MTN's service revenue rises 26% on Nigeria, Ghana growth

Delegates walk past the MTN logo at the Investing in African Mining Indaba 2024 conference in Cape Town, South Africa on 7 February 2024. Reuters/Esa Alexander

Africa's biggest telecom operator, which has more than 300 million customers in 16 markets across the continent, said that excluding the effect of currency fluctuations, group service revenue increased by 22.6%.

MTN Nigeria led growth with a 57.1% rise in service revenue, while MTN Ghana rose 35.9%, supported by lower inflation and more stable exchange rates.

However, MTN South Africa saw a slower growth of 2% as gains in post-paid and enterprise were offset by continued pressure in a highly competitive prepaid market.

Data revenue increased by 40%, driven by an expansion of active data subscribers and strong demand, MTN said, while Fintech revenue rose 35.7%.

MTN said R27.9bn ($1.63bn ) in capital expenditure to help expand its commercial business had helped drive growth in data traffic and fintech transactions.

Customer numbers grew 5% to 301 million.

MTN said it plans to expand its AI-powered digital inclusion initiative with Microsoft across Africa in early 2026.

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