MTN is finding its next growth engine outside South Africa

The group’s service revenue grew 17.5% in constant-currency terms to R115.3 billion ($7.21 billion) in the first half of 2026, but the gains were concentrated outside its home market. Ghana, Nigeria, Uganda, Côte d’Ivoire, and Cameroon were among the strongest contributors, while South Africa posted just 1.5% service-revenue growth.