MTN’s growth engine is moving beyond South Africa, with markets such as Nigeria and Ghana driving much of the group’s momentum in the first half of 2026.
The group’s service revenue grew 17.5% in constant-currency terms to R115.3 billion ($7.21 billion) in the first half of 2026, but the gains were concentrated outside its home market. Ghana, Nigeria, Uganda, Côte d’Ivoire, and Cameroon were among the strongest contributors, while South Africa posted just 1.5% service-revenue growth.
The latest results suggest the group’s diversification across 19 markets is becoming important to its growth prospects, allowing faster-growing businesses in markets such as Nigeria and Ghana to offset weaker conditions at home.
Nigeria is aiming for at least low-20% service-revenue growth, while Ghana expects mid-to-upper 30% expansion. South Africa is targeting only low-to-mid-single-digit gains.
“The increasing contribution from our broader markets and growth platforms continued to enhance the resilience and quality of Group earnings,” MTN said in its results on Monday.
