…records 93% broadband access in operating markets.
MTN, the telecommunications giant, continues to hold a massive customer base, serving 291 million subscribers across 16 countries in Africa and the Middle East. This steady number, revealed in their 2024 financial results, highlights the company’s significant presence and influence in the regions it operates.
Despite facing financial challenges due to currency fluctuations, particularly the devaluation of the Nigerian Naira, MTN’s customer numbers remained strong. This stability indicates the company’s core business remains solid, even when facing economic headwinds.
Also Read: MTN Records 288 Million Subscribers Across 18 Markets, Up 0.8% YoY
The company also saw growth in its data services, with 158 million active data subscribers, an increase of 8%. This reflects the growing demand for internet access on mobile devices across MTN’s markets.
“Serving 291 million subscribers is a testament to the trust our customers place in us,” said Ralph Mupita, MTN Group President and CEO. “This large base of customers allows us to continue investing in our network and digital services.”
The telecom group recorded fintech service revenue up by 28.5%, with transaction value up by 35% in constant currency at US$321billion. Also, the group noted that its fintech advanced services revenue (including banktech, remittance, payments) up 52%.
The statement reads in part;
“Alongside execution of our commercial strategies, our continued capital investment of R30 billion to strengthen the quality and capacity of our networks enabled us to capture the opportunities in data and fintech across our markets,” said Group President and CEO Ralph Mupita, adding that data traffic accelerated by a third, as data subscribers grew by 8% to 158 million active users.
Also Read: MTN to Invest $3.5 Billion in Nigeria’s Digital Economy
“The volume of fintech transactions on MTN’s networks rose by 15% to more than 20 billion valued at over US$320 billion, while the number of active Mobile Money (MoMo) users rose by just less than 1% to 63 million, slowed by initiatives in key fintech markets to enhance the quality, stickiness and profitability of our overall fintech ecosystem.
“Data revenue decreased by 12% on a reported basis, but increased by almost 22% in constant-currency terms. Fintech revenue increased by 11% on a reported basis, but by almost 29% in constant currency. As part of our expense efficiency programme (EEP), we realised sustainable savings of R3.8 billion in 2024.”
MTN is also working to expand broadband access, now reaching 93% of the population in its operating markets. As stated in their financial report, “Advancing broadband in rural and remote areas is critical to our work to extend digital and financial inclusion across Africa.” Furthermore, MTN’s efforts to enhance network capacity and quality are directly linked to improved user experience, leading to increased data usage and overall customer satisfaction
While the number of Mobile Money (MoMo) users saw a slight increase to 63 million, the company focused on improving the quality and profitability of its fintech services. This strategic shift resulted in significant growth in transaction value within the MoMo platform.