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MTN Group’s service revenue reached 176.2 billion rand in the nine months to September 2026, growing 17.2% in constant currency.
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Nigeria’s third-quarter service revenue increased 19.7%, while data revenue grew 31.4%.
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MTN Nigeria’s fintech revenue fell 26.6% over nine months following the suspension of its airtime and data credit service.
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The group expects the service to recover by December but warns that fintech growth will miss its medium-term target.
November 09, (THEWILL) – Nigeria has become one of the strongest contributors to MTN Group’s recovery, but the country’s regulatory environment is also holding back an important part of the telecom company’s expansion beyond voice and data services.
In its nine-month trading update released on Monday, November 9, the South African telecommunications group reported service revenue of 176.2 billion rand, representing 17.2% growth in constant currency during the period ended September 30, 2026.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 22.9% on the same basis to 86 billion rand, while the group’s margin expanded to 47.9%.
MTN attributed much of the improvement to stronger performance in Nigeria and Ghana, increased data consumption and tighter cost management across its operations.
Nigeria’s service revenue grew 19.7% in the third quarter, with monthly growth accelerating to 21.6% by September. The operation also recorded a 32.8% increase in third-quarter EBITDA.
The results present two sides of the same market. Nigerians are spending more on connectivity, and MTN is earning more from serving them. Its financial-services business, however, has yet to recover fully from disruptions earlier in the year.
Data Strengthens MTN’s Nigerian Business
MTN Nigeria’s data revenue grew 31.4% during the third quarter as its active data users increased 12% to 57.2 million.
Network traffic rose 30.1%, reflecting both a larger customer base and greater internet consumption.
The company’s locally published nine-month results, released on October 30, showed service revenue reaching approximately ₦4.59 trillion, up 23.7% from the corresponding period of 2025.
MTN Nigeria also reported ₦1.2 trillion in profit after tax and an EBITDA margin of 56.9%.
These numbers help explain why the Nigerian operation has regained importance in MTN Group’s earnings.
Growth is no longer coming entirely from earlier tariff increases. More customers are using data, and existing users are consuming larger volumes.
MTN Group reported that data now contributes 50.4% of its total service revenue across its markets, compared with 26.1% from voice services.
Group data revenue reached 88.9 billion rand, growing 28.2% in constant currency.
The company increased capital expenditure to 28.8 billion rand over nine months, excluding leases, with Nigeria among the markets receiving additional investment.
Its challenge is to turn rising traffic into profitable growth while meeting the cost of expanding network coverage, managing energy expenses and maintaining service quality.
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Airtime Credit Disruption Slows Fintech Ambitions
MTN’s stronger telecommunications performance has not carried through evenly to its financial-services business.
Group fintech revenue grew 12.7% in constant currency during the nine months to September, well below the company’s medium-term ambition of growth in the high-20% to low-30% range.
Nigeria accounted for an important part of that shortfall.
Regulatory intervention temporarily suspended MTN Nigeria’s Airtime Advance service during the second quarter, interrupting a business that allows eligible customers to obtain airtime or data on credit.
MTN resumed the service in July through a new multi-partner arrangement. Third-quarter revenue from Airtime Advance subsequently rose 77.9% from the second quarter, although it remained below the level recorded before the suspension.
The disruption contributed to a 26.6% decline in MTN Nigeria’s overall fintech revenue during the nine-month period.
Meanwhile, the company’s core Mobile Money business recorded revenue growth of 102.2%, supported largely by higher interest income on customer wallet balances.
That performance shows why MTN’s fintech setback cannot be treated as a general collapse in demand for its financial services. Different products are moving in different directions.
Across the group, Mobile Money monthly active users increased 9.3% to 70.3 million, while transaction values rose 36.9% to $512.5 billion.
Nevertheless, MTN’s fintech EBITDA margin narrowed from 44.3% to 41.7%. Alongside the Nigerian Airtime Advance disruption, the group cited lower interest rates on customer funds held in Ghana and election-related operational difficulties in Uganda.
MTN expects Nigeria’s airtime credit service to return to its pre-suspension level by the end of 2026. It is also migrating Nigerian Mobile Money customers to a new platform built with Alipay+ technology, following the platform’s August launch.
The group has not withdrawn its warning that fintech revenue growth will fall below its medium-term target this year.
MTN now has a stronger connectivity business and a financial-services operation still working through regulatory and operational adjustments.
Its Nigerian performance shows that rising demand for internet access can strengthen earnings even when another part of the same business struggles.
The more consequential test comes in the final quarter. MTN must demonstrate that it can restore its airtime credit service without sacrificing compliance, recover fintech profitability and sustain the data growth supporting its wider African business.
Joy Onuorah is a business journalist and brand communications specialist covering financial markets, artificial intelligence, digital economy, and the ideas reshaping business across Africa and the global market. Beyond her reporting for TheWill, Joy uses brand strategy, storytelling, copywriting, and high-value SEO to help brands build lasting market authority.
