MTN Ghana delivered a strong set of first-quarter 2026 results, underpinned by sustained growth in data, mobile money, and digital services, alongside a notable structural shift in its operating model. Profit after tax rose 46.8% year-on-year to GHS2.5 billion, while service revenue advanced 35.7% to GHS7.3 billion, reflecting resilient demand for connectivity and continued expansion of Ghana’s digital ecosystem.
Performance was driven primarily by data, which grew 52.3% to GHS4.3 billion and now accounts for nearly 60% of service revenue, reinforcing its position as the company’s dominant revenue stream. Mobile money revenue increased 28.4% to GHS1.7 billion, supported by higher transaction volumes and broader adoption of digital financial services, while digital revenue more than doubled, highlighting MTN’s accelerating diversification beyond traditional telecom services. Voice revenue continued its structural decline, falling 3.7% amid the ongoing migration to internet-based communication platforms.
Operationally, the group demonstrated strong cost discipline, with EBITDA rising 42.9% to GHS4.5 billion and margins expanding to 61.2%, signaling improved efficiency and operating leverage in a more stable macroeconomic environment. This profitability translated into robust earnings growth, with earnings per share increasing to GHS0.187.
A defining development in the quarter was the completion of the structural separation of the mobile money business into a newly established entity, Mobile Money Fintech LTD (MMFL), in line with regulatory requirements. While the fintech arm is now a separate legal entity, both businesses remain economically linked, with shares effectively “stapled” and continuing to trade as a single security on the Ghana Stock Exchange. This restructuring is expected to enhance strategic focus and unlock long-term value across both segments.
In line with its revised dividend policy, which now permits quarterly distributions, the company declared an interim dividend of GHS0.03 per share. Separately, MMFL has recommended an additional GHS0.03 per share, subject to shareholder approval. Taken together, this implies a total potential dividend of GHS0.06 per share for the period, although only the Scancom component has been formally declared at this stage. Both payments, if fully approved, are scheduled for June 18, 2026.
The group’s performance was supported by improving macroeconomic conditions, including easing inflation and relative currency stability, which contributed to stronger consumer demand and business confidence. MTN Ghana also maintained its significant contribution to the economy, with total taxes and levies amounting to GHS2.8 billion during the quarter.
Looking ahead, the company remains focused on scaling its data, fintech, and digital platforms, supported by disciplined capital allocation and continued investment in network infrastructure. With a strengthened operating structure and sustained demand across its core segments, MTN Ghana appears well-positioned to maintain its growth trajectory and deliver continued value to shareholders.
