JOHANNESBURG — Africa’s largest telecommunications provider, MTN Group, has released its audited financial results for the year ending December 31, 2025, reporting a resilient performance characterized by strong revenue growth in its core markets.
Despite persistent macroeconomic volatility and currency devaluations across the continent, the group saw total revenue climb to R235 billion, a double-digit increase compared to the previous fiscal year.
The performance was largely anchored by the “Powerhouse Duo”—MTN Nigeria and MTN Ghana—which together accounted for a significant portion of the group’s service revenue and data growth.
2025 Financial Snapshot: The Core Metrics
The group’s ability to maintain high margins in 2025 was driven by an aggressive shift toward 5G expansion and the rapid scaling of its fintech ecosystem.
| Metric | FY 2025 Performance | Year-on-Year Growth |
| Group Service Revenue | R210 Billion | +13.5% |
| EBITDA Margin | 42.8% | Slight Compression |
| Data Revenue | R84 Billion | +24.0% |
| Fintech (MoMo) Revenue | R22 Billion | +21.4% |
| Active Subscribers | 295 Million | +3.5% |
Regional Performance: Nigeria and Ghana Take the Lead
Nigeria: The Data Engine
MTN Nigeria remains the group’s largest and most profitable subsidiary. In 2025, the Nigerian arm successfully navigated the transition to the “new naira” environment, reporting a 22% surge in service revenue. This was fueled by a massive uptake in 4G and 5G data services as more Nigerians migrated to high-speed digital consumption.
Ghana: The Fintech Champion
MTN Ghana delivered a standout performance, particularly in the mobile money space. Despite the implementation of new digital taxes in the country, MTN Ghana’s service revenue grew by over 30%, supported by its dominant position in the fintech market and a robust subscriber base that continues to prioritize the MoMo ecosystem for daily transactions.
Strategic Pillar: The “MoMo” Momentum
The group’s “Ambition 2025” strategy—aimed at becoming a leading provider of digital solutions—reached critical milestones this year:
- Fintech Volume: The group processed over 18 billion transactions through its Mobile Money (MoMo) platform in 2025.
- Open API Integration: By opening its fintech rails to third-party developers, MTN has transformed from a simple wallet provider into a full-scale financial infrastructure player.
- Mast Divestment: The group continued its “asset-light” strategy, completing several tower sale-and-leaseback agreements to strengthen its balance sheet and reduce dollar-denominated debt.
The CEO’s Perspective
“Our 2025 results reflect the underlying strength of our business model in the face of challenging macro conditions. While currency volatility in key markets like Nigeria remains a headwind, the structural demand for data and fintech services across Africa is stronger than ever.
We are entering 2026 with a leaner, more focused balance sheet.” — Ralph Mupita, MTN Group President and CEO
The MTN Group
For investors, the 2025 report confirms that MTN Group is successfully decoupling its growth from traditional voice services. With data and fintech now making up nearly 50% of total service revenue, the company is well-positioned to capitalize on Africa’s digital transformation.
However, the group warned that 2026 will require “continued fiscal discipline” as it navigates the high-interest-rate environment and ongoing infrastructure costs for 5G rollout.
