MTN Group, Africa’s leading telecommunications company, has reported a remarkable 19.8% growth in group service revenue for the first quarter of 2025, with Nigeria and Ghana standing out as the primary growth engines. This impressive performance is largely attributed to MTN’s aggressive expansion in the fintech sector and strategic initiatives across both countries.
Nigeria: Leading the Charge with Fintech and Regulatory Tailwinds
Nigeria, MTN’s largest market, delivered a standout performance in Q1 2025. The company’s Nigerian operation reported a 40.4% increase in service revenue in constant currency terms, reaching R13.0 billion ($715 million) and contributing 27.5% to MTN Group’s total revenue. This growth was reported to have been driven by the expansion of fintech services and favorable regulatory changes.
For example, the Nigerian government’s approval of price adjustments for telecom operators. MTN began implementing these changes in mid-February 2025, with the full impact reached by March. This allowed the telecom giant to better monetize its large customer base and offset rising operational costs. As a result, MTN Nigeria’s EBITDA jumped by 65.8% to R6.1 billion ($335.5 million), while the EBITDA margin improved significantly to 46.5%.
MTN’s fintech arm, particularly Mobile Money (MoMo), also played a pivotal role in this growth. The company focused on enhancing customer engagement, improving monetization strategies, as well as reducing incentives to build a more profitable and sustainable user base. The result was a sharp increase in both transaction volumes and values, as more Nigerians embraced digital financial services for everyday transactions.
MTN’s Nigeria stellar performance must also be understood within the context of broader market dynamics, especially the naira’s relative stability during the quarter, with the closing rate of ₦1,537/U.S.$.
Ghana: Overcoming Economic Challenges with Digital Innovation
MTN Ghana also achieved exceptional results, despite facing a challenging economic environment marked by currency volatility. Service revenue in Ghana grew by 39.5% in constant currency terms to R6.6 billion ($363 million), accounting for 13.9% of the group’s total revenue. Despite challenging macroeconomic conditions, including the Ghana cedi weakening by 21.9% against the U.S. dollar, the operation’s EBITDA rose by 45.0% in constant currency to R3.8 billion ($209 million), with a robust margin of 57.7%.
One of the most significant developments for MTN Ghana was the removal of the e-levy tax on Mobile Money transactions in April 2025. This regulatory change is expected to further boost the adoption of digital financial services, making it easier and more affordable for Ghanaians to use mobile money for payments, transfers, and other financial needs.
MTN Ghana’s ability to maintain strong growth and profitability, even in a hyperinflationary environment, highlights the resilience of its business model. The company’s continued investment in network infrastructure and digital platforms has helped it reach more customers and offer innovative services tailored to local needs.
Fintech: The Engine Behind MTN’s Growth
Across both Nigeria and Ghana, fintech has become the main driver of MTN’s revenue growth. In Q1 2025, MTN’s fintech revenue grew by 25.2% in constant currency, with advanced financial services seeing an even higher growth rate of 36.5%. The platform’s scale and reach are shown by Mobile Money monthly active users (MAU) reaching 62.2 million, representing a 1.1% increase, while fintech transaction value increased by 48.9% in constant currency terms to $95.3 billion.
By reducing incentives and improving service quality, the company has built a healthier and more engaged user base. This approach has also led to higher transaction volumes and values, especially in markets like Nigeria and Ghana where digital financial inclusion is rapidly expanding.
Strategic Investments and Future Outlook
MTN’s success in Nigeria and Ghana is also supported by strategic investments in network infrastructure and partnerships. The company has entered into network sharing agreements to improve cost efficiency and expand coverage, especially in underserved rural areas. Additionally, MTN is leveraging partnerships with LEO satellite providers to extend connectivity and digital services to even more customers.
The telecom giant’s fintech expansion has clearly fueled a 19.8% surge in Q1 2025 revenue, with Nigeria and Ghana leading the way. The combination of regulatory support, digital innovation, and strategic investments has enabled MTN to capture the growing demand for digital financial services in both countries. As fintech adoption continues to rise, MTN’s focus on Nigeria and Ghana will likely deliver even greater value to customers and shareholders in the coming quarters.
