Ghana, Nigeria growth and reforms power MTN Group's strong first quarter performance

MTN Group has credited exceptional growth in Ghana and Nigeria, alongside favourable regulatory reforms in both markets, for its strong financial performance in the first quarter of 2025.

According to the Group’s Q1 financial results, service revenue rose by 19.8 per cent in constant currency terms, underpinned by a stellar 40.4 per cent growth in MTN Nigeria and a 39.5 per cent surge in MTN Ghana. These two West African markets were the biggest contributors to the Group’s revenue and earnings uplift.

“Ghana and Nigeria were instrumental in our robust Q1 performance,” said MTN Group President and CEO, Ralph Mupita. “The strong operational delivery, coupled with regulatory reforms in both countries, supported a 33% rise in group EBITDA and improved our margin by 5.3 percentage points to 44.1%.”

In Ghana, MTN’s performance was boosted by continued growth across voice, data, digital and fintech segments. Data revenue rose by 54.9 per cent, driven by a 39.8 per cent increase in usage per active user, which climbed to 13.4GB per month. Fintech revenue also saw strong growth, rising 50.3 per cent year-on-year. Mobile money transaction volumes rose by 26.5 per cent to 1.1 billion, with a transaction value of GH¢112 billion.

A key driver of future growth in Ghana, MTN said, will be the removal of the e-levy tax on mobile money transactions. “Post the quarter end, we were encouraged by the removal of the e-levy tax on MoMo transactions in Ghana – effective 2 April 2025 – which we believe will stimulate faster growth in the ecosystem and deepen financial inclusion,” Mupita noted.

In Nigeria, MTN implemented price adjustments for telecom services in February and March after receiving long-awaited regulatory approval. “We were pleased with the approval of price adjustments for telecom operators in Nigeria, which the business started to implement from mid-February 2025,” Mupita stated. These adjustments helped restore pricing flexibility and revenue momentum in the Group’s largest market.

Fintech and data continued to drive growth in Nigeria as well, with the Group noting strong customer uptake in both service categories. Across the MTN Group, active data users grew by 9.1% to 161.7 million, while fintech transaction volumes rose 13.9% to 5.5 billion, with total transaction value reaching US$95.3 billion, a 48.9 per cent increase.

MTN also reiterated its focus on regulatory engagement and policy clarity as a growth enabler. The structural separation of the Group’s fintech business remains on track, with regulatory approvals in Ghana, Nigeria and Uganda expected in the second half of the year.

“Our strategy continues to benefit from macroeconomic and regulatory improvements in our largest markets,” Mupita said. “With reforms in Ghana and Nigeria creating a more enabling environment, we are confident in our outlook for sustained growth and digital inclusion across the continent.”