Ghana emerged as MTN Group’s fastest-growing market for fintech and mobile money revenue in the first half of 2026, helping drive a 17.5% rise in service revenue.
According to the group’s half-year report, MTN Ghana generated R5.34 billion (approximately US$328 million) in fintech revenue during the period, nearly six times Nigeria’s R911 million (US$56 million) and more than double Uganda’s R2.58 billion (US$158 million).
Ghana alone accounted for nearly 36% of MTN Group’s total fintech revenue of R14.92 billion (US$915 million).
Mobile Money revenue in Ghana grew by 23.7%, supported by strong performances in both the core wallet business and advanced financial services. Active mobile money users increased by 3.1% to 18.3 million.
Revenue from basic services, including person-to-person transfers, increased by 21.2%, while advanced-services revenue rose by 28.8%, driven by greater adoption of digital payments, lending, and other value-added financial services.
By comparison, overall fintech revenue in Nigeria declined by 8%, although its underlying mobile money revenue grew strongly from a much smaller base. Nigeria ended the period with five million active wallets, less than one-third of Ghana’s 18.3 million.
Mobile money contributed 23.4% of MTN Ghana’s total service revenue in the first half of 2026.
Data and digital growth surge
The Ghana operation recorded equally impressive growth across data and digital services.
Data revenue increased by 47.3% as active data subscribers rose by 17% to 21.3 million. Average monthly data consumption per active user climbed by 38% to 19.3GB.
Data now accounts for 58.7% of MTN Ghana’s service revenue, up from 52.8% in the corresponding period of 2025.
Digital revenue almost doubled, increasing by 97.5%, driven by increased adoption of gaming, video, and other content services. Ghana’s digital growth was substantially higher than Nigeria’s 20.9%.
Total subscribers increased by 8.5% to 32.8 million.
The only major segment to record a decline was traditional voice revenue, which fell by 1.6% as consumers continued shifting towards internet-based calling services.
MTN Group described its overall first-half performance as strong, with group service revenue increasing by 17.5% and EBITDA rising by 24.4% in constant-currency terms.
However, Ghana’s results were considerably ahead of those group averages. Across mobile money, revenue growth, profitability, digital adoption, and cash generation, MTN Ghana has established itself as the group’s most productive major operation relative to the size of the market it serves.
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