African telecom giant, MTN Group, has reported a strong rise in first quarter earnings as growth in Nigeria and Ghana helped lift revenue and profitability across its operations.
The South Africa based company said core earnings rose 27.9 percent in the three months ended March 2026, with earnings before interest, tax, depreciation and amortisation reaching approximately $1.67 billion. Revenue climbed to about $3.44 billion in constant currency terms during the quarter.
MTN said service revenue growth was driven mainly by strong performances in Nigeria and Ghana, where revenue increased by 41.7 percent and 35.7 percent respectively. The company’s EBITDA margin also improved to 47.6 percent from 44.6 percent a year earlier as cost controls and higher data usage boosted profitability.
Data services remained one of the company’s biggest growth drivers. MTN said data revenue rose 35.4 percent year over year as internet usage continued to increase across its markets. The group now serves around 312.7 million customers across 19 African countries, including about 175.6 million active data users.
Its fintech business also recorded strong growth during the quarter. Revenue from financial technology services rose 20 percent, while the value of transactions processed through the company’s mobile money platforms reached roughly $163 billion. Mobile money has become one of MTN’s most important business segments as digital payments expand rapidly across Africa.
The company invested approximately $582 million in capital expenditure during the quarter to expand network coverage and improve service quality. MTN said the spending was necessary to support rising demand for data and digital services across its markets.
Despite the broader growth, MTN’s home market in South Africa remained under pressure. Service revenue in South Africa grew by just 0.7 percent as the company faced intense competition in the prepaid segment and weak consumer spending.
The latest results reinforce MTN’s growing dependence on its broader African operations, particularly high growth markets outside South Africa, as telecom companies increasingly compete for dominance in data, digital payments and connectivity services across the continent.
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Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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