MTN Group, Africa’s biggest mobile operator, unveiled a strategic reset that put South Africa and Nigeria at the heart of its growth plans while Iran — one of its biggest money spinners — did not get a mention.
On paper, Iran, where the US and Israel launched strikes two weeks ago, remains one of MTN’s most valuable assets: The Johannesburg-based company’s 49% stake in Irancell, Iran’s second-largest mobile operator, is worth roughly $300 million. The partnership generates millions of dollars in profits, but the income is stuck in the country because of US sanctions. MTN said it does not expect to retrieve its share of profits from Irancell — which amounted to $136 million in 2025 — any time soon.
Instead, in a strategic reset announced alongside its 2025 earnings report, MTN presented itself as an Africa-anchored digital platform, using cash from its core mobile business and digital infrastructure such as towers to fund faster growth in its fintech operations. MTN swung into $1.6 billion profit in 2025 after unfavorable currency swings a year ago hit its bottom line.