MTN Posts 17.2% Service Revenue Growth in First Nine Months of 2026, Driven by Nigeria Recovery
MTN Nigeria's quarterly growth accelerated to 19.7%, while Ghana recorded 35.7% growth as the telecommunications group reported improved profitability and rising data demand.
Africa's largest telecommunications operator says stronger momentum in Nigeria and continued growth in Ghana helped accelerate its performance during the first nine months of 2026.
November 10, 2026
LAGOS, Nigeria — MTN Group said its service revenue grew 17.2% in constant-currency terms during the first nine months of 2026, as stronger momentum in Nigeria and continued growth in Ghana helped drive the African telecommunications group's performance.
The company said service revenue reached R176.2 billion for the period ended September 30, while growth accelerated during the third quarter. Group service revenue grew 16.6% in the third quarter and reached 18.1% growth in September, according to MTN's quarterly update.
Nigeria's Momentum Strengthens
MTN said its Nigerian business showed a significant improvement during the third quarter.
Service revenue at MTN Nigeria grew 19.7% in the third quarter, compared with 13.2% in the previous quarter, and growth reached 21.6% in September, according to the company.
MTN said the restoration of its Airtime Advance service supported an improving commercial trajectory, with the company expecting the recovery to continue through the remainder of the year.
The Nigerian operation's improved performance was one of the key factors supporting the wider group's growth, alongside continued strong results in Ghana and improving contributions from other African markets.
Profitability Also Improves
MTN's earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 22.9% to R86 billion in constant-currency terms during the nine-month period.
The group's EBITDA margin increased by 2.8 percentage points to 47.9%, despite higher energy costs across some of its markets.
MTN said resilient demand for data and connectivity services, together with disciplined cost management, supported the improvement in profitability.
Data Demand Drives Growth
Demand for digital services remained a major part of MTN's performance.
The company said data revenue increased by 28.2% in constant-currency terms, while data traffic rose 27.3%.
MTN had 322.9 million customers across its markets at the end of September, including 181.7 million active data subscribers.
Strong Performance Across Key Markets
MTN Group President and Chief Executive Officer Ralph Mupita said the third quarter was the company's strongest quarter of 2026.
The company said growth momentum had been restored in Nigeria, while Ghana continued to perform strongly. MTN Ghana recorded 35.7% growth in service revenue during the third quarter, according to the company's update.
MTN said it would focus during the remainder of the year on sustaining growth across its major markets, rebuilding momentum in South Africa and accelerating its fintech business.
For Nigeria, the latest figures highlight the importance of the country's recovery to MTN Group's wider performance, with the Nigerian operation helping drive growth at one of Africa's largest telecommunications companies.