2025 was a year of global fragmentation across multiple geopolitical fronts, trade relations and supply chains. This had material implications for our operating environment, resulting in currency volatility, geopolitical tensions and increased vulnerability to external shocks.
However, it also highlighted a key lesson: that Africa’s long-term resilience will depend not only on external cooperation but more on regional integration and inter-Africa trade.
For MTN, this meant navigating multiple currency environments, macroeconomic cycles, divergent regulatory/policy landscapes and called for disciplined capital allocation, proactive risk management and deeper stakeholder alignment.
Several years ago, the strategic discussion in our sector was largely about market share, spectrum allocation and customer experience. These elements are still important; however, they now sit alongside sovereign issues like national security concerns, localisation demands and elevated expectations of corporate leadership in the national development agenda.
For MTN, we drew a key lesson from this shift: our sector is not only seen as providing commercial services, but is increasingly becoming a strategic national enabler of economic growth and social stability.
For this reason, we intensified our stakeholder alignment efforts to improve the quality of our engagement. This is the logic behind MTN's nation-state programme: to strategically align our role as a trusted partner of choice for national development priorities across our host markets, while safeguarding the integrity and independence of the Group.
The programme has become our central approach to actively engaging with governments, regulators, policymakers, multinationals etc., to position the business better to anticipate policy and regulatory shifts and also contribute to the advancement of the digital economy in Africa.
The strategic importance of our platform business model has never been more critical. Connectivity is advancing our digital inclusion efforts; our fintech ecosystem is expanding financial inclusion at scale; and our digital infrastructure is becoming the essential backbone for modern public services, enterprise transformation and Africa's driving force for innovation.
As AI reshapes labour markets and redefines assumptions about productivity, new governance considerations – such as trust, safety, and accountability – become important. For MTN, these considerations guide how we embed AI across the business, ensuring that our ambition for innovation is matched with future-fit governance controls.
As a Board, our responsibility is to ensure that MTN's transformation is both agile and responsible: that we invest in strong capabilities; reinforce our governance controls; protect stakeholder trust; and build digital platforms that scale safely, resiliently and sustainably across our footprint.
Across our markets, energy insecurity, climate-related volatility and increased socioeconomic pressures continue to shape our operating environment. These factors are at the centre of our strategic approach. We have, therefore, anchored our response firmly within our sustainability and shared-value agenda – grounded in ethical conduct, disciplined risk management and a clear Net Zero ambition.
Our purpose has meaning only if it advances digital and financial inclusion at scale. Under Ambition 2025, we demonstrated that creating shared value was not separate from our financial performance, but a key driver of resilience, commercial strength and long-term sustainability. As reflected in our progress, integrating ESG into the core of our strategy has strengthened our licence to operate, enhanced stakeholder trust and reaffirmed MTN’s position as a leading Pan-African brand.
MTN delivered strong momentum through 2025, supported by good performance in key markets. In our third quarter we reached the milestone of 300 million customers. This achievement demonstrates brand trust, operational capability, engaged staff (MTNers), strong leadership and a growing demand for digital services across Africa.
However, there is still an opportunity to drive further digital inclusion. Approximately 47% of sub-Saharan Africans are unique mobile subscribers. This figure persists despite over 90% of the population living within the reach of mobile networks, highlighting a significant usage gap. While the infrastructure covers the vast majority of sub-Saharan Africa, factors such as handset affordability and digital literacy remain the primary barriers to universal access.
Consistent with our Ambition 2025 strategy, we concluded 2025 with a strong active data subscriber base of 173 million. This represents a significant penetration rate of 56% of our total customer base, signalling a massive opportunity for digital conversion.
Furthermore, shifting consumer behaviour towards home-based connectivity has accelerated our 'Own the Home' business, achieving exceptional ~70% year-on-year growth (excluding mobile broadband devices) and highlighting strong demand for fixed wireless access and fibre solution across our markets.
We live on a continent where only 57% of the population has access to a bank account or mobile money wallet. Additionally, ~90% of all transactions remain in cash, while only ~25% of adults have access to credit. For this reason, we are continuing to press hard to achieve our financial inclusion goals.
MTN Fintech has expanded its ecosystem to support 69.5 million monthly active MoMo users. In 2025, loans totalling US$3.6 billion were disbursed through our platform and total fintech transaction volumes rose by 14.9% to more than US$500 billion. Building strategic partnerships will help us pivot from being a basic payment provider to a comprehensive financial services platform, bridging the credit gap for millions of underserved Africans.
In 2025, the Board intensified its efforts to strengthen governance ahead of the transition to our Ambition 2030 strategy and in response to changes in the global environment.
Understanding the importance of skilled leadership, the Board has begun preparing for future challenges by considering what the most suitable governance model is for both the Group and its subsidiaries.
The effort to find the ideal governance structure and model will continue into 2026, leading to the approval of a comprehensive governance model and framework aimed at improving subsidiary governance and promoting strategic alignment across operations, with consideration of the various platforms and their maturity.
Alongside this, the Board endorsed the revised Group Exco structure, including key leadership appointments to support our strategic objectives.
Notably, MTN South Africa welcomed a new Chief Executive Officer (CEO) and Deputy CEO, whose expertise and vision are expected to drive positive change within the business. We are confident that these appointments, together with the refreshed Exco, will accelerate the execution of our strategy and reinforce our commitment to operational excellence.
Board succession was also a focal area in 2025. In 2026, we concluded the first phase by adding new directors who bring fresh perspectives and strong expertise to the Board.
The retirement of esteemed colleagues Stan Miller and Nkunku Sowazi, whose contributions have been invaluable, is noteworthy. They have been committed to MTN for the past nine years and will retire at the May AGM. We express our heartfelt appreciation to the retiring directors for their dedication and service.
In line with our governance objectives, several Group Board directors have been nominated to the boards of major subsidiaries. This includes Sindi Mabaso-Koyana, who will assume the chairmanship of MTN South Africa. These changes reflect our commitment to leadership continuity and strong subsidiary oversight and alignment.
As we look ahead, we are inspired by the progress achieved and the talent guiding our organisation. The Board remains steadfast in its vision to deliver sustainable value, adapt to change and build a legacy of trusted leadership.
We enter 2026 with more confidence – putting in place stronger governance controls, a clearer nation-state programme, active risk management and a leadership team with the experience to navigate our operating environment.
Our investment case remains compelling because the continent has a youthful demographic, is experiencing increasing digital adoption and connectivity is critical for economic growth and social stability. It is underpinned by MTN being designated by Brand Finance, for the 13th year in a row, as the most valuable African brand.
As we continue to build reliable platforms, depend on trust among stakeholders and position the business as a Pan-African champion for progress, we, as a Board, will ensure effective oversight, strong governance controls and work closely with management to drive sustainable and inclusive value for all.
On behalf of the Board, I would like to thank all our MTNers for their dedication and commitment over the past year and for espousing the MTN values. I extend my thanks to our stakeholders for their constructive engagement and look forward to greater dialogue and collaboration in the year ahead. MTN appreciates the feedback we receive through our interactions; we take it seriously and consider it strongly in the development and execution of our strategy. We remain driven by our purpose of leading digital solutions for Africa's progress.
Mcebisi Jonas
Group Chairman
Fairland
29 April 2026
