MTN Ghana delivered another strong financial performance during the first half of 2026, supported by rapid growth in data usage, digital services and Mobile Money.

The combined businesses of Scancom PLC and MobileMoney Fintech Limited recorded service revenue of GH¢14.96 billion for the six months ended June 30, 2026. This represented a 32.3% increase from GH¢11.31 billion in the same period of 2025.

Profit after tax climbed by 43.3%, rising from GH¢3.58 billion to GH¢5.13 billion. Profit before tax also increased by 44.5% to GH¢7.41 billion.

The results combine the performance of Scancom PLC’s telecommunications business and MobileMoney Fintech Limited, or MMFL. MTN Ghana completed the structural separation of its Mobile Money operations on March 31, 2026, but the stapled-share structure remains unchanged.

This means MTN Ghana shareholders continue to participate in the economic performance of both the connectivity and fintech businesses.

Data remains MTN Ghana’s biggest growth engine

Data revenue increased by 47.1% to GH¢8.79 billion, compared with GH¢5.97 billion in the first half of 2025.

Data accounted for 58.7% of total service revenue, up from 52.8% a year earlier, making it the company’s largest source of revenue.

The strong growth was supported by a 17% increase in active data subscribers to 21.3 million. Average monthly data consumption per active subscriber also rose by 38% to 19.3GB.

The growth reflects increasing smartphone adoption and stronger demand for services such as video streaming and other internet-based platforms.

In contrast, voice revenue declined by 1.4% to GH¢1.93 billion as more customers shifted from traditional calls to internet-based communication services.

Voice now contributes 12.9% of service revenue, down from 17.3% in the same period of 2025. However, MTN Ghana’s total mobile subscriber base still increased by 8.5% to 32.8 million.

Mobile Money revenue reaches GH¢3.49 billion

MTN Ghana’s fintech business continued to expand, with Mobile Money revenue growing by 23.3% to GH¢3.49 billion.

The number of active Mobile Money users increased by 3.1% to 18.3 million.

Revenue from basic services, including person-to-person transfers, rose by 21.2% to GH¢2.3 billion. Advanced services revenue increased by 27.3% to GH¢1.2 billion, supported by growing demand for digital payments, lending and other value-added financial services.

Mobile Money contributed 23.4% of total service revenue during the period.

Digital revenue nearly doubled, increasing by 98% to GH¢376.65 million. MTN attributed the growth to stronger adoption of gaming, video and content services.

Profitability improves despite higher costs

MTN Ghana’s earnings before interest, taxes, depreciation and amortisation increased by 39.8% to GH¢9.26 billion.

Its EBITDA margin expanded from 58.4% to 61.8%, meaning the company retained nearly 62 pesewas in operating earnings from every GH¢1 of revenue before accounting for interest, taxes, depreciation and amortisation.

Total operating costs increased by 21.6% to GH¢5.74 billion. This included cost of sales of GH¢2.31 billion and operating expenses of GH¢3.43 billion.

However, revenue grew faster than costs, allowing MTN Ghana to improve both its profit and operating margin.

The company invested GH¢2.10 billion in total capital expenditure during the period, including GH¢1.90 billion in capital expenditure excluding leases. The investment was directed towards network expansion, additional capacity, digital platforms and service-quality improvements.

Scancom and Mobile Money declare dividends

The boards of Scancom PLC and MobileMoney Fintech Limited each declared a gross second-quarter dividend of GH¢0.03 per share.

Consequently, an eligible MTN Ghana shareholder is expected to receive a combined gross dividend of GH¢0.06 per stapled share from the two businesses, subject to applicable taxes.

The ex-dividend date is Wednesday, September 2, 2026, while the qualifying date is Friday, September 4, 2026. Payment is scheduled for Thursday, September 17, 2026.

The report states that investors purchasing MTN Ghana shares before the ex-dividend date will qualify for the dividends.

Significant contribution to government revenue

During the first half of the year, MTN Ghana paid GH¢5.6 billion in direct and indirect taxes and an additional GH¢384.7 million in fees and levies to government agencies.

The company also continued its social-investment programmes, including the commissioning of an Accident and Emergency Centre at the Ho Teaching Hospital, the refurbishment and donation of 3,888 hospital beds and accessories, and the opening of applications for another 500 beneficiaries under the MTN Bright Scholarship programme.

What the results mean for investors

MTN Ghana’s half-year results show that its growth is increasingly being driven by data, Mobile Money and digital services rather than traditional voice calls.

The 43.3% increase in profit, improved EBITDA margin and continued investment in network infrastructure indicate that the company is converting strong revenue growth into higher earnings.

The structural separation of Mobile Money also gives the fintech business greater operational independence while allowing MTN Ghana shareholders to retain exposure to both businesses through the stapled-share arrangement.

For investors, the major areas to monitor during the second half of 2026 will be data-consumption growth, Mobile Money adoption, capital expenditure, operating costs and the sustainability of the company’s quarterly dividend payments.