Nigeria and Ghana contributed R9.3 billion in cash to MTN Group in the first half of 2026, accounting for about 67 per cent of the R13.9 billion transferred to the South African telecommunications giant by its operating companies during the period.
According to MTN Group’s financial results for the six months ended June 2026, Ghana contributed R6.6 billion, while Nigeria transferred R2.7 billion.
The combined contribution from the two West African markets was more than four times the R2.1 billion transferred by MTN’s South African operation, underscoring the growing importance of the group’s African markets outside its home country.
The strong cash generation came as MTN reported improved financial performance across its operations in the first half of the year.
The group’s service revenue rose by 17.5 per cent in constant-currency terms to R115 billion, while earnings before interest, tax, depreciation and amortisation, excluding one-off items, increased by 24.4 per cent to R56 billion.
The improvement pushed MTN’s EBITDA margin to a record level of about 47 per cent.
MTN Group President and Chief Executive Officer, Ralph Mupita, said the company had successfully translated stronger commercial performance across its markets into improved earnings, cash flow and returns.
“The Group’s overall performance in the period reflects strong conversion of the commercial momentum we see across our markets into growth in earnings, cashflow and returns,” Mupita said.
Nigeria’s contribution was supported by sustained demand for mobile data and digital services as consumers and businesses increasingly rely on telecommunications services.
The Nigerian business has also benefited from the tariff adjustment approved by the Nigerian Communications Commission, which has improved the revenue outlook for operators following years of rising operating costs and pressure on telecommunications infrastructure.
Nigeria remains strategically important to MTN Group because of its large subscriber base and significant potential for further growth in data consumption and digital services.
As of June 2026, MTN had 317.7 million subscribers across its markets, including more than 179 million active data users.
Although Ghana generated more than twice Nigeria’s upstream cash contribution during the six-month period, the Nigerian operation remains one of the group’s most important businesses and a major contributor to its growth prospects.
The performance of the two West African operations also contrasted sharply with MTN South Africa, where service revenue increased by only 1.5 per cent in the first half of the year.
Growth in South Africa accelerated to 2.3 per cent in the second quarter, but the group said its strategy there was increasingly focused on customer quality and profitability rather than pursuing subscriber numbers at the expense of returns.
Mupita said the group delivered a strong consolidated performance during the first half of 2026, with subscriber growth accelerating in the second quarter.
“We combined double-digit service revenue growth with record EBITDA margins, robust free cash flow generation and a resilient balance sheet,” he said.
The results highlight the increasingly significant role of MTN’s West African businesses, particularly Nigeria and Ghana, in generating cash for the wider group and supporting its investment and shareholder-return ambitions.
