MTN Group reports 21.1% revenue growth in the first quarter of 2026, driven by strong performance in Nigeria and Ghana, despite ongoing economic and global uncertainties.
MTN Group released its quarterly results for the period ending 31 March 2026, showing solid financial and operational growth. The company now serves 312.7 million customers across 19 markets in Africa.
Revenue Growth Driven by Data and Fintech
The report shows that MTN Group’s revenue growth is mainly due to strong demand for data and fintech services. Service revenue increased by 20.0% (or 21.1% in constant currency).
Data revenue rose sharply by 36.1%, while fintech revenue grew by 22.4%. The company also improved its efficiency, with EBITDA margins increasing to 47.6%.
Subscriber numbers grew by 5.4% to 312.7 million, while active data users rose by 8.7% to 175.6 million, showing continued growth in digital adoption.
Nigeria and Ghana Lead MTN Group Revenue Growth
Nigeria and Ghana played a key role in revenue growth. Nigeria recorded service revenue growth of 41.7%, while Ghana followed with 35.7%.
Other markets such as Cameroon and Côte d’Ivoire also performed strongly. However, MTN South Africa saw slower growth of 0.7% due to competition, although its business and postpaid segments remained stable.
Fintech and Mobile Money Boost MTN Group Growth
Fintech remained a major driver as Transaction volumes increased by 15.8% to 6.3 billion, while total transaction value rose by 32.8% to $163 billion.
Active mobile money users grew by 8.2% to 67.4 million. Data traffic also increased by 20.2%, reflecting rising use of digital services across Africa.
Investment and Strategy Support MTN Group Growth
Group CEO Ralph Mupita said the company delivered strong results while executing its Ambition 2030 strategy.
MTN invested R9.6 billion in network infrastructure during the quarter to improve service quality and expand coverage. The company is also progressing with fintech restructuring in Ghana and Nigeria and plans to strengthen its digital infrastructure through a proposed deal with IHS Holding.
Outlook After MTN Group Reports
Looking ahead, MTN Group reports 21.1% revenue growth as a sign of continued momentum. The company plans to focus on expanding data and fintech services, improving performance in South Africa, and managing risks such as inflation and currency changes.
MTN also highlighted strong financial discipline, with low debt levels and improved liquidity, positioning the company for sustained growth across Africa.
