additionally, MTN is advancing the structural separation of its fintech business, particularly in Nigeria, Ghana, and Uganda, to unlock value and improve regulatory compliance.
Outlook: Focused Growth and Execution
MTN’s management remains cautiously optimistic amid improving macroeconomic conditions and easing inflation in key markets. In South Africa, the focus will be on reviving prepaid momentum, while in Nigeria, recently approved price adjustments are expected to strengthen revenue further in Q2.
With targeted capital expenditure of R30–35 billion for the full year and a disciplined capital allocation approach, MTN is poised to drive sustained growth through its fintech and connectivity platforms.
Group CEO Ralph Mupita summarized it well:
“We are executing with discipline and investing with purpose to unlock digital and financial inclusion across Africa.”
