NIGERIA is MTN Group’s biggest market in Africa, yet subscribers feel they are getting just little value from the South Africa-based telecommunications company.

In the MTN Group’s third quarter (Q3) 2025 financial statement seen by Economy Post, Nigeria contributed 27.4 percent to the group’s revenue, followed by South Africa’s 20.4 percent, Ghana’s 18.9 percent, and Uganda’s 8.2 percent. Nigeria contributed $43.944 million as against South Africa’s $32. 660 million, Ghana’s $20.672 million, and Uganda’s $8.583 million.

In the first half (H1) of 2025, Nigeria contributed 26.9 percent to the group’s revenue, returning $28.227million to the pan-African group. It was traditionally followed by South Africa, which contributed 20.6 percent, amounting to $21.604 million. Ghana was the third, contributing $20.672 million or 19.7 percent, nearer to South Africa’s. Uganda’s share stood at $8.583 million, indicating an 8.2 percent contribution to the group.

“In the larger markets, MTN Nigeria (up 57.1 percent) and MTN Ghana (up 35.9 percent) spearheaded the service revenue performance. MTN South Africa (SA) reported growth of 2.0 percent, with solid performances in postpaid and enterprise offset by continued pressure in a highly competitive prepaid market,” said MTN Group’s Chief Executive Officer and President, Mr Ralph Mupita.

Nigeria’s MTN strength

According to Mr Mupita, “MTN Nigeria service revenue was up by 57.1 percent YoY (Q3 2025: up 62.9 percent), driven by strong demand and price adjustments. Mobile customers expanded to 85.4 million, while active data users reached 51.1 million. Demand for data remained robust, driving a 36.3 percent YoY increase in data traffic and data revenue growth of 72.7 percent. This growth was supported by MTN Nigeria’s CVM initiatives and ongoing investments in network capacity, along with higher smartphone penetration.”

READ ALSO: MTN challenges Nigerian govt’s $48m tax in court as forex crisis bites

He noted that voice revenue increased by 41.6 percent in MTN Nigeria, driven by a growing customer base, price adjustments and the
continued focus on CVM initiatives. This performance, he said, was further aided by relatively lower price elasticity, helping to sustain momentum in the voice segment and reinforcing its relevance within the diversified portfolio.

He said dgital services business in Nigeria delivered strong revenue growth of 42.9 percent, despite temporary impacts from platform optimisation initiatives. “Demand for rich media content and an improved user experience continued to drive performance; bolstered by higher engagement levels and targeted content offerings,” the CEO said, noting that MTN Nigeria’s fintech revenue rose by 72.3 percent, supported by higher interest income from deposits, continued growth in advanced services and onboarding high-value customers.

He explained that customer deposits rose by 80.5 percent compared to December 2024. “Following a comprehensive revamp of the customer acquisition strategy, active wallets expanded to 2.9 million in September 2025, with the number of active agents growing by 73.6 percent and merchants by 42.6 percent, compared to December 2024, reflecting a deliberate focus on optimising distribution quality and building a more sustainable fintech ecosystem for long-term growth.”

He further said, “The positive impact of a stronger naira, savings from revised tower lease agreements and continued expense efficiency initiatives supported a rise in MTN Nigeria EBITDA by 121.8 percent to R22.7 billion, with the EBITDA margin expanding by 15.0pp to 51.3 percent.”

He added that MTN Nigeria expected to deliver continued resilience in service revenue, supported by robust demand and user base growth. He noted that the telco remained on track to deliver on the full single-year guidance, including service revenue growth of ‘at least low-50 percent’ and ‘EBITDA margin of at least low-50 percent,’ underpinned by disciplined execution of its commercial priorities and cost efficiencies. “Capex intensity is expected to moderate in Q4, supporting stronger free cash flow generation.”

MTN Nigeria leads telecom market but service quality drags

MTN Nigeria remains the country’s largest telecom operator, commanding between 45 percent and 52 percent of the market, followed by Airtel Nigeria. In January 2025, the Nigerian Communications Commission (NCC) approved a 50 percent tariff increase for telecom operators. The hike in data and voice tariffs has significantly boosted the fortunes of MTN Nigeria, Airtel, Glo, and other service providers, turning previously struggling firms into robust ventures.

However, the increased tariffs have not translated into improved service quality. MTN Nigeria users continue to experience frequent dropped calls and intermittent network outages. In contrast, MTN provides noticeably better service in markets with lower revenues, such as South Africa.

According to CEO Mupita’s Q3 2025 statement in the company’s financial report, “MTN SA was once again recognised as the country’s best mobile network in Q3 2025 (by the MyBroadband Network Quality Report), marking the third consecutive quarterly win in 2025. The company also received the award for Best Voice Network for the year in 2025. This achievement reinforces MTN’s leadership in digital connectivity and network excellence.”

In other words, network quality in South Africa surpasses that of Nigeria.

“I am tired of spending money on MTN data,” said Lagos-based financial analyst, Ms. Victoria Emonye. “When I load N1,500 worth of data, it finishes quickly, yet I still can’t do much because of poor network coverage.”

READ ALSO: MTN earns N2.4trn from Nigeria in six months but can’t fix network challenges

Another Lagos user, Mr. Yemi Akosile, noted, “MTN network is very frustrating in Nigeria. It’s not like this in Ghana or South Africa, where I’ve used it. Sometimes you struggle to hear your caller or your calls don’t connect properly.”

Abuja-based journalist Mr. Joshua Alabere echoed the concerns, urging MTN management to take urgent action. “Sometimes Airtel is better. It’s frustrating to recharge and not get value for money. Last week, I almost lost N1,000 due to poor MTN network, so I switched to Airtel,” he said.

Even in Enugu, users like Ms. Adanna Igbokwene expressed frustration. “Despite all the money MTN makes in Nigeria, it still can’t fix its network. It earns millions in profits but fails to invest in infrastructure. I had three MTN lines, but I’ve dropped two of them,” she revealed.

However, a telecom analyst, who pleaded anonymity, said the difference between services in Nigeria and South Africa centred around broadband quality and penetration.

“You see, all networks in Nigeria have the same issues; it is not just MTN,” he said. “I understand the sentiments towards MTN because it is the largest in the industry, but the challenge is the same across the board. Secondly, internet broadband penetration is above 70 percent in South Africa but it is just about 49 percent in Nigeria. That shows you that you will have better services in SA than Nigeria,” the source noted.

“Do not forget that the tariff hike only started this year. So, several telcos like MTN Nigeria did not invest a lot last year but are beginning to invest this year. So, services will hopefully be better next year.”