MTN Ghana strengthens earnings momentum with GH¢7.4bn pre-tax profit in H1 2026

Telecommunications giant MTN Ghana delivered another strong set of financial results in the first half of 2026, underscoring the continued transformation of the country’s telecommunications industry from a traditional voice business into a digital connectivity and financial services ecosystem.

The company reported profit before tax of GH¢7.4 billion for the six months ended June 30, 2026, representing a 44.5% increase from the GH¢5.1 billion recorded during the same period in 2025. The earnings growth was accompanied by a sharp expansion in revenue, stronger digital adoption and rising customer usage, reinforcing MTN’s position as Ghana’s dominant telecom and fintech operator.

Half-year financial statements released to investors showed that service revenue increased by 32.3% year-on-year to GH¢14.9 billion, up from GH¢11.3 billion a year earlier, reflecting sustained momentum across the company’s data and Mobile Money businesses.

The performance suggests that MTN’s long-term investment strategy in network infrastructure, digital platforms and customer experience continues to generate significant commercial returns despite an increasingly competitive telecommunications landscape.

Perhaps the most striking feature of the results was the growing dominance of data services within MTN’s revenue portfolio.

Revenue from the data business rose 47.1% to GH¢8.8 billion, supported by rising smartphone penetration and an acceleration in digital consumption across households and businesses.

The company reported that active data subscribers increased 17.0% year-on-year to 21.3 million, while average monthly data consumption climbed 38.0% to 19.3 gigabytes per active user, reflecting growing demand for video streaming, online education, digital commerce and cloud-based applications.

As a consequence, data now contributes 58.7% of total service revenue, compared with 52.8% during the same period last year.

The shift is strategically significant because data revenues generally provide stronger long-term growth opportunities than traditional voice services, while positioning MTN to benefit from Ghana’s expanding digital economy.

Fintech also remained one of the company’s principal growth engines.

Revenue generated by Mobile Money Fintech Limited reached GH¢3.5 billion, supported by continued expansion in both traditional wallet services and higher-value financial products.

Active Mobile Money users increased 3.1% to 18.3 million, while customer engagement across the platform continued to deepen.

Basic wallet services generated GH¢2.3 billion, reflecting a 21.2% increase driven primarily by person-to-person transfers.

Meanwhile, advanced financial services—including digital payments, lending and other value-added products—grew 27.3% to GH¢1.2 billion, highlighting increasing consumer acceptance of digital financial services beyond simple money transfers.

Although Mobile Money’s share of total service revenue eased slightly to 23.4% from 25.1% a year earlier, the decline reflects the faster expansion of data revenues rather than weakness within the fintech business itself.

The results also represent one of the first major reporting periods following the structural separation of MTN’s fintech operations earlier this year, a move intended to unlock future value while positioning the business for broader financial services expansion.

Commenting on the results, Stephen Blewett, Chief Executive Officer of MTN Ghana, attributed the performance to disciplined execution of the company’s long-term growth strategy.

“The first half of the year was underpinned by sustained commercial execution of our Ambition 2030 strategic priorities and our unwavering commitment to delivering value to customers.”

He added:

“This momentum culminated in half-year 2026 service revenue growth of 32.3% and further reinforced our position as the leading provider of connectivity and fintech solutions in Ghana.”

Mr Blewett said the company’s strategy continues to demonstrate its effectiveness.

“Collectively, these results reflect the effectiveness of our strategic execution and the strength of our growth engines.”

He added:

“This should reinforce MTN’s confidence that we are taking the right steps to position ourselves to capture emerging opportunities and accelerate sustainable growth over the medium to long term for all stakeholders.”

Beyond financial performance, MTN highlighted its contribution to Ghana’s public finances.

During the first six months of the year, the company paid GH¢5.6 billion in direct and indirect taxes together with GH¢384.7 million in statutory fees and levies to government institutions.

The payments reinforce MTN’s position as one of Ghana’s largest corporate taxpayers and illustrate the growing fiscal importance of the country’s digital economy, where telecom operators increasingly contribute significant government revenues through taxation, licensing fees and regulatory levies.

The strong earnings performance also translated into improved shareholder returns.

The Board of Scancom PLC declared an interim dividend of GH¢0.03 per ordinary share for the second quarter of 2026, while Mobile Money Fintech Limited declared an equivalent dividend for beneficiaries of the MTN Ghana Fintech Trust.

The dividend declaration reflects management’s confidence in the company’s earnings outlook and cash-generating capacity while maintaining investment in network expansion and digital infrastructure.

Looking ahead, MTN said it would continue executing its Ambition 2030 strategy by strengthening network resilience, expanding nationwide coverage, improving customer experience and accelerating home broadband penetration.

The company also pledged to maintain disciplined capital allocation focused on investments capable of generating sustainable long-term returns.

With Ghana’s digital economy continuing to expand, smartphone adoption rising and financial inclusion increasingly driven through mobile platforms, MTN appears well positioned to sustain earnings growth. For investors, the first-half results reinforce the company’s status as one of the Ghana Stock Exchange’s strongest earnings generators, while for policymakers they underline the growing role telecommunications infrastructure and digital financial services play in supporting economic growth, tax mobilisation and the country’s broader digital transformation agenda.