MTN Ghana has delivered a powerful earnings performance in the first nine months of 2026, with profit before tax surging by 51.8% to GH¢11.3 billion as sustained demand for data, expanding digital financial services and stronger customer engagement fuelled growth across its businesses.
The telecommunications giant’s latest financial results represent a significant improvement over the GH¢7.7 billion profit before tax recorded during the corresponding period in 2025, highlighting the company’s growing capacity to translate rising demand for connectivity and digital services into stronger earnings.
The performance was disclosed in MTN Ghana’s nine-month financial report for the period ended September 30, 2026, released to the investing public on October 29, 2026.
Beyond the impressive profit growth, the company recorded a substantial increase in revenue, reinforcing its position as one of Ghana’s leading players in the telecommunications and digital financial services industries.
Revenue Climbs to GH¢23.2 Billion as Business Expands
MTN Ghana’s total revenue increased by 35.7% to GH¢23.2 billion during the first nine months of 2026, reflecting stronger contributions from its core connectivity and fintech operations.
Service revenue also grew by 33.5% year-on-year to GH¢23.2 billion, supported by sustained demand for data services, increasing adoption of digital financial products and continued customer engagement across the company’s digital platforms.
The growth demonstrates how consumer behaviour is increasingly shifting towards digital solutions, with mobile internet and electronic financial transactions becoming essential components of everyday economic activity.
As more individuals and businesses depend on mobile connectivity for communication, commerce and financial transactions, MTN continues to benefit from opportunities emerging across Ghana’s expanding digital economy.
The company also committed GH¢3.2 billion to capital expenditure during the nine-month period, underscoring its continued investment in infrastructure, network capacity and the long-term development of its operations.
Such investments remain important as rising data consumption places additional demands on telecommunications infrastructure and increases expectations for reliable and efficient network services.
Mobile Money Business Generates GH¢5.3 Billion
MTN’s Mobile Money business maintained its growth momentum, recording a 26.5% increase in revenue to GH¢5.3 billion during the first nine months of 2026.
The performance was supported by expansion across its core wallet services and advanced financial services, alongside increasing adoption of digital payment solutions among consumers and businesses.
Active Mobile Money users increased by 6.9% year-on-year to 18.9 million, highlighting the growing importance of the platform in Ghana’s financial services ecosystem.
The company’s basic Mobile Money services generated GH¢3.5 billion in revenue, representing a 22.2% increase compared with the same period last year. Growth in person-to-person transfers provided significant support to this segment.
Meanwhile, advanced financial services revenue increased by 28.7% year-on-year to GH¢1.9 billion, driven by higher adoption of digital payments, lending products and other value-added services.
Transaction volumes and values also continued to expand, reflecting broader participation in the Mobile Money ecosystem and the increasing acceptance of electronic payments.
Despite the strong revenue growth, Mobile Money’s contribution to total service revenue declined to 23.2%, compared with 24.9% in the corresponding period of 2025. This reflects the relatively stronger expansion of other revenue streams within MTN’s broader business.
Data Revenue Surges 39.9% as Demand Accelerates
Data services emerged as another significant growth driver during the reporting period, with revenue increasing by 39.9% year-on-year in the third quarter.
The strong performance reflects sustained demand for mobile internet services as individuals, households and businesses increasingly rely on digital connectivity for work, entertainment, communication and commercial activities.
MTN Ghana Chief Executive Officer Stephen Blewett said growth remained well diversified across the company’s key revenue streams, with the third-quarter performance further strengthening its nine-month results.
According to him, the performance demonstrated the resilience and diversification of MTN’s growth engines.
“This performance also reinforced our capacity to generate earnings and cash flow while continuing to invest in the long-term growth of the business and deliver returns to shareholders.”
Stephen Blewett
The CEO also acknowledged the challenging global environment but expressed confidence in Ghana’s relatively stable operating conditions.
Mr. Blewett noted that “inflation remains on a moderating trajectory, external reserves have strengthened, and economic activity continues to demonstrate resilience.”
His assessment comes amid improving macroeconomic conditions in Ghana, where moderating inflation and stronger external reserves have contributed to a more supportive environment for business operations.
MTN Proposes GH¢0.03 Interim Dividend
MTN’s strong financial performance has also created room for another shareholder distribution, with the company’s board proposing a gross interim dividend of GH¢0.03 per ordinary share for the third quarter ended September 30, 2026.
The proposed dividend will be subject to applicable tax deductions and represents another opportunity for shareholders to benefit from the company’s earnings performance.
MTN disclosed that 13,236,175,050 ordinary shares were in issue as of the date of the dividend declaration.
Under the proposed payment arrangements, investors purchasing MTN Ghana shares before the relevant qualifying date will be entitled to receive the dividend. However, investors buying shares on or after Thursday, November 26, 2026, will not qualify for the payment.
The company has scheduled Thursday, December 10, 2026, for the electronic transfer of net dividends to the bank accounts or Mobile Money wallets of shareholders who have registered for these payment facilities.
The declaration is in line with the requirements of the Ghana Stock Exchange, including the applicable procedures governing dividend payments and shareholder eligibility.
Strong Earnings Put MTN’s Growth Strategy in Focus
MTN Ghana’s nine-month results highlight the growing contribution of data connectivity and digital financial services to its overall business performance.
With profit before tax increasing by more than half, revenue expanding by 35.7% and Mobile Money users approaching 19 million, the company has demonstrated considerable momentum across its major business segments.
Its GH¢3.2 billion capital expenditure commitment also points to an effort to sustain that momentum through continued investment in its operations.
As competition within Ghana’s telecommunications and digital financial services markets evolves, MTN’s ability to maintain revenue growth, strengthen customer engagement and convert expanding demand into sustainable earnings will remain important.
The proposed interim dividend further places shareholder returns alongside the company’s broader growth ambitions, giving investors another indication of how its expanding business performance is translating into financial benefits.
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