MTN Group, Africa’s biggest telecommunications operator, reported a 23.2% year-on-year rise in service revenue to R105.1 billion ($5.73 billion) in the first six months of 2025, lifted by improved macroeconomic conditions in Nigeria and Ghana.
The Johannesburg-based firm, which operates across 16 African markets and serves over 298 million customers, said Nigeria’s revenue rose by 54.1% to R28.2 billion ($1.54 billion) on a constant currency basis, while Ghana advanced 39.9% to R20.7 billion ($1.13 billion). The group swung to a half-year profit from a loss in H1 2024.
Other top markets recorded slower growth, with South Africa and Uganda posting 2.3% and 13.3% increases, respectively.
“Our performance in H1 2025 was supported by improved macroeconomic conditions, characterised by greater stability in inflation and foreign exchange rates in key markets,” said Ralph Mupita, MTN Group President and CEO. He noted that the Nigerian naira showed greater stability against the US dollar compared with late 2024, while the Ghanaian cedi strengthened against both the rand and the dollar.
Price adjustments in Nigeria, phased in during the period, boosted both MTN Nigeria and group revenue. Data revenue climbed 36.5% year-on-year, while fintech revenue expanded 37.3%.
MTN Nigeria overtook South Africa as the group’s largest contributor, accounting for 26.9% of revenue. South Africa contributed 20.6%, Ghana 19.7% and Uganda 8.2%.
Headline earnings per share (HEPS) rebounded to 645 cents, from a loss of 256 cents a year earlier. Adjusted HEPS surged by 76.1% to 657 cents, while basic earnings per share turned around to 539 cents, compared with a loss of 409 cents in H1 2024.
The group’s customer base rose by 4.7% to 297.7 million, with active data subscribers up 10.3% to 164.4 million. Data traffic grew by 29.1% to 11.7 petabytes, as smartphone penetration reached 65.2%.
MTN’s Mobile Money (MoMo) platform continued to expand, with monthly active users up 1.8% to 63.2 million. Transaction volumes grew 14.5% to 11.1 billion, while values surged 45.4% to $212.2 billion. Advanced services revenue increased 42%, lifting its share of total MoMo revenue to 33.4%.
In a leadership shake-up, Karl Toriola, MTN Nigeria CEO, has been appointed Vice President for Francophone Africa, effective November 1, 2025, in addition to his current role.
The group said the move is part of a broader reorganisation aimed at strengthening regional management and sharpening focus on connectivity, fintech, and digital infrastructure as growth drivers beyond its Ambition 2025 plan.
The figures were originally reported in South African rand and converted using an average exchange rate of ZAR18.35 per US dollar for the first half of 2025.
