EP.04 | Ralph Mupita on MTN’s Playbook: AI, Fintech, and the Race to Connect Africa

Africa’s digital rise isn’t just a story about connectivity—it’s a complex, continent-spanning journey shaped by economic volatility, regulatory fragmentation, and boundless innovation. Telecom operators are no longer just infrastructure providers; they’re now architects of digital economies, financial inclusion champions, and critical players in shaping how the next billion Africans live, work, and thrive online.

But what happens when macroeconomic shocks hit hard—when local currencies tumble and policies lag behind technology? What role do mobile network operators (MNOs) really play in stabilizing economies, enabling innovation, and bridging the digital divide? And can Africa leapfrog into the AI era on its own terms?

Financial Performance and Macroeconomic Challenges

Mupita acknowledged the mixed impact of macroeconomic conditions on MTN’s results. While the underlying growth of the business remained strong, the company faced significant headwinds, particularly in the first half of the year, due to the severe depreciation of the Naira in Nigeria. “The macro had masked, in particular, the first half of the year, where we had a severe depreciation of the Naira,” Mupita explained. However, he noted that the second half of the year saw improvements, with better service revenue growth, earnings, and cash flow generation.

Nigeria’s Pivotal Role and Recovery

The Nigerian market emerged as a central theme in the discussion, with Mupita emphasizing its significant impact on MTN’s overall financial health. “Nigeria, pre-2023, you’d have seen Nigeria’s 40% of the earnings of the company and quite close to 50% of the cash that the group generates,” he stated. However, Mupita expressed optimism about a V-shaped recovery in Nigeria, citing the central bank’s orthodox monetary policy approach, increasing dollar reserves, and the removal of fuel subsidies.

Digital Transformation and the Role of MNOs

Mupita articulated a vision for MTN as a key driver of digital transformation across Africa, emphasizing the importance of building digital ecosystems to accelerate socioeconomic growth. “We have a profound and important role to shape the future of this continent,” he asserted. He noted the growing understanding among nation-states that the digital economy can create benefits and multiply effects in various industries with relatively little infrastructure build.

Regulatory Harmonization and Competition Policy

Addressing the challenges to realizing Africa’s digital potential, Mupita pointed to the need for regulatory harmonization and a shift in competition policy. He argued that differing regulations across countries hinder the development of a cohesive digital economy. “We need more regulatory harmonization,” Mupita stated, advocating for a consistent application of licensing and spectrum policies across the continent.

“I believe our real challenges in Africa lie across a few key dimensions. The first is regulation. We need more regulatory harmonization across the continent. Right now, the regulatory frameworks vary too widely from one country to another. If we can align these regulations with a shared goal—to let digital assets and the digital economy drive Africa’s growth—we’ll be much closer to unlocking the continent’s full potential.”

-Ralph Mupita, President and CEO, MTN Group

 

AI and the Future of Technology in Africa

Mupita echoed the sentiments of Ghana’s Minister Samuel, emphasizing the need for AI in Africa, from Africa, and for Africa. He acknowledged the challenges of accessing expensive AI infrastructure but expressed hope that technological advancements will bring costs down. Mupita envisioned a future where AI-powered voice prompts replace apps, enabling seamless service delivery in local languages. He stressed the importance of building AI factories in Africa to develop unique solutions for the continent’s challenges.

LEO and Non-Terrestrial Networks

Finally, Mupita expressed enthusiasm for low Earth orbit (LEO) non-terrestrial networks, viewing them as an opportunity to enhance connectivity, particularly in underserved rural areas. He envisioned a future where people are always connected, regardless of location, thanks to the combination of terrestrial and non-terrestrial assets.