MTN Group denies Clydestone claims as legal dispute heads to Ghana court

Details: Manny Pham; Category: Operators; 31 July 2026; 228 views

MTN Group has denied claims made by Ghanaian technology company Clydestone Ghana PLC after the latter initiated legal proceedings over the origins of mobile money services in Ghana, insisting the allegations are without merit and will be vigorously contested.

The response was issued through the Ghana Stock Exchange by Scancom PLC (MTN Ghana), after Clydestone announced on 28 July that it had filed a lawsuit at the High Court in Accra against MTN Ghana, MTN Group and MobileMoney Fintech LTD.

In a market announcement, MTN Ghana confirmed it had been served with a writ of summons and statement of claim relating to Clydestone's alleged role in the launch of mobile money services in Ghana almost two decades ago.

However, the operator rejected the allegations.

"MTN Ghana does not accept the claims made, considers them without merit, and will contest the proceedings fully," the company said, adding that it would not comment further while the matter remains before the court.

The operator also sought to reassure investors that the legal proceedings would have no impact on its business.

"MTN Ghana assures all its stakeholders that the proceedings do not affect its operations, services, performance, results or Mobile Money services," the company said.

Clydestone alleges it played a foundational role in the introduction of mobile money services in Ghana and is seeking legal redress over issues dating back nearly 20 years.

MTN has not disclosed further details of the claim but said it will continue to comply with its disclosure obligations under the Ghana Stock Exchange's listing rules and will update shareholders on any material developments.

MTN Nigeria growth

The dispute comes as MTN Group's largest operating company, MTN Nigeria, reported a strong set of financial results for the first half of 2026.

The Nigerian business, which remains the group's largest operation by subscriber numbers, grew its customer base by 8.9% year-on-year to 92.2 million, while active data users increased 9.3% to 55.7 million.

Service revenue rose 25.9% to NGN3.0 trillion (US$2.2 billion), while EBITDA climbed 39.2% to NGN1.7 trillion, lifting the EBITDA margin by 5.3 percentage points to 55.9%. Profit after tax increased 70.6% to NGN707.5 billion, supported by strong revenue growth, disciplined cost management and a more stable naira.

Commenting on the results, MTN Nigeria CEO Karl Toriola said the operator had delivered "a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation," despite a challenging macroeconomic environment.

He added that the company remained focused on expanding network capacity, strengthening customer experience, accelerating home broadband growth and improving its fintech business during the second half of the year.