MTN Ghana delivered a robust financial performance in the first quarter of 2026, underpinned by strong growth across its core data, mobile money, and digital segments, despite an evolving regulatory and structural landscape.

The company reported service revenue of GHS 7.3 billion, representing a 35.7% year-on-year increase, as demand for data connectivity and digital financial services continued to accelerate. This top-line growth translated into significant profitability gains, with profit after tax rising 46.8% to GHS 2.5 billion, while EBITDA increased by 42.9% to GHS 4.5 billion, lifting margins to an impressive 61.2%.

Performance was primarily driven by the data segment, which expanded by 52.3% to GHS 4.3 billion, reinforcing its position as the dominant revenue contributor. Increased smartphone penetration, higher data consumption, and sustained demand for video and digital content supported this growth. Mobile money also maintained strong momentum, with revenue increasing 28.4% to GHS 1.7 billion, reflecting continued adoption of digital payments, transfers, and financial services. Digital services emerged as a fast-growing segment, more than doubling year-on-year, while traditional voice revenue declined modestly, consistent with global industry trends toward internet-based communication.

A defining development during the quarter was the completion of the structural separation of MTN Ghana’s mobile money business into a standalone entity, Mobile Money Fintech LTD (MMFL), in line with regulatory requirements. While this transition introduces a new reporting structure—where fintech operations are now classified as discontinued operations from an accounting standpoint—economic ownership remains unchanged, with shareholders retaining exposure to both businesses through a stapled share structure on the Ghana Stock Exchange.

In line with its capital return strategy, the company declared an interim dividend of GHS 0.03 per share from Scancom PLC. In addition, Mobile Money Fintech LTD has recommended a further dividend of GHS 0.03 per share, subject to shareholder approval. This effectively implies a combined potential dividend of GHS 0.06 per share for the quarter, although only the Scancom component is currently confirmed. Both payments, if finalized, are scheduled for June 18, 2026, with an ex-dividend date of June 3, 2026.

The dual dividend structure reflects the group’s new corporate configuration rather than a reduction in shareholder returns, as value distribution is now split between the telecom and fintech entities. Importantly, MTN Ghana has also revised its dividend policy to allow for quarterly dividend declarations, reinforcing its commitment to consistent shareholder returns within a payout range of 60% to 80% of annual earnings.

The company’s performance was supported by an improving macroeconomic environment, with easing inflation and relatively stable currency conditions enhancing consumer spending and operational predictability. During the period, MTN Ghana contributed GHS 2.8 billion in direct and indirect taxes, underscoring its role as a key pillar of Ghana’s economic ecosystem.

Looking ahead, the company remains focused on scaling its connectivity, fintech, and digital platforms, supported by disciplined capital allocation and continued investment in network infrastructure. With strong earnings momentum, expanding digital adoption, and a clearer regulatory structure, MTN Ghana is well-positioned to sustain growth and deliver long-term value to shareholders.

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