The Continent Connects: How MTN’s Future is Unfolding Beyond South Africa’s Borders

While South Africa’s economy navigates a challenging landscape, homegrown telecoms giant MTN is experiencing a boom of a different kindone powered by the rapid digital transformation of the rest of the continent. The group’s latest financial results tell a story of explosive growth far beyond its origins.

In the third quarter of 2025, MTN’s service revenue skyrocketed by 31.4%, pushing the year-to-date total to a colossal R160.38 billion. The real engine of this growth, however, lies in specific international markets where macroeconomic conditions have improved and strategic execution is paying off.

Nigeria and Ghana Lead the Charge

The numbers from West Africa are staggering. In Nigeria, MTN’s service revenue surged an incredible 67.4% in the quarter. For the first nine months of the year, this translated to R43.94 billion, a 46.9% leap from the same period in 2024.

Ghana’s performance was even more remarkable, with service revenue growing by 74.4%. MTN Ghana’s revenue for the year to date nearly doubled, reaching R30.25 billion compared to R15.82 billion last year.

This explosive growth starkly contrasts with the more modest performance in MTN’s home market. In South Africa, service revenue saw a slight increase of just 1.4% in the quarter. The local operation has struggled with declining EBITDA, attributed to a highly competitive prepaid market that offset solid performances in its postpaid and enterprise segments.

A Landmark 300 Million Customers

This financial success is underpinned by a major demographic milestone: MTN has now connected over 300 million customers across its footprint. This figure represents a 5.8% increase in its subscriber base, a testament to the deepening penetration of mobile services in Africa.

“MTN is grateful for the ongoing trust of all our customers,” the company stated, acknowledging the significance of crossing this threshold.

Data and Fintech: The Twin Pillars of Growth

The drivers of this growth are clear. Data revenue across the group jumped 40.3%, fueled by 165.8 million active data subscribers and a 26.6% surge in data traffic. Even voice revenue, often considered a legacy service, grew by 10%, highlighting its ongoing relevance in many African markets.

Perhaps the most dynamic growth area is fintech. MTN’s fintech revenue soared 35.7%, supported by 64.3 million active Mobile Money users and a 38% increase in the value of transactions processed. This underscores MTN’s evolution from a pure connectivity provider to a essential digital and financial services platform.

The group’s commitment is further evidenced by a 40% increase in capital expenditure, excluding leases, to R27.92 billion, signaling continued heavy investment in the infrastructure needed to connect the continent. For MTN, the future is unmistakably pan-African.