MTN Nigeria Profit Surges to N355.5bn as Data and Fintech Revenue Drive Strong Q1 Growth

MTN Nigeria Communications Plc has reported a strong start to 2026, more than doubling its profit after tax to N355.5 billion for the first quarter ended March 31. This marks a significant jump from N133.7 billion recorded in the same period last year, driven mainly by rising demand for data services and rapid growth in fintech offerings.

The telecom giant’s service revenue climbed 41.8 percent year-on-year to N1.49 trillion, supported by increased data usage, subscriber additions, and expansion in its digital financial services. Total revenue also grew to N1.50 trillion, reflecting strong consumer demand despite ongoing economic pressures such as inflation and energy costs.

According to Chief Executive Officer Karl Toriola, the company’s performance highlights the resilience of its business model and effective execution strategy. MTN added 2.3 million new subscribers, pushing its total user base to 89.5 million, while data users rose to 55 million. Data usage remained a key growth engine, with traffic increasing by 22.9 percent and average consumption reaching 14.3GB per user.

Data revenue surged 56.2 percent to N827.2 billion, boosted by higher smartphone adoption, which now stands at 66.2 percent. Voice services also grew steadily, while fintech emerged as the fastest-growing segment, recording a 77.9 percent increase to N64.2 billion as more customers embraced digital financial services and interest income rose.

Despite operational challenges, including a regulatory suspension of its airtime credit service “Xtratime,” MTN maintained strong financial momentum. The company also increased investment in network infrastructure, with capital expenditure rising sharply to support growing data demand. Looking ahead, MTN says it remains confident in sustained demand and plans to further strengthen its network and digital services while progressing its fintech restructuring strategy.

source: Business day