Data Becomes MTN Cameroon’s Biggest Revenue Engine, Topping CFA120 Billion in H1 2026

Data now accounts for more than half of MTN Cameroon’s service revenue, underscoring a shift in the telecom operator’s business toward internet services as it commits a growing share of capital to support network demand.

Data revenue reached 3.45 billion rand in the first half of 2026, or about CFA120.3 billion based on MTN’s average exchange rate for the period, according to half-year results released Aug. 24. It represented 50.8% of the company’s service revenue, up from 45.3% a year earlier. The ratio, based on MTN Cameroon’s total service revenue of 6.79 billion rand, reflects the changing composition of the operator’s business. Data revenue rose 25.5% at constant currency, more than twice the 11.8% increase in overall service revenue.

The performance came alongside a 5.8% increase in subscribers, bringing the customer base to 13.4 million as of June 30. MTN attributed the growth to continued network investment and efforts to encourage greater data use.

The company did not disclose the number of active data users in Cameroon or changes in average data consumption per subscriber. Its results therefore do not show how much of the growth came from a larger customer base, heavier usage or pricing.

Fintech Loses Ground in the Revenue Mix

Data’s rapid growth contrasts with the performance of fintech. Revenue from the business, which includes Mobile Money and airtime advance services, totaled 1.19 billion rand in Cameroon, equivalent to about CFA41.4 billion.

Fintech revenue increased just 4.3% at constant currency and declined 0.3% after conversion into the group’s reporting currency. Its share of MTN Cameroon’s service revenue fell to 17.5% from 18.8% a year earlier. Data and fintech combined still accounted for 68.3% of the operator’s service revenue, highlighting the importance of the two businesses to MTN Cameroon’s revenue base.

MTN reported more moderate growth in cash withdrawals and person-to-person transfers across Cameroon, Côte d’Ivoire, Ghana and Uganda. The group attributed the trend to stronger competition and regulatory pressure on pricing, but did not quantify the impact of those factors specifically on its Cameroon business.

Investment Intensity Nears 27%

To support the growth of data services, MTN Cameroon invested 1.85 billion rand excluding leases during the period, equivalent to about CFA64.4 billion. Capital expenditure rose 26.9% at constant currency. Including leases under IFRS 16, investment reached nearly CFA66.5 billion. Measured against the subsidiary’s revenue, capital expenditure excluding leases represented an investment intensity of about 27%, compared with 16.6% for MTN Group as a whole.

Cameroon accounted for 9.3% of MTN’s consolidated capital expenditure even though the market contributed just 5.9% of group service revenue. The figures show that investment in Cameroon exceeded the country’s relative weight in MTN’s revenue portfolio.

MTN did not provide a local breakdown of the spending between coverage expansion, network densification, fiber, data capacity, IT systems or other equipment.

Ebitda Tops CFA104 Billion

Profitability also improved. MTN Cameroon generated Ebitda of 2.99 billion rand, or about CFA104.4 billion, up 12.5% at constant currency. Its Ebitda margin reached 43.7%, almost unchanged from the 43.6% recorded for full-year 2025. Revenue growth, however, showed signs of moderation. Service revenue had risen 14.4% in the first quarter, compared with 11.8% for the first six months. The half-year rate was also below the 19.5% growth recorded for full-year 2025.

The comparison points to slower growth in the second quarter, although the available figures do not allow the extent of that slowdown to be calculated precisely. MTN Cameroon also maintained a positive net cash position of 1.46 billion rand as of June 30, equivalent to about CFA51.3 billion. That was down from 2.29 billion rand at the end of December 2025. MTN did not establish a direct link between the decline and the increase in investment.

At group level, MTN reported a 17.5% increase in service revenue at constant currency and a 24.4% rise in Ebitda, with a record margin of 47.6%. The results prompted the company to launch a share buyback program of up to 6 billion rand.

MTN Group CEO Ralph Mupita said the performance translated commercial momentum into higher earnings, cash flow and returns. MTN noted that its country-level operating tables and constant-currency growth figures are unaudited pro forma information. Its consolidated interim financial statements were subject to a limited review.

Baudouin Enama