Data, voice, and fintech revenues put Africa’s biggest telco back in the fast lane.
MTN Group just clocked a 33 percent profit surge for Q1 2025. The heavy lifting came from MTN Nigeria and Ghana, where voracious data use and booming mobile money kept the cash counters humming. Why should founders, developers, and everyday users care? Because the same forces reshaping MTN’s balance sheet are rewriting Africa’s digital economy.
The Big Numbers
- EBITDA up 33 % y/y; margin widened 5.3 ppt to 44.1 % — best since pre-pandemic days.
- Group service revenue grew 10.4 % (reported) or 19.8 % (constant currency).
This isn’t mere accounting gymnastics. MTN’s data-first playbook is paying off as Africans stream, swipe, and trade more bits than ever.
How Nigeria Won Back the Spotlight
- Service revenue leapt 40.5 % y/y to ₦1.05 trn.
- Data income spiked 51.5 %; voice rose 27.7 %.
- Profit after tax bounced to ₦133.7 bn, flipping last year’s ₦392.7 bn loss.
- EBITDA margin now 46.6 % (+7.2 ppt).
Translation: cheery news for investors, and a signal that MTN Nigeria can still print cash even while juggling FX and regulatory curveballs.
Ghana’s Mobile-Money Mojo
Ghana delivered GHS 5.4 bn ($410 m) in service revenue, up 39.6 %, while profit after tax surged 53.7 % — all on the back of a 54.9 % data boom and a 72.4 % spike in advanced mobile money services. EBITDA margin? A fat 58.1 %.
Why It Matters
Ralph Mupita credits “relentless execution” and improved macro conditions, but the bigger story is Africa’s thirst for digital services: video-heavy apps, cash-lite payments, and the looming rollout of 5G across key cities. MTN’s numbers hint at where talent and capital will flow next—think cloud, content, and cross-border payments.
Here’s What This Means for Nigerians
Opportunities
- Cheaper Data Bundles Ahead? Scale lets MTN price aggressively, especially if competitors blink.
- More Jobs in Digital Services: From network engineering to fintech product roles.
- Stronger Infrastructure: Expect fresher fibre routes and rural coverage pushes as MTN races to lock in users.
Watchouts
- Tariff reviews could still land if the naira slides.
- Network congestion may spike before promised 5G upgrades catch up.
Sectors to watch: edtech, health-tech, creator economy—any space where lower latency and seamless payments unlock new models.
Final Thoughts
A 33 percent jump isn’t just a flex; it’s a map. Follow the data-and-payments trail, and you’ll see where Africa’s next unicorns—and your next opportunity—might spring up. Let’s see who scales first, or who JAPA-s with the idea.
