MTN Ghana, a subsidiary of MTN Group whose network business operates as Scancom PLC, generated GHS23.2 billion ($1.98 billion) in service revenue in the first nine months of 2026, a 33.5% increase year-on-year, due to rising data demand and growing adoption of digital and financial services.
Revenue growth accelerated in the third quarter, rising 35.7% to GHS8.2 billion ($700.3 million), reflecting stronger performance across its connectivity and fintech operations.
The results point to a growing contribution from services beyond traditional voice calls, as more customers use mobile internet, digital content and financial services.
“Growth remained well diversified across our key revenue streams,” said MTN Ghana CEO Stephen Blewett. Data revenue increased by 39.9% in Q3 2026, “supported by sustained demand for data and digital services, continued smartphone adoption, increased customer usage, portfolio optimisation and customer value management initiatives.”
Digital revenue grew 98.1%, reflecting increased adoption of gaming, video and content services, while Mobile Money revenue rose 26.5% as wallet and advanced financial services expanded. Voice revenue also increased by 27.1%.
The figures show MTN records growth from several parts of its business, with data and digital services recording particularly strong increases. Its revenue model is increasingly supported by customers’ demand for internet access and services delivered over its network, alongside conventional calls.
MTN Ghana’s expanding customer base explains the revenue growth. Mobile subscribers jumped 12.7% to 34.3 million, while active data subscribers grew 16.1% to 22 million. Active Mobile Money users rose by 6.9% to 18.9 million.
The faster growth in active data subscribers suggests that internet services are gaining ground within MTN’s customer base. In Q3 alone, the company added approximately 1.5 million mobile subscribers, compared with 800,000 in Q2, alongside 700,000 active data subscribers and 600,000 active Mobile Money users.
MTN’s revenue growth also translated into improved profitability. Earnings Before Interest, Taxes, Depreciation, and Amortization EBITDA increased by 40.6% to GHS14.3 billion ($1.22 billion), while its EBITDA margin expanded by 3.1 percentage points to 61.5%. Profit after tax rose by 43% to GHS7.8 billion ($666.1 million).
Cash generated from operations rose to GHS14.6 billion ($1.25 billion), up from GHS10.8 billion ($922.3 million) in the corresponding period of 2025. The company attributed its stronger profitability to revenue growth, cost management and operational efficiency.
The results suggest that MTN is converting its expanding business into higher earnings, with profit growing faster than revenue. It also paid GHS9 billion ($768.6 million) in direct and indirect taxes, up from GHS7.3 billion ($623.4 million) a year earlier.
“Overall, Q3 further strengthened our nine-month performance, demonstrating the resilience and diversification of our growth engines,” said Blewett.
MTN’s performance comes amid improving economic conditions in Ghana. The country’s economy grew by 6% in Q2 2026, with the ICT sector expanding by 30.9% and accounting for 41.5% of total economic growth.
The cedi, however, depreciated by 12.1% against the dollar in the first nine months of 2026, according to MTN’s report. This could increase the cost of imported network equipment and other dollar-denominated expenses, even as lower inflation provides a more predictable operating environment.
In a drive towards sustaining its growth, MTN Ghana invested GHS3.2 billion ($273.3 million) in capital expenditure during the nine months, including GHS2.6 billion ($222 million) in ex-lease expenditure. It expects service revenue growth in the low-to-mid-30s for the full year, with EBITDA margins in the high-50s to low-60s range.