MTN Ghana and its separately incorporated subsidiary, Mobile Money Fintech Limited (MMFL), posted a combined profit after tax of GH¢7.75 billion for the nine months ending September 2026 — a 43 per cent jump over the GH¢5.42 billion recorded in the same period last year. The figures confirm the two entities as among the most profitable companies operating in Ghana right now.
The performance was not built on one thing. Data services, mobile money transactions, and digital platforms all contributed, while tighter cost controls helped push margins higher despite a 23.2 per cent rise in total operating costs to GH¢8.93 billion.
Revenue Climbs Across Every Line
Combined service revenue rose 33.5 per cent to GH¢23.15 billion over the period. Earnings before interest, taxes, depreciation and amortisation — EBITDA — climbed 40.6 per cent to GH¢14.28 billion, lifting the EBITDA margin by 3.1 percentage points to 61.5 per cent. That is a strikingly high margin for any telecoms operator anywhere on the continent.
Data was the single biggest engine of growth. The segment generated GH¢13.45 billion, up 44.5 per cent year-on-year, driven by a 16.1 per cent expansion in active data subscribers to 22 million users. Mobile Money revenue grew 24.4 per cent to GH¢5.37 billion, while digital revenue nearly doubled to GH¢642 million.
The uptick in smartphone and data adoption across Ghana is clearly feeding directly into MTN's numbers. More subscribers online means more data consumption, more digital transactions, and more MoMo wallet activity — a compounding cycle that is been accelerating through 2026.
Dividends Declared for Both Entities
The boards of both Scancom PLC — the parent entity that lists on the Ghana Stock Exchange — and MMFL have each declared an interim third-quarter dividend of GH¢0.03 per share. The declaration signals the companies' confidence in their cash position heading into the final quarter.
For investors tracking the fintech side of this story, MMFL's performance is worth watching closely. Mobile money in Ghana has become one of the most competitive segments in African financial technology, and MMFL's 24.4 per cent revenue growth shows it is holding its own against a crowded field.
Guidance for Full-Year 2026
MTN Ghana says it expects full-year 2026 service revenue growth in the low-to-mid-30 per cent range. The company is projecting EBITDA margins to land somewhere between the high-50s and low-60s by year-end — consistent with the trajectory seen through the first nine months.
That guidance suggests management does not see the fourth quarter throwing up any major surprises. If the numbers hold, MTN Ghana and MMFL will close 2026 with a record-setting annual performance, cementing their dominance in Ghana's telecoms and mobile financial services sectors.