MTN Group Shows Resilience in Challenging Market, Fintech Revenue Climbs 11.4%

MTN Group reported solid overall commercial momentum in the core connectivity business in the first nine months of 2024. The fintech business delivered a strong result, underpinned by robust growth in advanced services.

Highlights of the results are as follows:

• Group service revenue decreased by 18.8% (up 11.1%*)
  – Voice revenue decreased by 32.2% (down 1.4%*)
  – Data revenue decreased by 14.7% (up 20.2%*)
  – Fintech revenue increased by 11.4% (up 25.0%*)
• Total subscribers increased by 1.0% to 287.6 million
• Active data subscribers up by 7.8% to 149.2 million
•  Active Mobile Money (MoMo) monthly active users (MAU) up by 6.2% to 65.5 million
• Data traffic increased by 36.2% to 4 359PB
• Fintech transaction volumes increased by 18.3% to 4.8 billion and transaction value up by 11.2%* to US$72.3 billion

With a continued focus on our strategic priorities, we invested capex of R19.8 billion in our networks and platforms. This helped support the robust data traffic growth and fintech transaction volumes that underpin our growth thesis.

– Ralph Mupita, President and CEO, MTN Group

At the end of September 2024, MTN served 288 million subscribers across 17 markets. In the first three quarters of 2024, we made good progress in the execution of our strategic priorities, maintained a resilient balance sheet, and saw good upstreaming of cash from operating companies along with localisation proceeds from Ghana and Uganda.

Although the macro environment is forecast to remain challenging in the near term, we are encouraged by the abating trend in inflation and reduced forex volatility:

As these factors continue to normalise, we anticipate positive impacts on consumer spending power and our business operations.

– Ralph Mupita, President and CEO, MTN Group