The firm’s service revenue decreased by 18.8%, voice revenue plummeted by 32.2% and data revenue dropped by 14.7%, while fintech revenue rose 11.4%.
MTN Group, Africa’s largest mobile operator by subscribers, has reported a decline in revenue during the first quarter of 2024.While the mobile operator’s overall revenue has taken a knock, its fintech offerings are generating more revenue than before.
According to the company, total subscribers increased by 1% to 287.6 million, while active data subscribers were up by 7.8% to 149.2 million. “Although still elevated, we are encouraged by the abating trend in the blended rate of inflation across our footprint, which reduced to 13.7% in Q1 2024, compared to 18.5% in Q1 2023 and 15.4% in Q4 2023. In Nigeria, we saw strong underlying commercial momentum in the business, despite the financial impacts of the sharp devaluation of the naira and continued elevated inflation during the period.”
The firm was also impacted by cable cuts that resulted in downtime for significant subsea cables connecting the African continent, particularly in West Africa, says the CEO. MoMo active users increased by 6.2% to 65.5 million, as advanced services continued their strong growth trajectory, with a 63.3% year-on-year growth relative to basic services .
“Through the execution of our expense efficiency programme, we realised efficiencies of R430 million in Q1.
Fintech Ralph Mupita MTN Group MTN South Africa MTN Nigeria Inflation MTN Sudan MTN Financial Results
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