MTN Ghana Reports Strong Q3 2025 Growth with 36% Surge in Service Revenue

MTN Ghana  has announced strong results for the nine months ended 30 September 2025, reporting solid double-digit growth across all key performance indicators. The company’s performance was driven by continued execution of its commercial strategy, rising demand for data and digital financial services, and sustained investments in network expansion.

According to the results, service revenue rose by 36.3% year-on-year to GHS17.3 billion, while profit after tax increased by 45.9% to GHS5.5 billion. EBITDA grew 41.6% to GHS10.2 billion, with a margin improvement of 2.2 percentage points to 58.4%.

Strong Momentum Across Core Business Lines

The growth was underpinned by strong performance in data, fintech, and digital services. Data revenue surged 46.8% to GHS9.3 billion, accounting for more than half of total service revenue. This was supported by an 11.4% increase in active data subscribers to 18.9 million and higher average data usage, which rose by 41.3% to 14.5GB per user per month.

Mobile Money (MoMo) revenue also continued its upward trajectory, increasing 39.2% year-on-year to GHS4.3 billion, driven by growth in digital payments and lending services. The platform now has 17.7 million active users, reflecting MTN Ghana’s ongoing contribution to financial inclusion.

Voice and digital services also contributed positively, with voice revenue up 9.3% to GHS2.9 billion, and digital revenue more than doubling to GHS324.4 million, supported by increased adoption of video streaming, gaming, and digital entertainment.

Commenting on the results, Stephen Blewett, CEO of MTN Ghana, said the company’s performance reflects the impact of consistent strategic execution and improved macroeconomic conditions.

“MTN Ghana’s performance in the third quarter of 2025 was driven by the consistent execution of our commercial strategy, resulting in a 6.4% year-on-year growth in our subscriber base and a 36.3% increase in service revenue. This was supported by sustained capital expenditure investments and improvements in the operating environment, which positively impacted our capabilities across our key business lines. We acquired additional spectrum, obtained a universal access license, and received approval from the National Communications Authority (NCA) to harmonize our license timelines. This investment demonstrates our ongoing dedication to supporting Ghana’s digital transformation, enhancing network performance, and increasing capacity to meet growing demand.”

– Stephen Blewett, CEO, MTN Ghana

Investing in Infrastructure and Customer Experience

During the period, MTN Ghana deployed GHS3.3 billion in capital expenditure (excluding leases) to expand coverage, improve network quality, and upgrade IT systems. The company maintained 98.9% 4G population coverage, supporting a 57.3% increase in data traffic year-on-year and ensuring service reliability during peak usage.

These network upgrades, combined with disciplined cost management, drove profitability and improved margins. The company’s total capex for the period stood at GHS4.6 billion, reinforcing its commitment to long-term infrastructure development and digital inclusion.

Commitment to Socioeconomic Development

Through the MTN Ghana Foundation, the company continued to promote shared value and community development. In Q3 2025, the Foundation began constructing a multi-purpose resource centre at the University of Development Studies in Tamale, which will benefit over 30,000 students with training in digital skills, AI, robotics, and IoT.

The Foundation also trained over 160 SMEs in fintech and accounting principles, supported youth- and women-led enterprises, and enrolled over 4,000 learners in its Digital Skills Academy, of which 80% have completed at least one course.

To advance gender inclusion in tech, the Foundation partnered with Mobile Web Ghana to host the “Girlcode Hackathon”, a 20-hour coding challenge aimed at empowering young women to innovate in fintech.

Contributing to Ghana’s Economy

MTN Ghana continued to be a key contributor to Ghana’s economy, paying GHS7.3 billion in direct and indirect taxes, up from GHS6.1 billion in 2024. The company also contributed GHS1.2 billion in fees and levies to government agencies during the same period.

Looking ahead, MTN Ghana remains optimistic about the remainder of 2025, supported by a stable macroeconomic environment and its Ambition 2025 strategy focused on growth, efficiency, and innovation.

The company plans to enhance customer engagement through AI-driven analytics and value management, expand fintech and digital service offerings, and continue investing in connectivity and platform innovation.