MTN Ghana reports service revenue growth following fintech separation

Details: Manny Pham; Category: Operators; 03 August 2026; 465 views

MTN Ghana has reported a 32.3% year-on-year increase in service revenue for the first half of 2026, driven by continued growth in mobile data and mobile money services, following the structural separation of its fintech business earlier this year.

The results come just days after MTN Ghana denied allegations made by Clydestone Ghana, which has launched legal proceedings claiming it played a role in the creation of mobile money services in the country. MTN Ghana said the claims were without merit and would be vigorously contested, while stressing the case would not affect its operations or mobile money services.

Effective 31 March 2026, MTN Ghana completed the regulatory separation of its fintech operations, with MobileMoney Fintech LTD (MMFL) becoming a standalone legal entity in line with Ghana's Payment Systems and Services Act. Although legally separate, the company presented combined financial information for both businesses to help investors compare performance with previous reporting periods.

Combined service revenue reached GHS15 billion (US$1.3 billion) during the first six months of the year, while EBITDA increased 39.8% year on year to GHS9.3 billion, lifting the EBITDA margin by 3.4 percentage points to 61.8%. Profit after tax rose 43.3% to GHS5.1 billion.

The operator ended the period with 32.8 million mobile subscribers, up 8.5% year on year, while active data users increased 17% to 21.3 million. Active Mobile Money users also grew 3.1% to 18.3 million.

Data remained the company's largest revenue driver, increasing 47.1% year on year to GHS8.8 billion, supported by growing smartphone adoption and higher customer usage. Average monthly data consumption rose 38% to 19.3GB per active user, with data accounting for 58.7% of service revenue, up from 52.8% a year earlier.

Mobile Money revenue increased 23.3% to GHS3.5 billion, driven by growth in both its core wallet business and advanced financial services, including digital payments and lending. The fintech business contributed 23.4% of service revenue during the period.

Voice revenue declined 1.4% to GHS1.9 billion as customers continued shifting towards internet-based communications services, although subscriber growth helped limit the decline.

The company invested GHS1.9 billion in capital expenditure excluding leases during the period to expand network capacity and strengthen its digital platforms.

MTN Ghana said it remains focused on executing its Ambition 2030 strategy by expanding network coverage, accelerating home broadband, growing fintech services and increasing digital adoption, while maintaining its medium-term guidance for service revenue growth and EBITDA margin.