MTN Group Revenue Rises 17.2% as Nigeria Recovers, but Fintech Growth Lags

How much did MTN Group's service revenue grow in 2026?

For the nine months ended September 30, 2026, service revenue reached R176.2 billion, rising 17.2% in constant currency but only 9.9% in reported rand terms, reflecting currency translation effects.

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Why does MTN's recovery in Nigeria matter for profitability?

Nigeria's third-quarter service revenue grew 19.7% and EBITDA increased 32.8% in constant currency, helping MTN Group deliver 22.9% EBITDA growth and expand its group EBITDA margin by 2.8 percentage points to 47.9%.

Could MTN Group's stronger earnings support its shares?

Stronger profitability and cash generation could support the investment case for Johannesburg-listed MTN Group, which generated R22.4 billion in free cash flow and repurchased approximately R2 billion of shares during the nine-month period, although these results do not establish how its share price will respond.

Why is MTN's fintech business growing below target?

Fintech revenue increased 12.7% in constant currency, below MTN's medium-term target of growth in the high twenties to low thirties percent range, primarily because of Nigeria's temporary Airtime Advance suspension, lower interest rates on float balances in Ghana and election-related disruption in Uganda.

Is MTN's growth coming mainly from mobile data?

Data revenue increased 28.2% in constant currency to R88.9 billion in reported revenue, accounting for 50.4% of group service revenue, while active data subscribers increased 9.6% to 181.7 million.

What should MTN investors watch for during the rest of 2026?

The key tests are whether Nigeria sustains its recovery, South Africa returns to stronger service revenue growth and fintech accelerates, with MTN expecting Nigeria's Airtime Advance service to recover to its first-quarter 2026 level by year-end.