Table of Contents
Key Points
- MTN Nigeria’s H1 2025 revenue surged 54.5% to $1.57 billion, fueled by booming data, fintech, and voice services.
- Profit after tax rebounded to $271 million, reversing a prior-year loss, driven by FX gains and cost discipline.
- Mobile data and MoMo fintech revenue jumped over 70%, as MTN deepens digital penetration and expands 4G coverage nationwide.
MTN Nigeria, the country’s largest telecom operator, reported a strong first half of 2025 under the leadership of CEO Karl Toriola, with revenue rising to $1.55 billion (N2.38 trillion)—a 54.5 percent increase compared to the same period last year. The surge was fueled by growing demand for mobile data, voice services, and digital financial products, alongside targeted price reviews that helped support top-line growth.
According to the company’s latest financial report, service revenue, which makes up the bulk of MTN’s earnings, grew 54.6 percent to N2.36 trillion ($1.54 billion). This jump was largely due to an 85.6 percent rise in data revenue and an 84.2 percent lift in fintech earnings, as the company ramped up its 4G coverage and expanded mobile financial services.
MTN also swung back into profitability, reporting a N414.86 billion ($271 million) profit after tax, a notable turnaround from a N519.06 billion ($339.13 million) loss in 2024. The recovery was supported by better foreign exchange conditions, tighter cost controls, and the company’s pricing strategy.
Second quarter lifts full-year expectations
Much of the gains came in the second quarter, when MTN posted N1.32 trillion ($862.28 million) in revenue—up nearly 68 percent from a year earlier. Data revenue rose to N701.11 billion ($458.07 million), while voice services also grew strongly, helped by a 6.7 percent rise in MTN’s subscriber base to 84.7 million users.
Fintech revenue nearly doubled in the quarter, growing from N25.57 billion ($16.7 million) in Q2 2024 to N47.1 billion ($30.8 million). This growth was driven by the company’s wider network coverage and rising smartphone use, especially in underserved parts of the country where mobile money services are gaining traction.
Mobile data continued to be the main revenue driver, with H1 data earnings up 69.2 percent to N1.23 trillion ($804 million). Data usage climbed 47.4 percent over the period, supported by broader smartphone access and MTN’s ongoing investment in its digital infrastructure.
The company’s fintech arm—led by its mobile money platform, MoMo—recorded a 71.8 percent rise in earnings to N83.2 billion ($54.35 million). As more Nigerians turn to digital payments, MTN is expanding its range of financial services to tap into the country’s growing mobile-first economy. Device sales and digital content services also posted solid gains, rising 43.1 percent and 59.1 percent, as more users embraced smartphones and premium digital products.
Speaking on the results, CEO Karl Toriola said, “Our focus on expanding network capacity and adjusting prices where necessary has paid off. We’re in a strong position to meet our full-year targets and expect to restore positive net asset value by the third quarter.”
Improved economy supports telecom growth
MTN’s strong performance also benefited from improving economic conditions. Inflation eased to 22.2 percent by June, while the naira stabilized at N1,530 to the dollar, supported by stronger foreign exchange inflows and tighter monetary policy. The Central Bank of Nigeria held its benchmark interest rate steady at 27.5 percent, helping to create a more predictable environment for investors.
The company’s total assets rose by 13.7 percent to N4.77 trillion ($3.12 billion), up from N4.2 trillion ($2.74 billion) at the end of 2024. MTN confirmed it is on track to return to a positive net asset position by the third quarter, laying the groundwork for long-term financial stability. Under Toriola’s leadership, MTN Nigeria is doubling down on digital innovation and network expansion to stay ahead in one of Africa’s most competitive telecom markets.
