MTN has surpassed the 300 million customer mark across its markets, with the group also starting to see a turnaround in Nigeria, its largest market.
Speaking in a quarterly update, MTN CEO Ralph Mupita added that the group delivered a strong performance in the nine months to September 2025.
Mupita said that the performance reflected improved macroeconomic conditions and disciplined execution of its strategy and commercial priorities.
The improved results were underscored by a return to a positive retained income and net equity positions in MTN Nigeria, which the devaluation of the Naira had previously impacted.
Macroeconomic improvements were evident in the more benign and abating inflation, as well as greater stability in local exchange rates.
The group’s blended inflation rate moderated further to an average of 13.3%, compared to 13.9% in FY 2024.
When it comes to currencies, the rand was slightly stronger with an average rate of R18.23/$.
The average naira remained relatively stable during the period, while the Ghana cedi was stronger against the dollar.
Looking at the financials, the group’s service revenue saw growth of 25.9% in rand terms, with an uptick in growth in Q3.
Data growth increased by 40.3% in rand terms, driven by a 9.1% expansion in active data subscribers to 165.8 million, alongside strong demand.
Notably, larger markets, MTN Nigeria (up 57.1% in constant currency) and MTN Ghana (up 35.9% in constant currency), spearheaded service revenue performance.
MTN SA reported growth of 2.0%, with solid performance in postpaid and enterprise offset by continued pressure in a highly competitive prepaid market.
The group’s key highlights for Q3 FY2025 were as follows:
- Group service revenue increased by 25.9%; up 22.6% in constant currency (CC)
- Data revenue increased by 40.3%; up 35.4% in CC
- Voice revenue increased by 10.0%; up 10.8% in CC
- Fintech revenue increased by 35.7%; up 23.1% in CC
- Total subscribers increased by 5.8% to 301.3 million
- Active data subscribers up by 9.1% to 165.8 million
- Active Mobile Money (MoMo) (MAU) increased by 5.3% to 64.3 million
- Data traffic increased by 26.6% to 17,876 PB
- Fintech transaction value increased by 38.0% in CC to US$342.3 billion
Outlook
“We are encouraged and energised by the year-to-date performance, supported by improved macro conditions, and delivered broadly across our markets,” said Mupita.
“We remain committed to executing our strategy, delivering our medium-term targets and unlocking value for our shareholders and broader stakeholders.”
In South Africa, the group is focused on the recovery of the prepaid segment, while maintaining the strong momentum in MTN Nigeria and MTN Ghana.
The 5.00/share interim dividend declared by MTN Nigeria on 30 September 2025 will amount to approximately R975 million, which will be payable to shareholders in Q4.
Mupita added that the bank will further strengthen its balance sheet and the financial flexibility to execute its growth strategy. The group is targeting a capex of R33 to R38 billion for the financial year.
