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TechCabal
MTN is finding its next growth engine outside South Africa
MTN is reporting notable growth outside South Africa, primarily fueled by boosting service revenues in key markets such as Nigeria and Ghana. The group's revenues increased by 17.5% in constant currency, with major contributions from those countries, which aim for much higher growth compared to South Africa's modest performance. MTN's strategy includes significant investments in capital expenditure to expand mobile network capabilities and fintech advancements, seeing strong performance from their MoMo platform.
MonitorConfidence: HighMid term horizon
Published 24 Aug 2026, 12:30 UTC3 min read
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Summary
TL;DR
- MTN's service revenue grew 17.5% in constant currency to R115.3 billion.
- Growth concentrated in Nigeria and Ghana, with Nigeria targeting low-20% growth.
- Fintech platform MoMo recorded 70.8 million monthly active users.
- MTN aims to restructure its fintech operations across key markets.
- Capital expenditure of R20 billion focused on network expansion and IT modernization.
Interesting facts
- The fintech platform MoMo is becoming a major growth driver for MTN.
- MTN is progressing with structural separation of its fintech business in multiple countries.
- Record margins were delivered along with strong cash flow from operations.