The country’s largest telecom operator, with 84.7 million subscribers, MTN Nigeria’s net income grows 180%, reaching N414.9bn in H1 2025, reversing steep losses sustained amid macroeconomic headwinds last year.
The rebound was driven by currency stability, improved FX liquidity, and tariff adjustments.
The company’s revenue grew 54.5% to ₦2.3 trillion in the first six months of 2025, underpinned by broad-based momentum across voice, data, fintech and digital services, all of which delivered strong double-digit growth.
Key takeaways
- MTN has 84.7 million mobile subscribers as of June 2025
- Active data users increased by 11.8% to 51.0 million in six months
- Active mobile money (MoMo PSB) wallets decreased by 51.1% to 2.7 million
- Free cash flow (FCF) of ₦409.8 billion, up 18.0%
Data revenue grew to ₦1.23 trillion, overtaking voice revenue contributions to ₦887 billion. The telco experienced a 41.2% increase in data traffic.
Additionally, data usage per user increased by 26.3% to 13.2 GB, driven by price adjustments and ongoing network investments, which contributed to revenue growth.
Read Also: Airtel Africa grows revenue in Q2 2025, but pulls back on capex
Fintech revenue grew to ₦83 billion in H1 2025, driven by the strong performance of the airtime lending product (Xtratime) and growth in advanced services, supported by the onboarding of high-value customers.
However, a 51% drop in active mobile money wallets would motivate MTN to invest and intensify qualitative field acquisition efforts.
“Building on the momentum from the first quarter, we delivered strong growth in service revenue for the period under review. This was driven by robust demand for our services, proactive customer value management and price adjustments, mainly in Q2. In reinforcing this growth, we accelerated investment in our network to enhance capacity, coverage and quality of experience,” said Karl Toriola, MTN Nigeria’s CEO.
With profitability concerns addressed, MTN aims to invest in home broadband, particularly through fibre-to-the-home deployment, to capitalise on the growing demand for high-speed and reliable connectivity.
This is complemented by ongoing investments in network capacity and coverage to support sustained growth across consumer and enterprise segments.
Additionally, it will drive the recovery of the fintech business by seeking new payment use cases to enhance wallet stickiness and recurring usage.
Earlier this year, the telco deployed targeted voice calls to reactivate dormant users.
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