Telecom Giant MTN Rides Nigeria, Ghana Growth to Record Revenue Surge

MTN Group has posted a strong set of results for the 2025 financial year, underscoring a powerful recovery driven largely by its key markets—MTN Nigeria and MTN Ghana.

The telecom giant reported a near 25% jump in service revenue to R218 billion, marking a strong finish to its Ambition 2025 strategy. The performance was supported by robust commercial execution, improved operating conditions, and sustained demand for data and digital services.

MTN also rewarded shareholders with a 45% increase in dividend payments, signaling renewed confidence in its earnings outlook.

MTN’s scale continues to expand across its footprint. As of December 31, 2025, the group’s total subscriber base rose to over 307 million across 16 markets.

Of this figure, 172 million are active data users, while Mobile Money users climbed to 70 million, reflecting the growing importance of fintech within the group’s ecosystem.

To sustain this growth, MTN invested approximately R38 billion in network infrastructure and digital platforms, improving capacity, coverage, and service quality.

Data traffic surged by 27%

Average monthly data usage per subscriber rose to 12.5GB (up from 10.8GB)

Fintech transaction volumes increased by 15% to over 23 billion transactions

Total transaction value exceeded $500 billion

Nigeria, Ghana Lead the Charge

MTN’s strongest gains came from its West African operations.

MTN Nigeria recorded a standout 54.9% increase in service revenue, while MTN Ghana followed with a 35.9% rise.

By contrast, MTN South Africa delivered modest 2% growth, reflecting the realities of a more mature and competitive market.

Group EBITDA (excluding once-off items) climbed to R98.5 billion, rising by more than one-third in constant currency terms. Cost efficiencies also played a role, with savings of R3.6 billion recorded خلال the year.

Earnings momentum was equally strong at the bottom line. Basic earnings per share returned to profit after a loss in 2024, while adjusted headline EPS surged by 67%.

The board declared a dividend of 500 cents per share, significantly higher than the 345 cents paid in 2024 and above prior guidance.

MTN also announced a R6 billion share buyback programme as part of an enhanced capital return strategy.

A major highlight of the year was the sharp turnaround at MTN Nigeria.

The company reported a profit after tax of N1.1 trillion in 2025, a dramatic reversal from the N400.4 billion loss recorded in 2024. The recovery reflects improved cost management, stronger revenues, and a more stable foreign exchange environment.

In the fourth quarter alone, pre-tax profit surged 248.8% to N569.6 billion, underscoring the pace of the rebound.

The board proposed a final dividend of N15 per share, bringing total payouts for the year to N20 per share.

The turnaround comes after a challenging 2024, when sharp naira depreciation triggered significant foreign exchange losses that eroded earnings.

With relative currency stability returning, Nigeria has once again become a key profit engine for the group.

Investors are already responding. Shares of MTN Group have surged nearly 80% over the past year, pushing its market valuation to about 381 billion rand (approximately $23.7 billion).

MTN’s 2025 performance highlights a broader shift: Africa’s largest telecom operator is no longer just a connectivity provider—it is increasingly a digital and fintech powerhouse.

With Nigeria and Ghana driving growth and fintech scaling rapidly, the group appears well-positioned for its next phase beyond Ambition 2025.