Scancom PLC, which operates as MTN Ghana, has reported a 33.5% year-on-year increase in service revenue to GHS23.2 billion for the nine months ended 30 September 2026, driven by growth in its connectivity and fintech businesses. Third-quarter service revenue rose 35.7% to GHS8.2 billion. Approved by the Board on 28 October 2026, the results combine figures for Scancom PLC and its separated fintech subsidiary, MobileMoney Fintech Limited (MMFL), for illustrative purposes and do not constitute consolidated financial statements.
Profit after tax increased by 43.0% to GHS7.8 billion, while profit before tax rose 47.0% to GHS11.4 billion. Earnings per share grew 42.9% to GHS0.586. EBITDA climbed 40.6% to GHS14.3 billion, with its margin expanding by 3.1 percentage points to 61.5%. In the third quarter, EBITDA increased 42.1% to GHS5.0 billion, delivering a margin of 61.1%. Chief Executive Officer Stephen Blewett said: “We delivered another strong quarter in Q3 2026, with broad-based growth across our Connectivity and Fintech businesses. Service revenue increased by 35.7% YoY to GHS8.2 billion in Q3, taking service revenue growth for the first nine months of the year to 33.5% YoY and GHS23.2 billion.”
Data remained MTN Ghana’s largest revenue contributor, growing 44.5% to GHS13.5 billion and accounting for 58.1% of service revenue, compared with 53.6% a year earlier. Average monthly data usage per active customer increased 36.8% to 19.8GB. Voice revenue rose 7.6% to GHS3.1 billion, digital revenue nearly doubled to GHS642 million, and Mobile Money revenue grew 24.4% to GHS5.4 billion over the nine-month period.
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Blewett attributed the performance to growing demand for data and digital services, increased smartphone adoption and targeted commercial initiatives. He said: “Growth remained well diversified across our key revenue streams. Data revenue increased by 39.9% YoY in Q3, supported by sustained demand for data and digital services, continued smartphone adoption, increased customer usage, portfolio optimisation and customer value management initiatives. Voice revenue increased by 27.1% YoY within the quarter, supported by portfolio optimisation and targeted commercial interventions aimed at enhancing monetisation and customer engagement. Digital revenue grew by 98.1% YoY in Q3, reflecting continued customer adoption of gaming, video and content services, while Mobile Money revenue increased by 26.5% YoY, supported by continued expansion across core wallet and advanced financial services and increasing digital payment adoption.”
Total costs rose 23.2% to GHS8.9 billion, while operating expenses increased 24.7%, reflecting higher network-related spending, rent, utilities and maintenance. Despite these increases, cash generated from operations reached GHS14.6 billion, up from GHS10.8 billion in the corresponding period of 2025. Capital expenditure declined 27.2% to GHS3.2 billion, including GHS2.6 billion in ex-lease capital expenditure. The company also paid GHS9.0 billion in direct and indirect taxes, compared with GHS7.3 billion a year earlier, alongside GHS533.6 million in fees and levies to government agencies.
MTN Ghana’s customer base continued to expand, with mobile subscribers increasing 12.7% to 34.3 million, active data subscribers growing 16.1% to 22.0 million, and active Mobile Money users rising 6.9% to 18.9 million. Blewett said the company added approximately 1.5 million mobile subscribers, 700,000 active data subscribers and 600,000 active MoMo users during the third quarter. He added: “Overall, Q3 further strengthened our nine-month performance, demonstrating the resilience and diversification of our growth engines. This performance also reinforced our capacity to generate earnings and cash flow while continuing to invest in the long-term growth of the business and deliver returns to shareholders.”
The company also confirmed that Ghana’s National Communications Authority had notified it of a spectrum award covering 2×20 MHz in the 700 MHz band and 1×150 MHz in the 3 GHz band, with licences valid for 15 years. The US$202 million acquisition cost is already included in its free cash flow outlook and is not expected to change its full-year 2026 free cash flow or dividend expectations. MTN Ghana plans to use the additional spectrum to expand 5G services and strengthen home broadband. Meanwhile, the boards of Scancom PLC and MMFL each declared a third-quarter dividend of GHS0.03 per share, with payment scheduled for 10 December 2026.
For the full year, MTN Ghana expects service revenue growth in the low-to-mid 30% range and EBITDA margins in the high-50s to low-60s. Over the medium term, margins are expected to normalise towards the mid-to-high 50% range as investment in 5G, network quality and coverage increases. The operating environment improved in terms of inflation, which averaged 4.2% in the first nine months of 2026, compared with 17.3% a year earlier, although the cedi depreciated 12.1% against the US dollar, moving from GHS10.45 to GHS11.71. The results follow the separation of MTN Ghana’s fintech business into MobileMoney Fintech Limited on 31 March 2026, in line with Ghana’s Payment Systems and Services Act, 2019 (Act 987), and Companies Act, 2019 (Act 992).
