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Nigeria and Ghana are increasingly becoming major sources of cash for MTN Group, contributing R9.3 billion to the South African telecommunications giant in the first half of 2026.
The two West African markets accounted for about 67 per cent of the R13.9 billion in cash transferred by MTN’s operating companies to the group during the six months ended June 2026.
According to the group’s financial results released on August 24, Ghana contributed R6.6 billion, while Nigeria accounted for R2.7 billion during the period.
The combined contribution from the two countries was significantly higher than the R2.1 billion generated by MTN’s South African operation, highlighting the growing importance of its West African businesses to the group’s financial performance.
The development came as MTN Group reported stronger earnings and cash generation in the first half of the year, with improved performance across several of its markets helping to offset slower growth in South Africa.
MTN’s service revenue rose 17.5 per cent in constant-currency terms to R115 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA), excluding one-off items, increased 24.4 per cent to R56 billion.
The stronger earnings lifted the group’s EBITDA margin to a record level of about 47 per cent.
Commenting on the performance, MTN Group President and Chief Executive Officer, Ralph Mupita, said the company had successfully converted commercial momentum across its markets into stronger earnings, cash flow and returns.
“The Group’s overall performance in the period reflects strong conversion of the commercial momentum we see across our markets into growth in earnings, cashflow and returns,” Mupita said.
Nigeria’s contribution was supported by higher demand for mobile data and digital services, as consumers and businesses increasingly depend on connectivity.
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The Nigerian operation has also benefited from the tariff adjustment approved by the Nigerian Communications Commission (NCC), which has helped improve the financial outlook for telecommunications operators.
For MTN Group, Nigeria remains strategically important because of its large customer base and growth potential in data consumption and digital services.
The company ended June with 317.7 million subscribers across its markets, including more than 179 million active data users.
While Ghana generated more than twice Nigeria’s upstream cash during the period, the Nigerian market remains one of MTN Group’s key businesses and a major source of growth.
The strong performance in West Africa contrasts with MTN South Africa, where service revenue grew by only 1.5 per cent in the first half, although growth accelerated to 2.3 per cent in the second quarter.
MTN said its South African business was prioritising customer quality and profitability rather than subscriber numbers at the expense of returns.
The group said the strategy was aimed at improving the underlying economics of the business, even though it could weigh on short-term subscriber growth.
Mupita said MTN delivered a strong consolidated first-half performance in 2026, with subscriber growth accelerating in the second quarter.
“We combined double-digit service revenue growth with record EBITDA margins, robust free cash flow generation and a resilient balance sheet,” he said.
The results indicate an increasingly important role for MTN’s West African operations in funding the group’s investments and strengthening returns to shareholders.
