MTN Group has
reported robust overall commercial momentum in its core connectivity business
over the first nine months of 2024. The company’s fintech segment also
performed strongly, fueled by substantial growth in advanced services,
highlighting the company’s strategic focus on expanding its financial
technology offerings alongside traditional telecommunications.
“With a
continued focus on our strategic priorities, we invested capex of R19.8 billion
in our networks and platforms,” said MTN Group
President and CEO Ralph Mupita. “This helped support the robust data traffic
growth and fintech transaction volumes that underpin our growth thesis.”
MTN’s
subscriber base reached 288 million by the end of September 2024, spanning 17
markets across Africa and the Middle East. Over the first three quarters, MTN
made solid progress on its strategic goals, which included bolstering financial
resilience, enhancing network infrastructure, and localizing operations in key
markets. This approach has allowed MTN to maintain a strong balance sheet and
optimize cash flow, with significant cash transfers from operating companies
and localization proceeds from Ghana and Uganda contributing to financial
stability.
While the
company remains optimistic, it acknowledges the challenges posed by the current
macroeconomic landscape. Inflation, although beginning to decline, and forex
volatility have affected business operations across MTN’s markets. However,
Mupita noted, “As these factors continue to normalize, we anticipate
positive impacts on consumer spending power and our business operations.
By: Nana Appiah Acquaye
