MTN Group delivered strong financial and operational results in Q3 2025, supported by disciplined execution across its African footprint.
The company crossed the milestone of more than 300 million mobile subscribers and recorded solid growth in data and fintech services, reinforcing its long term strategy of expanding digital solutions and financial inclusion across the continent.
Strong Revenue Growth Across Core Markets
MTN Group reported service revenue of R160.4 billion year to date, marking an increase of more than twenty two percent in constant currency. Growth was driven by elevated data usage, broader fintech adoption and sustained momentum in Nigeria and Ghana.
Data revenue increased by more than thirty five percent, reflecting rising demand for affordable broadband, while fintech revenue increased by over twenty three percent as Mobile Money transactions and advanced financial services expanded across multiple markets. Voice revenue remained resilient, growing by nearly eleven percent.
Nigeria was the standout performer, delivering more than fifty seven percent growth in service revenue on the back of strong consumer demand, network expansion and effective price adjustments. Ghana also delivered strong results with thirty five point nine percent service revenue growth. South Africa remained stable, posting two percent growth despite a challenging prepaid segment.
ARPU Growth Driven by Data and Fintech Adoption
Average revenue per user (ARPU) improved in several key operations due to higher data consumption and value added services.
In South Africa, ARPU increased to R77.16, supported by rising data usage and steady postpaid demand.
Nigeria’s ARPU increased to NGN 4,831 as users consumed more data and engaged actively with digital services.
Uganda and Ghana also recorded ARPU gains due to robust subscriber additions and higher data penetration.
Rising smartphone adoption, targeted pricing and customer value management strategies helped MTN sustain ARPU growth in both emerging and mature markets.
Subscriber Base Passes 300 Million
Total subscribers reached 301.3 million, an increase of five point eight percent from the previous year.
Nigeria led with 85.4 million subscribers.
South Africa ended the period with 40.1 million users.
Ghana expanded its customer base to 30.5 million.
The Southern and East Africa region grew to 45 million subscribers.
Active data users grew to 165.8 million, showing growing digital engagement across the continent. Mobile Money monthly active users increased to 64.3 million, supported by stronger agent and merchant networks and wider adoption of digital payments.
Capex Investments Strengthen Network and Platforms
MTN invested R27.9 billion in capital expenditure excluding leases, aligned to its target capex intensity of 15 to 18 percent. The investments focused on enhancing network quality, expanding 4G and 5G capacity, upgrading digital platforms and widening fibre reach through Bayobab.
The company is also investing in AI ready digital infrastructure, including greenfield data centres and enhanced fintech platforms that support advanced services such as lending, insurance and merchant payments.
For the full year 2025, MTN expects total capex excluding leases to be between R33 billion and R38 billion.
Strategic Priorities Focused on Digital and Fintech Growth
MTN continues to execute its strategy of leading digital solutions for Africa’s progress, with the following priorities:
Strengthening network leadership: Ongoing investments in connectivity, fixed wireless access and fibre expansion.
Scaling the fintech ecosystem: Growth in payments, BankTech, InsurTech and savings products across all major markets.
AI collaboration with Microsoft: Launching AI powered learning and productivity solutions across MTN markets starting 2026.
Improving operational efficiencies: Cost optimisation through digitalisation, network sharing and supply chain efficiencies.
Supporting financial resilience: Strong balance sheet management, reduced leverage and disciplined capital allocation.
Outlook
MTN Group expects to maintain strong performance supported by growing demand for data and fintech services. Nigeria and Ghana are positioned to sustain their robust momentum, while South Africa focuses on reviving prepaid growth and expanding home connectivity offerings. Fintech will remain a core growth pillar as MTN strengthens its platform and accelerates digital financial inclusion.
Shafana Fazal
