MTN Group, Africa’s largest telecommunications operator, led by Zimbabwean executive Ralph Mupita, now serves 323 million customers, according to its latest nine-month trading update for the period ended September 30, 2026. The company also reported stronger revenue growth, expanding margins and robust cash generation across its African markets.

The group reported service revenue of R176.2 billion ($10.65 billion) for the nine months ended September 30, 2026, representing a 17.2% increase in constant-currency terms. Growth accelerated throughout the period, reaching 18.1% in September, while third-quarter service revenue rose 16.6%.

Group EBITDA increased 22.9% to R86 billion ($5.19 billion), outpacing revenue growth, as the EBITDA margin expanded by 2.8 percentage points to 47.9%. Third-quarter EBITDA grew 20.1%, reflecting stronger contributions from key markets and disciplined cost management.

“Q3 was our strongest quarter of 2026, demonstrating the resilience and strength of the MTN portfolio,” said Ralph Mupita, MTN Group President and Chief Executive Officer. He added that the company remained focused on sustaining commercial momentum, expanding margins and translating revenue growth into stronger cash generation.

Nigeria and Ghana drive growth across MTN’s markets

MTN Nigeria recorded stronger momentum in the third quarter, with service revenue growth accelerating to 19.7% from 13.2% in the second quarter and reaching 21.6% in September. EBITDA increased 32.8%, supported by higher revenue and cost discipline.

The restoration of Airtime Advance also supported an improving commercial trajectory, with further recovery expected before the end of the year.

MTN Ghana maintained broad-based growth, recording a 35.7% increase in third-quarter service revenue and 42.1% growth in EBITDA. Data, voice, digital services and Mobile Money contributed to the performance.

In South Africa, the operator recorded its strongest earnings quarter of 2026, with third-quarter EBITDA rising 7% and its margin expanding 3.6 percentage points to 38.1%. However, service revenue remained flat in the quarter, reflecting pressure in prepaid voice and lower mobile termination rates. Revenue grew 1% over the nine-month period.

Data demand and fintech expand customer engagement

MTN’s customer base reached 323 million at September 30, including 181.7 million active data subscribers and 70.3 million active Mobile Money users. Data traffic increased 27.3% to 22,754 petabytes, highlighting sustained demand for connectivity and digital services.

Fintech performance also improved. Excluding Airtime Advance, MoMo revenue grew 18.5% in the nine-month period and accelerated to 19.9% in the third quarter. Advanced services increased 32.4%, while fintech transaction value rose 36.9% to $512.5 billion.

Despite the improvement, overall fintech growth remained below the group’s medium-term target, with management prioritising Airtime Advance recovery in Nigeria and continued expansion of advanced services.

Cash generation supports shareholder returns and IHS deal

MTN generated R22.4 billion ($1.35 billion) in free cash flow during the period and upstreamed R21.4 billion ($1.29 billion) to its holding company. Net debt-to-EBITDA stood at 0.2 times, providing financial flexibility.

The group also repurchased R2 billion ($120.91 million) of shares under its R6 billion buyback programme, as it continued implementing its shareholder remuneration framework.

Meanwhile, the proposed acquisition of IHS Holdings remains on track. MTN has secured shareholder approval and regulatory clearances in Nigeria and from COMESA, while other approval processes continue. Completion is expected before the end of 2026.

For the remainder of the year, MTN plans to sustain growth in Nigeria and Ghana, rebuild revenue momentum in South Africa, accelerate fintech expansion and maintain disciplined capital allocation and cash generation.