MTN Group invested R28.8 billion in capital expenditure (CAPEX), excluding leases, during the first nine months of 2026, accelerating investment in 5G, fiber networks, broadband coverage and digital infrastructure across Africa.
The telecom operator reported a 7.2 percent increase in its subscriber base to 322.9 million, while active data subscribers increased 9.6 percent to 181.7 million as of September 30, 2026.
MTN Group’s service revenue increased 17.2 percent to R176.21 billion, supported by expanding mobile broadband adoption, higher data consumption and growth in digital services.
Ralph Mupita, MTN Group President and CEO, said: “The Q3 2026 was an important proof point for MTN Nigeria, where service revenue grew by 19.7 percent in the quarter, improving each month from the Q2 2026 low to reach 21.6 percent in September 2026.”
Data revenue increased 28.2 percent and accounted for 50.4 percent of service revenue.
The operator expects full-year 2026 CAPEX, excluding leases, to remain within its investment guidance of $2 billion to $2.5 billion.
MTN CAPEX Reaches R35.74 Billion as 5G and Broadband Investment Accelerates
MTN Group reported total capital expenditure of R35.74 billion, including leases, during the nine months ended September 2026, compared with R37.15 billion in the corresponding period of 2025.
CAPEX excluding leases increased to R28.83 billion from R27.92 billion, representing growth of approximately 3.2 percent.
The company’s CAPEX intensity, excluding leases, stood at 15.9 percent, compared with 16.8 percent a year earlier.
MTN directed network investment toward expanding coverage, increasing capacity and modernizing telecommunications infrastructure, particularly in Nigeria, Ghana, Uganda and Côte d’Ivoire.
MTN South Africa reported CAPEX of R5.2 billion, including R4.3 billion excluding leases, as it continued investment in mobile networks and broadband connectivity.
MTN Ghana Secures $202 Million Spectrum Licences for 5G Expansion
MTN Ghana secured 5G and mobile broadband spectrum licences for $202 million during the third quarter of 2026.
The spectrum allocation includes frequencies in the 700 MHz and 3 GHz bands, with licences valid for 15 years.
The investment will support MTN Ghana’s planned 5G rollout, mobile broadband coverage expansion and network capacity improvements.
MTN Ghana reported a 33.5 percent increase in service revenue in constant currency terms during the first nine months of 2026.
Data revenue increased 44.7 percent, supported by a 16.1 percent increase in active data subscribers to 22 million.
MTN Ghana’s total mobile subscriber base increased 12.7 percent to 34.3 million.
The company plans to accelerate 5G deployment and expand broadband coverage following the spectrum award.
MTN Broadband and Fiber Revenue Grow as Home Connections Increase 58 Percent
MTN Group’s home broadband business recorded more than 50 percent annual growth in active revenue-generating homes across key markets.
New home connections increased 58 percent, supported by the expansion of fixed wireless access (FWA) and fiber-to-the-home (FTTH) services.
The growth reflects MTN’s strategy to expand household broadband connectivity beyond traditional mobile services.
Bayobab, MTN’s digital infrastructure business, reported 40.6 percent growth in external fiber revenue in constant currency terms.
The increase was supported by new fixed connectivity contracts, revenue from additional fiber companies and continued network expansion.
Bayobab advanced its East African Corridor and East-to-West connectivity programmes to strengthen regional fiber connectivity.
MTN is also expanding FWA and fiber broadband services in South Africa and Nigeria, where growing demand for household connectivity is supporting network investment.
MTN Subscribers Reach 322.9 Million, Led by Nigeria and Ghana
MTN Nigeria increased its mobile subscriber base 10.9 percent to 94.7 million, making it the largest contributor to MTN Group’s customer base.
MTN Ghana added subscribers at a faster annual rate of 12.7 percent, reaching 34.3 million.
MTN South Africa’s subscriber base declined 2.7 percent to 39 million, primarily because prepaid subscribers fell 6.9 percent to 27.4 million.
However, MTN South Africa’s consumer postpaid subscribers increased 6.1 percent to 4.8 million.
MTN Uganda increased its subscriber base 12.5 percent to 26.4 million, while MTN Côte d’Ivoire reported 3.4 percent growth to 15.8 million.
MTN Mobile ARPU Improves in South Africa, Ghana and Nigeria
MTN South Africa’s blended mobile ARPU increased to R92.41 in Q3 2026 from R89.57 in Q3 2025, representing approximately 3.2 percent annual growth.
Prepaid ARPU increased from R63.25 to R64.99, while postpaid ARPU declined from R116.76 to R109.04.
MTN Nigeria reported Q3 2026 ARPU of NGN 5,150, compared with NGN 4,831 a year earlier, representing approximately 6.6 percent growth.
MTN Ghana increased ARPU to GHS 76.70 from GHS 64.34, representing approximately 19.2 percent growth.
| Market | Q3 2025 ARPU | Q3 2026 ARPU |
| South Africa | R89.57 | R92.41 |
| Nigeria | NGN 4,831 | NGN 5,150 |
| Ghana | GHS 64.34 | GHS 76.70 |
| Uganda | UGX 12,338.07 | UGX 12,003.69 |
| Rwanda | RWF 3,136.48 | RWF 3,334.12 |
MTN’s quarterly update did not disclose a consolidated smartphone churn rate or comparable churn figures for its major operating companies.
MTN Nigeria Data Revenue Rises 35.6 Percent as Subscribers Reach 94.7 Million
MTN Nigeria recorded service revenue of R54.82 billion during the first nine months of 2026, representing 23.5 percent growth in constant currency terms.
Data revenue increased 35.6 percent, while active data subscribers grew 12 percent to 57.2 million.
MTN Nigeria’s digital revenue increased 24.1 percent, supported by digital content and mobile advertising services.
Enterprise revenue increased 6.5 percent, supported by fixed connectivity and converged telecommunications services.
The company is expanding home broadband connectivity through fixed wireless access and fiber, supported by continued network investment.
MTN Digital Revenue Grows 22.4 Percent, AI Infrastructure Expansion Planned
MTN Group’s digital services revenue increased 22.4 percent in constant currency terms during the first nine months of 2026.
MTN Ghana recorded 97.7 percent growth in digital revenue, while paying digital subscribers increased 90.1 percent.
MTN Nigeria’s digital revenue increased 24.1 percent, although MTN South Africa reported a 10.2 percent decline.
MTN’s digital entertainment service, MTN One TV, is now available across eight markets.
The group also launched an upgraded MoMo digital platform in Nigeria using Alipay+ technology.
MTN’s fintech revenue increased 12.7 percent in constant currency terms, while monthly active Mobile Money customers increased 9.3 percent to 70.3 million.
In AI infrastructure, MTN launched Africa Data Hub Holding to support the development of AI-ready, cloud-enabled and carrier-neutral data center infrastructure, with initial greenfield development planned for FY2027.
MTN did not disclose a separate revenue figure for AI services.
MTN Revenue Outlook and CAPEX Plans for 2026
MTN Group expects full-year CAPEX excluding leases to remain between $2 billion and $2.5 billion.
MTN Nigeria is targeting service revenue growth of at least the low-20 percent range, supported by subscriber expansion, data adoption and home broadband growth.
MTN Ghana expects service revenue growth in the low-to-mid 30 percent range as it accelerates 5G investment and broadband network deployment.
MTN South Africa expects service revenue growth below its medium-term low-to-mid single-digit target, with renewed emphasis on mobile data, 5G, FWA, fiber and enterprise connectivity.
MTN Uganda expects service revenue growth below its previous mid-teen guidance.
Across the group, MTN continues to prioritize capital investment in mobile coverage, 5G, fiber, fixed broadband, enterprise connectivity and digital infrastructure to support subscriber growth and higher revenue per customer.
BABURAJAN KIZHAKEDATH
