Ralph Mupita’s MTN Stake Soars Past US$11 Million

Zim Now Writer

Ralph Mupita, the Zimbabwean-born chief executive of MTN Group, has seen the value of his shareholding in the telecom giant climb above US$11 million this year, a reflection of both MTN’s stellar performance and his steady leadership at the helm of Africa’s largest mobile operator.

Mupita holds a 0.063 percent stake in MTN, translating to 1.15 million shares. Data compiled by Billionaires.Africa reveals that the market value of this stake has surged from R106.61 million (US$5.65 million) at the start of the year to R197.82 million (US$11.24 million), marking a gain of R91.21 million (US$5.59 million).

The sharp increase mirrors MTN’s 85.55 percent rally on the Johannesburg Stock Exchange in 2025, where the share price has leapt from R92.61 (US$5.26) to R171.84 (US$9.76). With this rise, MTN’s market capitalization now stands at R317 billion (US$18 billion), positioning it a full US$1 billion ahead of rival Vodacom as the continent’s most valuable telecom.

MTN’s performance this year has been underpinned by double-digit revenue growth in key West African markets. Group service revenue rose 10.4 percent to R47.36 billion ($2.58 billion) in the first quarter, driven largely by Nigeria (up 40.4 percent) and Ghana (up 39.5 percent), offsetting more muted numbers in South Africa.

The group has also accelerated its digital push, unveiling a Responsible AI framework and establishing an AI Centre of Excellence to apply artificial intelligence across operations—from enhancing customer experience to reducing costs.

Analysts expect these initiatives, together with robust subscriber growth, to lift headline earnings per share by over 300 percent in the first half of 2025.

Mupita’s tenure has coincided with significant expansion of MTN’s customer base. In the first quarter of this year alone, the group added 13.3 million users, bringing total subscribers to nearly 297 million across 16 markets.

Data users grew 9.1 percent to 161.7 million, while the mobile money platform now serves 62.2 million customers. Revenue from data rose 28.7 percent, while fintech earnings climbed 25.2 percent, supported by a 48.9 percent increase in transaction values to US$95.3 billion.

Since stepping into the role of president and CEO in September 2020, Mupita has been widely credited with steering MTN toward sustainable growth and solidifying its role in Africa’s digital transformation.

His approach has balanced financial discipline with bold investments in future technologies, ensuring that MTN continues to deliver value for shareholders while extending digital and financial inclusion across the continent.