MTN is finding its next growth engine outside South Africa

MTN’s growth engine is moving beyond South Africa, with markets such as Nigeria and Ghana driving much of the group’s momentum in the first half of 2026. 

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…