JSE: MTN Share Price Nears Record High as Fintech Expansion and Strong Earnings Keep Uptrend Going
MTN Group's strong earnings, expanding fintech ambitions and strategic technology investments have strengthened investor confidence, although sustaining the rally will depend on consistent execution across its key African markets.
Quick overview
- MTN Group's shares have surged following a strong financial performance in 2025, nearing record highs last seen in 2014.
- The company's partnership with Ant International aims to enhance its Mobile Money platform, expanding into digital financial services.
- MTN's investment in next-generation network technology aligns with its Ambition 2030 strategy, focusing on mobile connectivity, fintech growth, and digital infrastructure.
- Despite positive sentiment, investors remain cautious about execution risks and economic conditions across key African markets.
MTN Group’s strong earnings, expanding fintech ambitions and strategic technology investments have strengthened investor confidence, although sustaining the rally will depend on consistent execution across its key African markets.
MTN Shares Extend Rally Following Strong Results
MTN Group shares have continued their strong upward momentum, climbing toward R215 as investors welcomed the company’s impressive financial performance for 2025. The latest advance has pushed the stock closer to the record highs last seen in 2014, reflecting renewed confidence in Africa’s largest mobile network operator.
The rally follows MTN’s return to profitability after a challenging period, with improving earnings and shareholder returns reinforcing the company’s long-term investment case. While sentiment has turned increasingly positive, investors remain mindful that maintaining this momentum will require continued operational execution and stable macroeconomic conditions across its key markets.
Fintech Partnership Strengthens Digital Ambitions
A major contributor to the improved outlook is MTN Fintech’s strategic partnership with Ant International, one of the world’s leading digital payments and financial technology providers.
The collaboration will initially launch in Nigeria next quarter and aims to transform MTN’s Mobile Money (MoMo) platform into a comprehensive super-app offering financial services, lifestyle applications and digital commerce.
By integrating Ant International’s technology, MTN plans to introduce mini-app capabilities, stronger fraud prevention systems and improved merchant and consumer engagement. The initiative represents another step in expanding MTN beyond traditional telecommunications into digital financial services, although execution across multiple markets remains an important factor to watch.
Investment in Next-Generation Network Technology
MTN has also strengthened its long-term technology strategy by participating in a $45 million funding round for ORAN Development Corporation (ODC).
The investment places MTN alongside global industry leaders including NVIDIA, Cisco, Nokia, AT&T and Telecom Italia in supporting the development of an open-architecture mobile network platform powered by NVIDIA’s Aerial RAN technology.
The project seeks to modernize telecommunications infrastructure by incorporating advanced automation into network operations, potentially improving efficiency, scalability and service quality. For MTN, the investment aligns with its strategy of expanding digital infrastructure capabilities rather than relying solely on traditional mobile connectivity.
Ambition 2030 Continues to Drive Strategy
The investment complements MTN’s broader Ambition 2030 strategy, which focuses on three major growth pillars:
- Expanding mobile connectivity
- Growing fintech services
- Building digital infrastructure
Management believes modern network technologies can help accelerate digital inclusion, strengthen financial services and support economic development across Africa. If successfully implemented, these initiatives could diversify MTN’s revenue base while positioning the company for long-term structural growth.
MTN Share Price Chart Daily – Reversing Fast After the Pullback
MTN’s JSE-listed share price showed immediate reaction helped by the improving sentiment in broader global stock markets. Still, the broader trend remains highly positive, with moving averages acting as support during shallow pullbacks. The stock is up more than 14% year-to-date and has climbed more than 70% in the past 12 months, reinforced by long-term moving averages that continue to confirm a strong bullish structure. The price pulled back in the last two weeks due to the war on Iran from the US and Israel, but it has resumed the upside trend again after the earnings report.
Investors appear confident in MTN’s strategic direction and growth trajectory, even if short-term price action remains muted.
Strong Operational Performance Across Africa
MTN continues to report solid operational growth throughout its footprint.
The company now serves more than:
- 307 million voice subscribers
- 172 million data users
- 70 million Mobile Money customers
Nigeria and Ghana remain key growth engines, while South Africa continues to provide a stable earnings base. During 2025, MTN invested approximately R38 billion to expand network capacity, improve coverage and strengthen its digital infrastructure.
Leadership Adds Global Telecom Experience
Supporting its next phase of growth, MTN recently appointed Stéphane Richard, former CEO of Orange, as an independent non-executive director.
His extensive experience in global telecommunications, regulation and corporate governance is expected to strengthen strategic oversight as MTN pursues its long-term expansion plans.
Although the company’s recent results, shareholder returns and strategic investments have significantly improved market sentiment, investors will continue monitoring execution risks, competitive pressures and economic conditions across Africa before concluding that the current rally can be sustained over the longer term.
MTN Group 2025 Earnings Report
Return to Profitability
- MTN Group reported a net profit of R27.4 billion in 2025, a major turnaround from the R10.9 billion loss recorded in 2024.
- The previous year’s loss was largely driven by the devaluation of the Nigerian naira in Nigeria, MTN’s largest market.
- Of the 2025 profit, around R20 billion was attributable to equity holders, with the remainder going to non-controlling interests.
Sharp Growth in Earnings
- Basic earnings per share (EPS) rose 314.5% to 1,113 cents.
- Headline earnings increased 1,058% to 1,274 cents, reflecting stronger operational performance.
- CEO Ralph Mupita said the improvement was driven by better macroeconomic conditions and disciplined operational execution.
Strong Revenue Expansion
- Service revenue increased 22.7% to R218.5 billion in 2025.
- Growth was primarily driven by strong performances in:
- Nigeria – service revenue up 54.9% (constant currency).
- Ghana – service revenue up 35.9%.
- South Africa saw more moderate growth of 2.0%, reflecting competition in the prepaid segment.
Growth Across African Markets
Other markets also maintained solid momentum, including:
- Uganda
- Cameroon
- Côte d’Ivoire
- Zambia
Customer Growth and Network Investment
- MTN invested R38.5 billion in network and platform expansion during the year.
- The company added 16.3 million new customers, bringing the total subscriber base to 307 million users.
- Active data customers increased 9.4% to 172.6 million, highlighting strong growth in mobile internet adoption.
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