The Zimbabwean, 48, takes over the new role from September 1.
A graduate of Harvard Business School, Mupita became MTN CFO in 2017 after nearly two decades at South African insurer Old Mutual Ltd.
MTN Group chairman Mcebisi Jonas said: "After a rigorous and extensive search process, we are pleased to have appointed someone of Ralph's calibre, experience and ability to fill the group president and CEO position.
"Ralph's experience as the group CFO, strong knowledge of our businesses and markets, as well as successful background in financial services, M&A and emerging markets, place him in an excellent position to lead the growth and sustainability of the business going forward."
Mupita arrived in South Africa more than 30 years ago after leaving Plumtree High School. He later graduated from the University of Cape Town with a degree in engineering and later an MBA.
Prior to joining MTN Group, Mupita was the CEO of Old Mutual Emerging Markets for five years, a business that provided financial services to individuals and corporates across 19 countries in Africa, Latin America and Asia, managing over R1 trillion of customer assets under management at the time.
Commenting on his appointment, Mupita said: "Leading a business with MTN Group's history, scale and socio-economic impact is a privilege and honour, and I look forward to working with the group board and executive committee in driving growth and unlocking value for shareholders and broader stakeholders.
"MTN Group is well positioned to take advantage of the digital acceleration shifts and opportunities across our markets, and we are well placed to play an important and leading role in digital and financial inclusion of the African continent, working with our stakeholders and partners."
Shuter will step down from his executive responsibilities on August 31 and will thereafter support Mupita as required until the end of his fixed-term contract early next year, MTN said.
