MTN Ghana Reports 46.8% Profit Surge Amid Rising MoMo Security Initiatives and Legal Challenges

MTN Ghana has announced a significant 46.8% year-on-year increase in profit after tax, reaching GH"5.1 billion for the first half of the year. This financial milestone is largely driven by robust growth in data and mobile money (MoMo) services, which saw total service revenue rise by 32.3% to GH"15 billion. CEO Stephen Blewett attributed the company’s performance to disciplined cost management and strong strategic execution, leading to an interim dividend declaration of GH"0.12 per share, a 50% increase from the previous year.

While the MoMo platform continues to expand, processing approximately 23 million transactions daily, it faces increasing pressure from cybercriminals. According to a 2026 INTERPOL African Cyberthreat Assessment Report, Ghanaians lost an estimated $1.3 million to mobile money fraud in the first quarter of 2025 alone. In response, MTN is collaborating with law enforcement and industry stakeholders to implement a centralized fraud-monitoring system. This initiative aims to enable real-time detection and blocking of suspicious transactions across networks, addressing the gap that fraudsters exploit when transferring funds between different operators.

To further bolster security, MTN is leveraging advanced technologies including artificial intelligence, machine learning, and biometric authentication. David Nana Addai, MTN’s Mobile Money Manager, noted that device-binding technology and one-time passwords (OTP) are now standard measures to protect users. Beyond external fraud, the company is also tightening its loan recovery processes. Field Service Manager Dickson Amoung-Yam emphasized that the integration of the Ghana Card with SIM registrations allows the company to track loan defaulters even if they attempt to dispose of their SIM cards, ensuring the sustainability of MoMo lending services.

Amidst these operational successes, MTN Ghana is currently contesting a lawsuit filed by Clydestone Ghana Plc regarding alleged intellectual property infringement. Clydestone claims its proprietary work commissioned in 2007 was used without authorization. However, CEO Stephen Blewett has dismissed the suit as meritless, reassuring stakeholders that the legal action will not impact operations or MoMo services. As the company works toward a net-zero carbon emission goal by 2030, it remains focused on expanding connectivity to remote areas and maintaining its role as a cornerstone of Ghana’s digital economy.