MTN Group Sees Strong First Quarter, Boosted by Ghana and Nigeria’s Economic Momentum
MTN Group has reported an impressive financial performance for the first quarter of 2025, largely driven by significant growth in its key markets, Ghana and Nigeria, alongside favourable regulatory changes in both countries.
The Group’s Q1 results show a substantial 19.8% increase in service revenue in constant currency terms, with Nigeria and Ghana emerging as the major contributors to the Group’s revenue surge. MTN Nigeria led the way with a remarkable 40.4% growth, while MTN Ghana followed closely with a 39.5% increase. These two markets accounted for the lion’s share of MTN’s strong earnings in the quarter, propelling the company’s financial results.
Ralph Mupita, President and CEO of MTN Group, expressed the importance of these two markets in the Group’s performance. “Ghana and Nigeria played a pivotal role in delivering our strong first-quarter results. The combination of solid operational execution and regulatory reforms in both countries helped to drive a 33% increase in group EBITDA and improved our EBITDA margin by 5.3 percentage points to 44.1%,” Mupita said.
In Ghana, MTN’s growth was fueled by continued strong performance across several service segments, including voice, data, digital services, and fintech. Data revenue in Ghana rose sharply by 54.9%, with active users consuming an average of 13.4GB per month—up 39.8% from the previous year. Additionally, MTN’s fintech services saw impressive growth, with revenue climbing 50.3% year-on-year. Mobile money transactions reached 1.1 billion, reflecting a 26.5% increase in volume, with a transaction value totaling GH¢112 billion.
A significant milestone for MTN in Ghana was the removal of the e-levy tax on mobile money transactions, which came into effect on April 2, 2025. Mupita highlighted the importance of this regulatory change: “We are optimistic that the removal of the e-levy tax will stimulate even faster growth in the mobile money ecosystem, ultimately deepening financial inclusion in Ghana.”
In Nigeria, MTN was able to implement price adjustments for telecom services following long-awaited regulatory approval, which was granted in February and March of 2025. These adjustments have allowed MTN to restore pricing flexibility, which had been a key challenge for operators in the country. The new pricing structure helped drive growth in MTN’s largest market, allowing for a boost in revenue and improving the company’s overall financial position.
Mupita commented on the regulatory approval, stating, “We are pleased with the price adjustments in Nigeria, which are expected to help stabilize revenue growth and enhance our competitive positioning in the market.”
In addition to growth in its core business segments, MTN also saw strong progress in its fintech and data services across the group. The number of active data users increased by 9.1%, reaching a total of 161.7 million, while fintech transaction volumes grew by 13.9%, reaching 5.5 billion transactions. The total value of fintech transactions surged by 48.9% to US$95.3 billion.
Looking forward, MTN remains focused on regulatory engagement as a key enabler of future growth. The company is advancing its strategy of separating its fintech business, with regulatory approvals expected in Ghana, Nigeria, and Uganda in the second half of 2025. This move is expected to unlock further opportunities in the digital finance sector, which MTN sees as a crucial growth driver moving forward.
“Our strategy continues to benefit from favorable macroeconomic conditions and regulatory improvements in our largest markets,” Mupita concluded. “With ongoing reforms in both Ghana and Nigeria, we are confident that the Group is well-positioned for sustained growth and enhanced digital inclusion across the African continent.”
MTN Group’s strong first-quarter performance highlights the company’s resilience and ability to adapt to changing market dynamics. As regulatory reforms and operational improvements take effect, MTN’s outlook remains positive, with the company set to continue its role as a leading player in Africa’s digital transformation.
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