MTN Group’s Q3 2026 results show Nigeria and Ghana pulling Africa’s largest mobile operator through a weak spell in South Africa. MTN Group reported nine-month service revenue growth of 17.2% in constant currency, reaching R176.2 billion, according to ITWeb’s report on the company’s statement. EBITDA grew faster, up 22.9% to R86 billion. The margin widened 2.8 percentage points to 47.9%.
The third quarter did the heavy lifting. Service revenue rose 16.6% in the quarter, and CEO Ralph Mupita called it the group’s strongest of 2026. Growth picked up every month from May and reached 18.1% in September.
Nigeria’s Rebound After a Soft Second Quarter
Nigeria is where the story turns. MTN Nigeria’s third-quarter service revenue rose 19.7%, up from 13.2% in the second quarter, and the unit exited September at 21.6%. EBITDA climbed 32.8% in the quarter. Mupita described the period as a proof point for the operation after its second-quarter low, TelecomLead reported.
The customer numbers support the recovery. Subscribers grew 10.9% to 94.7 million, and nine-month data revenue rose 35.6%. ARPU reached ₦5,150, up 6.6% from ₦4,831 a year earlier.
That last figure deserves a closer look. Revenue per user is rising far more slowly than total revenue, so volume is doing much of the work. Last year’s comparison base is also tougher: ITWeb Africa reported that Nigeria’s service revenue jumped 67.4% in the third quarter of 2025. Today’s 19.7% is healthy, but the pace has cooled.
Scale helps MTN here. It sits at the top of a concentrated Nigerian market, yet regulators are watching. Earlier this year the NCC told MTN, Airtel and Glo to compensate subscribers for poor service, and enforcement will test how far that goes.
Ghana’s Growth and a $202 Million Spectrum Bet
MTN Ghana grew third-quarter service revenue by 35.7% and EBITDA by 42.1%. Data, voice, digital services and Mobile Money all contributed. Over nine months, data revenue rose 44.7% and ARPU climbed 19.2% to GHS 76.70.
The unit also paid $202 million for 15-year licences in the 700 MHz and 3 GHz bands. TechMoonshot has followed Ghana’s climb inside the group, including its rise into MTN’s top tier of markets.
Spectrum is not a network, though. MTN must now turn a licence into coverage while rivals move too. Telecel Ghana has targeted a December launch for its own 5G service, Connecting Africa reported.
Fintech Still Trails MTN’s Own Target
Fintech remains the weak spot. Revenue grew 12.7% across the group, below MTN’s medium-term target. Management pointed partly to the suspension of Airtime Advance in Nigeria.
MTN Nigeria paused its Xtratime airtime-credit service in April to comply with new digital lending rules, according to its JSE filing. The service is back, and MTN expects further recovery through the rest of the year. Excluding Airtime Advance, MoMo revenue grew 18.5% over nine months and 19.9% in the third quarter.
Underlying activity is strong. Transaction value rose 36.9% to $512.5 billion, and active MoMo users reached 70.3 million. Yet the episode shows how fast a regulator can reprice a revenue line. Telco credit now sits under lending rules, and MTN has to rebuild a product it did not choose to lose.
South Africa Lags and What to Watch
The home market is the drag. South Africa’s service revenue was flat in the third quarter and rose just 1% over nine months. Subscribers fell 2.7% to 39 million as the prepaid base shrank 6.9%, according to TelecomLead. EBITDA still grew 7%, helped by cost cuts.
The group now leans hard on two West African markets. That concentration cuts both ways. Strong growth in Lagos and Accra lifts everything, but a policy shock in either one hits just as widely.
Three things deserve attention before year-end. MTN expects to complete its acquisition of IHS Holdings before the end of 2026, having secured approvals in Nigeria and from COMESA. Nigeria’s guidance calls for service revenue growth of at least the low-20% range. And Airtime Advance has to keep recovering.
The MTN Group Q3 2026 results prove West Africa can still deliver. They do not yet prove it can keep delivering as the easy gains fade.
