MTN Nigeria made ₦1.17 trillion in profit after tax in the first nine months of 2026, up 55.3% from ₦750.2 billion a year earlier, on revenue of ₦4.61 trillion. Data drove almost all of the growth. The one weak spot was fintech, where revenue fell by a quarter after MTN paused its airtime and data lending service for three months.
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MTN Nigeria's 57.2 million data users now get through 15.3GB each a month, and data brings in ₦2.68 trillion, almost six of every ten naira the company earns from services.
The numbers
| Nine months to September | 2025 | 2026 | Change |
|---|---|---|---|
| Revenue | ₦3.73 trillion | ₦4.61 trillion | Up 23.6% |
| Data revenue | ₦1.98 trillion | ₦2.68 trillion | Up 35.8% |
| Voice revenue | ₦1.35 trillion | ₦1.50 trillion | Up 11.1% |
| Fintech revenue | ₦131.6 billion | ₦97.5 billion | Down 25.9% |
| EBITDA margin | 51.4% | 56.9% | Up 5.5 points |
| Profit after tax | ₦750.2 billion | ₦1.17 trillion | Up 55.3% |
| Mobile subscribers | 85.4 million | 94.7 million | Up 10.9% |
The third quarter alone was strong. Revenue rose 19.7% to ₦1.62 trillion and profit after tax rose 36.5% to ₦457.6 billion, with the EBITDA margin reaching 58.7%. "We delivered a very strong third quarter, reversing the temporary slowdown in Q2," said chief executive Karl Toriola.
Capital spending, excluding leases, was ₦864.8 billion, up 14.2%. MTN also cut its borrowings by more than a third to ₦333.3 billion, all of it in naira at fixed rates, which shields it from the currency swings that wiped out its profits in 2024.
Why fintech fell
MTN's fintech revenue dropped from ₦131.6 billion to ₦97.5 billion. The cause was its airtime and data credit service, the "borrow now, pay later" feature many subscribers use when they run out of credit. MTN suspended it from April to June 2026, then restarted it under a new model with several lending partners. Fintech revenue in the third quarter rose 78.5% on the second quarter as the service came back.
The mobile money business itself is growing. Revenue from MoMo more than doubled over the nine months, though from a small base, and the MoMo payment service bank had 3.2 million monthly active users on its new platform at the end of September.
How MTN compares with Airtel Nigeria
Airtel Africa reported its half-year numbers the same week, so for the first time this season the two biggest networks can be set side by side:
| MTN Nigeria | Airtel Nigeria | |
|---|---|---|
| Period | Nine months to September | Six months to September |
| Revenue | ₦4.61 trillion | ₦1.37 trillion |
| Data share of revenue | About 58% of service revenue | About 53% |
| Customers | 94.7 million | 61.7 million |
| Revenue growth | Up 23.6% | Up 45% |
MTN is still far larger, but Airtel is growing faster from a smaller base. Both are now data companies first. Divide MTN's data revenue by its active data users and the average one spends roughly ₦5,200 a month on MTN data.
What it means for subscribers
The results show a company with money to spend on its network. Its efficiency programme, a stronger naira and lower finance costs lifted margins, while energy costs stayed high. Management has kept its medium-term guidance of service revenue growth in at least the low 20% range and a margin in the mid to high 50s.
Subscribers will judge that against service quality. MTN drew 124,405 consumer complaints in the first half of 2026, second only to Airtel, according to NCC figures, and the House of Representatives has summoned the chief executives of MTN, Airtel and Glo over poor network quality. A ₦1.17 trillion profit makes it harder for any operator to argue that it cannot afford better coverage.
For borrowers, the return of airtime and data credit means the feature works again, now through several lending partners. Check the service fee in the menu before you borrow, because the loan and fee come out of your next recharge.
MTN Nigeria made ₦1.17 trillion in nine months, mostly from data. The test now is whether that money shows up as better service.
