MTN Group, a leading telecoms company, has reported a service revenue of R160.3 billion (approximately N13.5 trillion) for the first nine months of 2025. The amount, a 25.9% year-on-year (YoY) increase, was attributed to a strong Broad-Based performance across its Nigerian and Ghanaian markets.
In the Group’s financial statement released on Monday, the result was underscored by a return to positive retained income and net equity position in Nigeria. The development also helped the telecoms giant resume dividend payments with an interim declaration during the period.
Recall that last month, the group crossed 300 million subscribers, signifying the continued customers’ trust and partnership with stakeholders. Total subscribers across its 16 markets (Africa and the Middle East) as at September 2025 are 301,279, with the Nigerian market accounting for the largest share of 28.4% (85.4 million).
Explaining the report, Group President and CEO Ralph Mupita noted that the macroeconomic environment remains relatively stable and improved during the period. He added that performances of local exchange rates in key markets such as Nigeria and Ghana helped stabilise markets.
For instance, the average naira remained relatively stable during the period, which was around N1,523/$1 in Q3 2025. The Ghana cedi was also stronger against the dollar on a YoY basis, averaging GHS12.60/$ (2024: GHS14.14/$).
“The Group blended inflation rate moderated further to an average of 13.3% (12.1% excluding Sudan) in the period, compared to 13.9% (13.6% excluding Sudan) in 2024,” Mupita added.
Voice revenue increased by 10% while Data revenue during the period increased by 40.3% in reported currency, boosted by an expansion in active data subscribers by 9.1% to 165.8 million. Data traffic also increased by 26.6% to 17,876 kilobytes.
Group EBITDA was 41.1% higher, with the margin expansion to 45.0% (up 6.7pp) underpinned by strong topline growth and the ongoing group-wide expense efficiency programme (EEP).
While Group service revenue increased by 25.9%, larger markets such as MTN Nigeria (up 46.9%) and MTN Ghana (up 91.2%) drove the growth. MTN South Africa also reported growth of 2.0%, with solid performances and continued pressure in a highly competitive prepaid market.
Also Read: MTN South Africa’s voice revenue declines by 2.8% in Q3’25, subscribers now 40.1 million.
MTN’s MoMo
During the first nine months of 2025, the Group recorded a total Mobile Money (MoMo) transaction volume of 16.9 billion (5.8 billion in Q3’25), a reported change of 13.9%.
The total value of transactions during the period increased by 38% to $342.3 billion. The company noted that this comes amid rising competition and pricing pressures in some of the Group’s markets.
Active MoMo monthly users increased by 5.3% to 64.3 million, while active MoMo agents have now reached 1.3 million, a 16.3% increase.
In its plans, Mupita noted that the company remains committed to executing its strategy, delivering medium-term targets and unlocking value for shareholders. “We are encouraged and energised by the year-to-date performance, supported by improved macro conditions, and delivered broadly across our markets.”
