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Nigeria Subsidiary Leads Group Revenue Surge
MTN Group has reported a strong start to 2025, with MTN Nigeria emerging as one of the key growth engines driving overall performance across its markets.
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According to the Group’s update for the quarter ended 31 March 2025, service revenue rose by 20.5% to R56.7 billion, supported significantly by robust performance from its Nigerian operations.
In constant currency terms, service revenue increased by 21.1%, with MTN Nigeria delivering standout growth of 41.7%, outperforming most other subsidiaries across Africa.
Subscriber Growth Strengthens Topline Performance
The Group’s performance was also supported by a 5.4% increase in its customer base, which expanded to 312.7 million subscribers across its footprint.
Other key markets contributing to growth included:
- MTN Ghana: +35.7%
- MTN Cameroon: +14.4%
- MTN Côte d’Ivoire: +18.3%
Despite intense competition in South Africa’s prepaid segment, MTN South Africa recorded marginal growth of 0.7% in service revenue.
Data and Fintech Dominate Revenue Mix
Data remained the strongest growth driver, rising 35.4%, reinforcing its position as the Group’s largest revenue contributor.
Fintech also delivered strong momentum, with revenue increasing by 20%, supported by expansion in:
- Ghana
- Nigeria
- Uganda
- Cameroon
Mobile Money (MoMo) continued its rapid expansion:
- Active users grew 19.2%
- Transaction volumes rose 15.8%
- Transaction value surged 32.8% to $163 billion
Advanced fintech services recorded particularly strong growth of 36.7%.
Profitability Improves with Strong EBITDA Growth
The Group reported EBITDA growth of 28.3% to R27.6 billion, with margins improving by 3.4 percentage points to 47%.
Leverage remained strong, with a net debt-to-EBITDA ratio of 0.2x, well below the target threshold of 1.0x, reflecting a healthy balance sheet position.
Nigeria and Key Markets Anchor Regional Performance
MTN Nigeria, alongside Ghana, Cameroon, and Côte d’Ivoire, played a central role in driving group expansion.
The Group highlighted that:
- Strong commercial execution boosted revenue momentum
- Data and fintech remain the core growth pillars
- Operational efficiency improvements supported margin expansion
Strategic Outlook: Investment and Efficiency Focus
MTN reaffirmed its medium-term guidance under its Ambition 2030 strategy, with continued emphasis on:
- Targeted network investment in Nigeria
- Cost discipline and capital efficiency
- Recovery of MTN South Africa performance
- Sustained turnaround in key African markets
Analysts noted that while MTN continues to show operational strength, competitive pressures—particularly in South Africa—remain a challenge.
