MTN Nigeria Reports Q1 2026 Earnings of $450 Million, CEO Karl Toriola Credits Fintech Expansion in Rwanda and Senegal

MTN Nigeria reported first-quarter 2026 earnings of $450 million, the company said Thursday, continuing its position as the MTN Group’s top profit contributor. CEO Karl Toriola attributed the strong performance to the expansion of fintech services in Rwanda and Senegal, which bolstered revenue growth and data demand across the region.

This surge surpassed MTN South Africa’s EBITDA of $1.048 billion for the same period, solidifying Nigeria as the MTN Group’s top profit contributor for the first time, sources confirmed.

MTN Nigeria’s first-quarter earnings of $450 million continue to build on the company’s record-breaking performance in 2025, when it reported a 103.4% increase in CODM EBITDA to $1.926 billion, according to MTN Group’s financial results released in March 2026.

The company’s revenue also reached a record N5.2 trillion in 2025, up from N3.36 trillion the previous year, driven by strong growth in data demand and expanding fintech services, MTN Nigeria’s investor relations page and MTN Group annual reports show. Profit after tax for the year hit N1.1 trillion, reversing a N400.4 billion loss recorded in 2024, according to figures cited by TechCabal and SpectraAfrica.

Despite the significant increase in earnings, MTN Nigeria managed to keep direct network costs relatively stable, rising only 4.94% to $979.55 million in 2025 from $933.43 million the year before. This efficient cost control contributed to the company’s strong operating leverage, officials said.

MTN Group’s overall service revenue grew 22.7% to R218.5 billion in the fiscal year 2025, with Nigeria leading among the larger operating companies (Opcos) by posting a 54.9% increase, according to the group’s annual financial overview. This growth outpaced other key markets, including South Africa, which recorded a 35.9% increase in service revenue.

The shift in profitability from South Africa to Nigeria marks a significant change in the MTN Group’s earnings structure, reflecting the growing importance of Nigeria’s telecommunications market and regulatory environment, sources noted. The company’s expanding data consumption and fintech adoption are central to this development, with mobile money and other financial technology services opening new revenue streams beyond traditional voice offerings.

While MTN Nigeria’s results highlight the country’s role as the group’s profit engine, CEO Karl Toriola credited the expansion of fintech services in Rwanda and Senegal for bolstering regional revenue growth and data demand. However, official financial reports and investor materials to date do not provide detailed figures on these markets or specific contributions from Rwanda and Senegal to MTN Nigeria’s earnings, according to available documentation.

MTN Group’s investor relations pages and annual reports, as well as third-party analyses from TechCabal, SpectraAfrica, and TechAfricaNews, provide comprehensive data on the 2025 financial year but have yet to release detailed first-quarter 2026 figures beyond the headline earnings. The group’s next scheduled financial update is expected to shed further light on the ongoing impact of fintech expansion across its African markets.

MTN Nigeria’s continued growth underscores the company’s strategic focus on network expansion, data services, and fintech innovation. The company’s ability to maintain modest cost increases while doubling profitability illustrates the operating leverage inherent in its Nigerian operations, a factor likely to influence future infrastructure investments and market positioning within the MTN Group.