Ralph Mupita leads MTN to $3.4 billion revenue in Q1 2026 as Nigeria, Ghana drive growth

MTN Group, Africa’s largest telecom operator led by Zimbabwean executive Ralph Mupita, delivered a strong start to 2026, reporting $3.4 billion in service revenue for the first quarter as robust performances in Nigeria and Ghana fueled growth across its pan-African operations.

According to its quarterly report for the period ended March 31, 2026, MTN recorded a 20% increase in reported service revenue and a 21.1% rise in constant currency terms. The revenue climbed from R47.37 billion ($2.87 billion) in the prior quarter to R56.87 billion ($3.4 billion) in Q1 2026, driven by sustained momentum in data, fintech and digital services demand across its largest markets.

Nigeria, Ghana power MTN Group’s Q1 expansion

MTN Nigeria remained the group’s biggest growth engine after posting a 41.7% increase in service revenue in constant currency terms. Revenue surged to R17.48 billion ($1.06 billion), up from R13.01 billion ($787.4 million). Data revenue in Nigeria surged 56.1%, while fintech revenue climbed 77.8%, supported by higher smartphone penetration, increased mobile money usage and stronger adoption of advanced financial services.

MTN Ghana also maintained strong momentum with service revenue growth of 35.7% as easing inflation and improved business confidence boosted consumer spending. Revenue grew to R10.91 billion ($660.3 million), up from R6.59 billion ($399 million). Data revenue rose 52.3%, while fintech revenue advanced 29.4% during the quarter.

In Francophone Africa, MTN Cameroon posted 14.4% service revenue growth while MTN Côte d’Ivoire recorded an 18.3% increase as data demand and fintech adoption accelerated across the region. South Africa, however, remained under pressure. MTN South Africa reported modest 0.7% service revenue growth as prepaid market competition and lower XtraTime activity weighed on earnings.

Subscriber base surpasses 312 million

MTN added millions of new users during the quarter, pushing its subscriber base up 5.4% to 312.7 million customers across 19 markets. Active data subscribers increased 8.7%  to 175.6 million, while monthly active users on its mobile money platform, MoMo, rose 8.2% to 67.4 million. The group’s data revenue climbed 36.1% as data traffic increased 20.2% to 6,827 petabytes. Fintech revenue rose 22.4%, supported by a 15.8% increase in transaction volumes and a 32.8% jump in transaction value to $163 billion. 

Group EBITDA increased 27.9% in constant currency terms, with EBITDA margin expanding by 3 percentage points to 47.6%, driven by topline growth and continued cost-efficiency measures. MTN also maintained a strong balance sheet, with net debt-to-EBITDA leverage improving to 0.2 times and liquidity headroom reaching R42.6 billion ($2.2 billion).

Mupita said the group’s strong performance reflected disciplined operational execution, improving macroeconomic conditions in key markets and sustained investment in digital infrastructure and Africa broadband expansion.

Strategic focus sharpens under Ralph Mupita

Under Mupita’s leadership, MTN has accelerated its Ambition 2030 strategy, strengthening its position in connectivity, fintech and digital infrastructure across Africa. The company invested R9.6 billion ($581.27 million) in network expansion and infrastructure upgrades during the quarter to improve service quality, increase coverage and support growing demand for digital services.

MTN also continued advancing the structural separation of its fintech operations. Ghana became the first market to complete the process, while shareholders in Nigeria approved the separation of MoMo Payment Services Bank and Y’ello Digital Financial Services.

The group is also progressing with its proposed acquisition of additional shares in IHS Holding Limited, a move aimed at strengthening MTN’s position in Africa’s energy infrastructure and tower assets market. Looking ahead, MTN said it remains focused on sustaining growth in Nigeria and Ghana, improving performance in South Africa and scaling its fintech ecosystem across the continent.