MTN Ghana has kicked off the 2025 financial year with a robust performance, reporting a remarkable 39.4 percent increase in total revenue for the first quarter.
The telecommunications giant posted revenue of GH₵5.4 billion (GH₵5,362,262,000) from January to March, up significantly from the same period in 2024. This impressive growth trajectory reflects the company’s sustained investments in digital innovation, customer expansion strategies, and diversified revenue streams.
The company’s profit after tax for Q1 2025 stood at GH₵1.71 billion, while profit before tax reached GH₵2.43 billion. This is a strong financial position that further cements MTN Ghana’s dominance in the telecommunications and financial technology (fintech) sectors. The data, released through the Ghana Stock Exchange, shows that MTN Ghana paid a profit tax of GH₵719.7 million—marking a substantial increase of over 48% compared to the same quarter last year.
Chief Executive Officer of MTN Ghana, Stephen Blewett, attributed the positive results to strategic initiatives and targeted investments across core business areas including data services, voice communications, digital content, and Mobile Money (MoMo). “The first quarter of 2025 was characterised by solid execution of our commercial strategy, culminating in a 5.2% expansion of our subscriber base and a 39.6% increase in service revenue,” he stated.
Solid Performance Across Revenue Streams
MTN Ghana’s service revenue rose by 39.6% year-on-year to GH₵5.35 billion, outperforming its medium-term guidance and inflationary pressures. This growth was largely driven by increased demand for connectivity and fintech services, alongside consistent investments in expanding and enhancing the company’s network infrastructure.
During the quarter, MTN invested GH₵779.5 million in capital expenditures excluding leases—focusing on expanding network capacity and IT systems. This helped the company grow its mobile subscriber base by 1.5 million to a total of 29.2 million, while maintaining a 99.3% 4G population coverage.
A key driver of MTN Ghana’s strong Q1 results was its data revenue, which rose by 54.9% year-on-year to GH₵2.8 billion. This growth stemmed from a 10.8% increase in active data users, fueled by an enhanced service offering, value-packed promotional bundles, and strategic network upgrades. Monthly data consumption per user jumped by 39.7% to 13.4GB, reflecting increasing consumer reliance on digital connectivity. Data now contributes 52.6% to total service revenue, up from 47.4% in Q1 2024.
Voice Revenue Shows Modest Growth
While traditional voice services remain relevant, their contribution to service revenue continued to decline in favor of digital and data-driven products. Voice revenue grew modestly by 6.2% YoY to GH₵951 million, bolstered by a 5.2% increase in mobile subscribers and improvements in call quality.
However, its contribution to total service revenue dropped from 24.3% in 2024 to 17.8% in 2025, highlighting the broader market shift towards Voice over Internet Protocol (VoIP) and data-based communication.
MTN Ghana’s digital revenue recorded a 65.4% YoY growth, reaching GH₵82.1 million. This was underpinned by the company’s proactive strategy to enrich user experiences through entertainment and gaming services, as well as personalised options like call-back ringtones.
The number of active users of MTN’s digital services rose by 14.7% YoY to 5.3 million. Digital revenue’s share in total service revenue increased slightly to 1.5%, from 1.3% in the prior year, reflecting the gradual rise of digital consumption in Ghana.
Mobile Money (MoMo) Continues to Lead Fintech Innovation
MTN Ghana’s Mobile Money platform continues to be a strong pillar of its business, posting a 53.1% YoY increase in revenue to GH₵1.3 billion. This was driven by a 44.8% surge in revenue from basic MoMo services and a 72.4% jump in advanced services such as digital payments, lending, and wealth management.
The company’s strategic partnerships with financial institutions and fintech players have played a vital role in broadening the accessibility and functionality of the platform.
MoMo saw an 11.5% YoY increase in active users, with transaction volumes and values processed on the platform growing by 19.7% and 94.8%, respectively. The contribution of MoMo revenue to total service revenue increased to 24.9% from 22.7% in the same period last year, underscoring its growing role in MTN’s diversified portfolio.
MTN Ghana’s Q1 2025 results highlight its adaptability and resilience amid macroeconomic challenges. The company’s multi-pronged strategy—centered on innovation, customer growth, and infrastructure development—has enabled it to not only maintain but expand its leadership position in Ghana’s competitive telecom and fintech landscape.
With over 29 million subscribers, enhanced 4G coverage, and a booming Mobile Money ecosystem, MTN Ghana is well-positioned to sustain its growth momentum throughout the year. As the company continues to invest in digital infrastructure and consumer-centric services, it is expected to play an even more critical role in Ghana’s digital and financial inclusion agenda.
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