MTN Group publishes 2025 annual reports, unveils 'nation-state program' to navigate geopolitical risks

Key facts

• for 2025 under the theme 'Accelerating impact. Empowering Africa'.
• Total tax contribution across markets reached R61.1 billion in 2025.
• Scope 1 and 2 emissions were cut by 48% off a 2021 baseline, surpassing the target.
• MTN serves 307.2 million customers across 16 African countries.
• Board chairman Mcebisi Jonas announced a new 'nation-state program' to align with national development priorities.
• The virtual Annual General Meeting is scheduled for 29 May 2026.
• MTN's fintech division is pivoting from basic payments to a comprehensive financial services platform.
• Board succession concluded its first phase in 2025 with new directors adding fresh expertise.

A suite of reports signals strong delivery amid complex conditions

MTN Group has published its 2025 annual reports, a collection of 13 documents that detail what the company describes as strong delivery in its mission to lead digital solutions for Africa's progress. The flagship Integrated Report recounts the group's commercial momentum in key markets, highlighting sustained growth in data and fintech, disciplined execution, and continued investment in network quality. were produced under the theme 'Accelerating impact. Empowering Africa'. Group President and CEO Ralph Mupita said that despite complex and often challenging geopolitical and operating conditions, 2025 was a year of numerous MTN milestones achieved with stakeholder support. The suite includes sustainability, financial, people, tax transparency, climate, and remuneration reports, as well as an ESG Data Booklet and a Notice of Annual General Meeting for the virtual meeting on 29 May 2026.

Governance overhaul: the 'nation-state program' takes centre stage

Board chairman Mcebisi Jonas revealed that MTN is beefing up its governance framework through a new 'nation-state program' designed to address growing volatility in the global telecoms market. The program aims to strategically align MTN's role as a trusted partner for national development priorities across its host markets while safeguarding the group's integrity and independence. Jonas noted that the strategic discussion in telecoms has shifted from market share and spectrum allocation to sovereign issues like national security concerns, localisation demands, and elevated expectations of corporate leadership in the national development agenda. He said MTN drew a key lesson: the sector is increasingly seen as a strategic national enabler of economic growth and social stability. The program has become the central approach for engaging with governments, regulators, policymakers, and multinationals to anticipate policy and regulatory shifts and contribute to the advancement of Africa's digital economy.

AI disruption and governance challenges reshape board priorities

Jonas emphasised that as AI reshapes labour markets and redefines assumptions about productivity, new governance considerations such as trust, safety, and accountability have become critical. The board has endorsed a revised group executive committee structure, including key leadership appointments such as a new MTN South Africa CEO and deputy CEO. Board succession was a focal area in 2025, with the first phase concluded by adding new directors who bring fresh perspectives and strong expertise. Jonas said the board's responsibility is to ensure MTN's transformation is both agile and responsible, investing in strong capabilities, reinforcing governance controls, protecting stakeholder trust, and building digital platforms that scale safely and sustainably. He added that the group is seeking the most suitable governance model for the group and its subsidiaries, a process expected to continue into 2026.

Financial and environmental milestones: R61.1 billion tax contribution and 48% emissions cut

The Tax Transparency Report shows that MTN's total tax contribution to authorities across its markets reached R61.1 billion in 2025, underscoring the company's role as a responsible corporate citizen. The Climate Report reveals that MTN surpassed its emissions reduction target, cutting scope 1 and 2 emissions by 48% off a 2021 baseline. details progress against shared value key performance indicators, showing how the company is building a more resilient organisation, environment, and society. The People Report highlights MTN's efforts to navigate shifts in the nature of work and the workplace, particularly as AI has the potential to fundamentally transform both. Mupita stated in the Transparency Report foreword that as digital infrastructure becomes central to economic participation, democratic life, and social cohesion, telecoms providers' role is no longer neutral. He said connectivity shapes power, access, and opportunity, and MTN's responsibility is to ensure this power is exercised with integrity and respect for digital human rights.

Fintech expansion and the credit gap for underserved Africans

MTN's Fintech division has expanded its ecosystem and is building partnerships to pivot from a basic payment provider to a comprehensive financial services platform. The goal is to bridge the credit gap for millions of underserved Africans, leveraging the group's extensive customer base of 307.2 million across 16 countries. details sustained growth in data and fintech as core drivers of MTN's compelling investment case. Mupita concluded that the growth opportunities arising from strong structural demand for data and fintech in MTN's markets underpin the company's strategy, with sustainability at the core.

Outlook: stronger governance and confidence for 2026

Jonas expressed confidence entering 2026, citing stronger governance controls, a clearer nation-state program, active risk management, and a leadership team with experience navigating the operating environment. He highlighted Africa's youthful demographic, increasing digital adoption, and the critical role of connectivity for economic growth and social stability as pillars of MTN's investment case. The board's governance enhancements and the nation-state program are expected to continue evolving through 2026. The virtual Annual General Meeting on 29 May 2026 will provide shareholders an opportunity to engage with the company's leadership on these developments. As MTN navigates geopolitical fragmentation, regulatory complexity, and AI disruption, its ability to balance commercial objectives with national development priorities will be key to sustaining its position as a leading digital solutions provider in Africa.

The bottom line

• show strong commercial momentum in data and fintech, with a 48% reduction in emissions and R61.1 billion in tax contributions.
• The new 'nation-state program' aims to align MTN with national development priorities while managing geopolitical risks and regulatory complexity.
• AI disruption and sovereign issues are driving governance reforms, including board succession and a revised executive committee structure.
• The fintech division is expanding beyond basic payments to become a comprehensive financial services platform targeting the credit gap for underserved Africans.
• MTN's investment case rests on Africa's youthful demographics, rising digital adoption, and connectivity as a driver of economic growth and social stability.