MTN Group delivered strong revenue growth in the first half of 2025, with group service revenue rising 23.2 percent to R105.1 billion.
This momentum was driven by robust performances in its largest markets — Nigeria up 54.1 percent, Ghana up 39.9 percent, and Uganda up 13.3 percent, while South Africa grew modestly at 2.3 percent.
Data services remained a key driver, expanding 34.3 percent in constant currency to contribute about 45 percent of total revenue, supported by higher subscriber numbers, smartphone penetration, and a 29.1 percent increase in traffic. Fintech revenue advanced 24.9 percent, with transaction values rising 45.4 percent to US$212.2 billion.
Across regions, the Southern and East Africa portfolio grew 21.9 percent, while West and Central Africa was up 17 percent, led by Ghana and Cameroon. MTN Sudan recorded a sharp rebound despite conflict, with revenue surging more than six-fold. EBITDA rose 42.3 percent in constant currency, with margins expanding to 44.2 percent, reflecting both topline growth and efficiency savings.
Overall, MTN upgraded its medium-term guidance, now targeting “at least high-teens” service revenue growth group-wide, with Nigeria expected to sustain over 50 percent revenue growth in 2025 and Ghana targeting mid-to-upper thirties percentage growth.
“We deployed capex of R20.8 billion (ex-leases) to enhance the capacity, coverage and quality of our networks and platforms – with an acceleration in MTN Nigeria. This capex spend also reflected strengthening of the cedi against the rand, which drove higher capex for MTN Ghana in our reporting currency. This equated to a capex intensity ratio of 19.0 percent, which underpinned the commercial momentum and growth of our business,” MTN Group CEO Ralph Mupita said.
ARPU
MTN Group has reported strong growth in average revenue per user (ARPU) in the first half of 2025, reflecting price adjustments, higher usage, and a shift towards data services. Overall ARPU increased 18.3 percent year-on-year in constant currency, with particularly strong gains in Nigeria and Ghana .
In Nigeria, ARPU rose 38.6 percent, supported by tariff increases and resilient demand, while Ghana recorded a 30.3 percent uplift.
South Africa showed a modest improvement of 2.1 percent, as growth in postpaid was partially offset by pressure in the prepaid segment. Across the group, ARPU expansion helped drive service revenue growth despite slower net subscriber additions in some markets.
Subscribers
MTN Group grew its subscriber base steadily in the first half of 2025, adding 13.3 million customers to reach 297.7 million, a 4.7 percent year-on-year increase. Active data subscribers rose by 10.3 percent to 164.4 million, supported by broader smartphone penetration, higher usage, and attractive data propositions.
Average monthly consumption climbed to 12.4GB per user, up 17.1 percent. Mobile Money (MoMo) monthly active users expanded by 1.8 percent to 63.2 million, with transaction volumes growing 14.5 percent to 11.1 billion. Growth was strongest in Nigeria, Ghana and Uganda, while South Africa delivered modest gains in both prepaid and postpaid segments.
Capex
MTN Group increased its capital expenditure in the first half of 2025 as it accelerated investments in network capacity, coverage and digital platforms. Total capex excluding leases rose 54.8 percent to R20.8 billion, representing a capex intensity ratio of 19.0 percent of revenue, compared with 14.8 percent in the prior year.
Capex spending was concentrated in Nigeria, where rollouts were accelerated following price adjustments, and in Ghana, where stronger currency movements against the rand inflated reported capex.
Investments also supported expansion of 3G, 4G and 5G networks, with more than 3,700 sites rolled out in the period.
MTN continued to expand its network footprint in the first half of 2025, rolling out 3,741 new sites, of which 2,848 were 4G and 327 were 5G . This brought the group’s total site count to 187,574, including 164,037 4G sites and 2,790 5G sites, further strengthening coverage and capacity across its markets.
Nigeria accounted for the bulk of the rollouts following tariff adjustments that improved investment returns, while Ghana also saw strong site expansion aided by local currency appreciation. The accelerated rollout supported growing demand for data, with average usage per customer rising 17.1% year-on-year to 12.4GB per month.
For full-year 2025, MTN raised its capex guidance to R33–38 billion excluding leases, reflecting forex impacts and continued strategic investment to capture data and fintech growth opportunities.
Baburajan Kizhakedath