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The 7th edition of the Benin Investment Forum (BIF) will take place from 8 to 9 May 2025 at the Sofitel Hotel in Cotonou, bringing together leaders from government, business, and civil society to foster economic cooperation, attract foreign direct investment, and promote inclusive development. Organised by the Government of Benin through the Investment and Export Promotion Agency (APIEX) and the Benin Chamber of Commerce and Industry, the Forum comes at a crucial moment in Benin’s development, underpinned by structural reforms and macroeconomic stability.

MTN Group proudly joins the Forum as the Platinum and Headline Sponsor. This strategic partnership follows MTN Group President and CEO, Ralph Mupita’s market visit to Benin in January 2024, where the company reaffirmed its longstanding commitment to the country’s development as a trusted partner. MTN’s participation at BIF 2025 will be led by Senior Vice President Markets Ebenezer Asante, who will deliver a keynote address at the Opening Ceremony on the topic “MTN: Partner in Africa’s Development.” He will be joined by MTN Benin CEO Uche Ofodile and MTN Group Chief Sustainability and Corporate Affairs Officer Nompilo Morafo, both of whom will participate in high-level discussions on finance, the future of technology, and women’s leadership in business.

MTN will also take the lead in hosting the exclusive MTN Investment Night, a high-level networking engagement aimed at facilitating meaningful dialogue among investors, policymakers, and senior business leaders. As part of its broader contribution to the Forum, MTN will collaborate with the Benin Ministry of Trade and Commerce to evaluate start-up pitches, spotlighting innovative solutions from emerging entrepreneurs. Additionally, the Group will deliver an inspirational leadership masterclass, curated to inspire and equip the next generation of African business leaders with insights drawn from MTN’s journey of growth and transformation across the continent.

Having operated in Benin for more than 25 years, MTN has made significant contributions to the country’s digital infrastructure, financial inclusion, and social development. The Group has committed over $215 million in new investments through 2026, including the rollout of 5G services, expansion of fibre connectivity, and the construction of a new MTN Benin headquarters. MTN’s impact also extends into health, education, and entrepreneurship through the work of the MTN Foundation, reinforcing its belief that digital access is key to unlocking national and regional progress.”

Commenting on MTN’s commitment to the Benin Investment Forum and the country, Ebenezer Asante, MTN Group Senior Vice President, Markets stated: “Our presence at the Benin Investment Forum reflects more than sponsorship, it’s a reflection of our unwavering belief in Benin’s potential and our shared journey toward inclusive digital transformation. Through strategic partnerships rooted in national development goals, MTN is proud to be a catalyst for progress, investment, and innovation in Benin and across the continent.”

MTN’s participation in the Benin Investment Forum 2025 exemplifies the company’s belief that inclusive, resilient growth must be rooted in strategic collaboration between the public and private sectors. As a partner of choice to African governments, MTN continues to play a leading role in building the infrastructure, capabilities, and ecosystems required for nations to thrive in a digital world. Through its involvement in BIF 2025, MTN reaffirms its commitment to Benin’s development journey and to advancing Africa’s digital and economic integration.

A pioneer in transformation in South Africa, MTN Group and major subsidiary MTN South Africa (MTN SA) each maintained a Level 1 Broad-Based Black Economic Empowerment (B-BBEE) contributor status in 2024.

MTN’s annual B-BBEE compliance report, compiled by an independent verification agency, underscored our efforts to drive inclusive growth and empowerment through deliberate and targeted interventions in the year.

“Our commitment to transformation and focused execution has yielded measurable successes across several elements of the B-BBEE scorecard, including notable improvements in management control, skills development and preferential procurement,” said MTN Group President and CEO Ralph Mupita.

“As a result of our recruitment and talent management strategies, we increased Black representation in management across all levels and enhanced female representation on the Board of Directors. This is part of our goal of achieving gender equity by 2030,” he added.

MTN SA CEO Charles Molapisi was pleased with the results: “At MTN South Africa, we see our Level 1 B-BBEE achievement not just as a milestone, but as a reaffirmation of our purpose to lead with impact. Transformation is deeply embedded in our DNA, it guides how we invest, how we empower, and how we connect South Africans to real opportunities. We are proud to be part of building a future where inclusive growth drives true progress, for all.”

Despite a challenging macroeconomic environment in 2024, MTN remained committed to creating an equitable environment for previously disadvantaged individuals through our skills development programmes. We invested in building STEM capabilities to help future-proof our graduates and employees, equipping them with the tools required for the digital economy. This was achieved through structured learning, on-the-job training and mentorship.

As a significant player in the sector, we recognise our responsibility to foster inclusive and sustainable economic growth, not just as a corporate entity, but as a catalyst for positive change. Small and medium-sized enterprises (SMEs) play a key role in driving economic.

MTN Group announces the release of our annual reports for 2024. Produced under the theme of ‘Accelerating Africa’s digital future’, the suite of reports provides a thorough overview of our robust underlying performance, strategic delivery and contribution to society, as well as our priorities ahead.

“Committed to operating responsibly and ethically, in 2024 MTN remained focused on executing on our strategic intent of leading digital solutions for Africa’s progress, despite the global uncertainties,” said MTN Group President and CEO Ralph Mupita.

“We couldn’t have done this without the support of our many diverse stakeholders. We invite you to read our reports, which strive to provide meaningful information tailored for various specific audiences.”

The 2024 Integrated Report tells the overall MTN value-creation story, detailing our strategic achievements and initiatives, including our operational highlights, financial performance and progress on ESG.  It explains how MTN leverages our brand, broad presence and skills as well as leading connectivity business, fintech offerings and digital infrastructure to expand digital and financial inclusion across Africa. This is done while mitigating risks and making the most of opportunities in our 16 markets.

This information, which reflects integrated thinking at the Group, endeavours to assist our investors and other stakeholders to understand the Group’s overall health and future focus. It is published alongside sustainability and financial reports as well as other important information for our shareholders.

ESG remains at the core of our strategy and is aligned with our work to advance the United Nations Sustainable Development Goals through our business activities and our support of governments, communities and customers. Our Sustainability Report provides a view of the Group around sustainability-related risks and opportunities that could reasonably be expected to affect MTN’s prospects.

As stewards of the digital age, we believe that safeguarding human rights is at the core of connectivity. In a year of numerous elections across the world, our Transparency Report outlines how MTN reinforced digital rights in 2024 by ensuring secure, uninterrupted connectivity to support free and fair democratic processes.

It also spells out how the rapid expansion of AI presents new ethical risks, prompting MTN to develop a Responsible AI Policy to uphold digital rights and data privacy.

In 2024, Africa faced intensifying climate risks, making sustainability and resilience essential to MTN’s strategy, regardless of changes in countries’ and companies’ adherence to climate policies. Our Climate Report highlights how we are actively addressing both mitigation and adaptation while leveraging emerging opportunities. In the year, we surpassed our emissions reduction target, cutting emissions by more than 46% off a 2021 baseline.

Our Tax Report underscores the role we play in supporting the socioeconomic development of our host nations. In 2024, MTN’s total tax contribution was R52.7 billion, made up of corporate taxes, indirect taxes, withholding taxes, payroll taxes, operating licence fees and other payments to government authorities.

The suite of annual reports also includes a Notice of Annual General Meeting, which invites our shareholders to participate in our virtual meeting on Thursday 29 May 2025. Our Remuneration Report provides transparent disclosure of the remuneration of our leadership based on performance against strategic priorities.

Our ESG Data Booklet is a handy resource for those interested in detailed disclosures relating to MTN’s planet, people, ethics and governance matters. As well as relevant statistics, it highlights our policy and position statements on various ESG issues as well as a comprehensive GRI disclosure index.

“Our prospects and investment case are underpinned by the structural demand we see in data and fintech,” said Mupita. “As a business, we remain resolute in our commitment to accelerating Africa’s digital future and will maintain the focus on operational excellence and strategic execution to capture the exciting growth opportunities in our footprint. We thank our stakeholders for their ongoing support.”

Click HERE to view the reports

GSMA Board names new Deputy Chair to serve until end of 2026

The GSMA Board of Directors has elected Ralph Mupita as Deputy Chair for the remainder of the Board term, until the end of 2026. In this role, he will support the Chair and Board in overseeing the strategic direction of the organisation, which represents the world’s mobile operators and companies in the broader mobile ecosystem.

“This appointment is a great honour as it comes at a time of rapid developments in technology and increasing digital adoption across Africa. Mobile technology will play a critical part in addressing the pressing challenges facing our communities and unlocking the full potential of Africa and the rest of the Global South, ensuring that no one is left behind in this journey toward a more connected future,” Mr Mupita said.

“I am committed to supporting the strategic direction of the GSMA, which plays a pivotal role in representing the global mobile ecosystem. Together, we will continue to drive innovation and positive change in the industry,” he added.

Vivek Badrinath, Director General of the GSMA, commented: “My warmest congratulations to Mr Mupita on being elected as the Deputy Chair of the GSMA Board. His experience will be invaluable as we continue to navigate the dynamic landscape of our industry. I look forward to working closely with him and the Board.”

Mr Mupita is the Group President and CEO of MTN Group, a position he has held since September 2020, after previously serving as MTN Group’s Chief Financial Officer from April 2017. Since joining MTN, he has helped strengthen the Group’s financial position and strategy formulation and overseen the successful listing of MTN subsidiaries in Ghana, Nigeria, Rwanda and Uganda.

Prior to joining MTN, Mr Mupita was CEO for Old Mutual Emerging Markets, providing financial service solutions to individuals and corporates across 19 countries in Africa, Latin America and Asia. He holds a BSc. Engineering (Hons) and MBA from the University of Cape Town and has completed the General Management Program at Harvard Business School.

Read accompanying release here.

As part of MTN Group’s ambition to lead in the provision of reliable, high-quality home broadband services, the company is pleased to announce the elevation of Group Home into a dedicated business function within Group Commercial. To lead this strategic focus area, Ankur Bajpai has been appointed Executive: Group Home Broadband, effective 1 April 2025.

This move reinforces MTN’s commitment to strengthening its position in the broadband market by ensuring executional focus, accelerating innovation, and delivering exceptional customer experiences. The dedicated function will play a critical role in driving market penetration while achieving sustainable growth through operational excellence.

Ankur brings over 21 years of experience in business strategy and advanced analytics, with extensive expertise in the telecommunications sector. For the past seven years, he has been an integral part of MTN Group, contributing significantly to its growth and innovation efforts.

Throughout his career, Ankur has worked across three continents and travelled to over 80 countries, giving him a rich global perspective. Before joining MTN, he held leadership roles at Etisalat Group, including Director of Commercial Intelligence across Asia, Africa, and the Middle East and Assistant Vice President for Corporate Marketing at Etisalat DB. He also held key roles at Idea Cellular and Reliance Communications.

Ankur holds an MBA in Strategic Management and Managerial Finance from Cardiff Business School in Wales and an Advanced Diploma in Web-Centric Curriculum from the National Institute of Information Technology in India.

As Executive Group Home Broadband, Ankur will lead the development and execution of MTN’s home broadband strategy, with a strong focus on Fibre to the Home (FTTH) and Fixed Wireless Access (FWA) solutions.

“We are excited to see Ankur take on this role at a time when home connectivity is more critical than ever. His leadership will help us bring practical, high-quality solutions to more households across our markets. I’m looking forward to working with him on this journey,” said Selorm Adadevoh, Group Chief Commercial Officer.

Please join us in congratulating Ankur on his new appointment and wishing him continued success as he leads the next chapter of MTN’s home broadband journey.

MTN Group on Monday reported a solid underlying operational and financial performance for 2024 – and a particularly strong second half. This strong performance was affected by a sharp drop in the value of the currency of one of our largest markets, Nigeria; and impairments in conflict-hit Sudan

This meant that even though the Group’s service revenue and earnings before interest, tax and amortisation (EBITDA) in constant-currency terms grew by around 14% and 10% respectively, they were negatively affected in reported rand terms.

In the year to 31 December 2024, service revenue of R178 billion was down by some 15% in reported terms, and reported EBITDA (before once-off items) of R60 billion was a third lower than it was in 2023. Basic earnings per share swung by 758 cents in 2024 to a loss of 531 cents.

Adjusted headline earnings per share (HEPS) decreased by 32% to 816 cents, impacted mainly by the sharp devaluation in the naira. With a relatively more stable naira in the second half of 2024 and stronger results from MTN South Africa, second half adjusted HEPS showed strong momentum.

The Board of Directors declared a dividend of 345 cents a share (up from 330 cents in 2023) as the Group reported strong commercial momentum and maintained its guidance over the medium term. The Board, further, anticipates paying a minimum ordinary dividend of 370cps for the 2025 financial year.

We serve 291 million subscribers in 16 markets and progressed key strategic priorities and sustained a healthy financial position as well as balance sheet flexibility in 2024.

“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.

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.

Performance was underpinned by adhering to disciplined capital allocation as well as expense efficiencies. We are well on track to achieve our EEP target of R7-8 billion between 2024 and 2026.

MTN South Africa sustained a resilient overall performance, with service revenue growth of 3.1% to R43.2 billion for the year, underpinned by improved network availability and commercial initiatives. In the latter part of the year, the business delivered some encouraging acceleration in key commercial metrics, with prepaid data revenue returning to growth from November.

MTN Group advanced the execution of our key strategic initiatives in the year. These included the signing of definitive agreements with Mastercard for a minority investment into the Group Fintech structure, as well as the disposal of MTN Afghanistan, MTN Guinea-Bissau and MTN Guinea-Conakry, which further enhanced the Group’s focus and risk profile.

In Nigeria, we renegotiated tower lease contracts, which allow MTN Nigeria to better manage adverse macroeconomic impacts on the business. In Ghana and Uganda, we increased local ownership in our operations. In South Africa, we extended the MTN Zakhele Futhi broad-based black economic empowerment transaction.

“This underscores our dedication to transformation and creating shared value and remains integral to our future success,” Mupita said of the Group that celebrated 30 years of operations in 2024.

Other shared value wins included further reductions in the Group’s Scope 1 and 2 emissions as well as widening access to broadband internet access to cover 93% of the population in our markets. Advancing broadband in rural and remote areas is critical to our work to extend digital and financial inclusion across Africa.

In terms of our economic value-added to the communities we serve, MTN contributed approximately R155 billion in the year, including around R206 million in corporate social investment programmes across our host nations.

Looking ahead, Mupita said although there remained some macroeconomic and geopolitical uncertainties in the near term, he was encouraged by trends in various indicators. These included inflation (which showed signs of abating in the second half of 2024), reduced forex volatility (particularly of the naira), as well as the tariff adjustments in Nigeria which we started to implement in February 2025. These prompted MTN Nigeria to re-instate its medium-term guidance.

“MTN Group is well positioned to capture the exciting opportunities in our markets and deliver on our medium-term objectives to sustain growth, create shared value in nation states and communities, and unlock value for our stakeholders,” he said.

SENS: https://irhosted.profiledata.co.za/mtngroup/2019_feeds/SensPopUp.aspx?id=507535

MTN Group and Ghana have signed a landmark agreement to work together to support the government’s flagship ‘One Million Coders Program’ to equip young Ghanaians with artificial intelligence, coding and digital skills to drive the country’s digital transformation.

On the sidelines of the Mobile World Congress 2025 in Barcelona, Ghana’s Minister of Communication, Digital Technology and Innovation, Honourable Samuel Nartey George, and MTN Group President and CEO Ralph Mupita signed a memorandum of understanding (MoU) to explore areas for collaboration on what the minister called the flagship initiative of the new administration of President John Mahama.

“We engaged with the MTN Group and expressed our desire for a partnership that will lead to fuel the capacity of young Ghanaians in the area of artificial intelligence, digital technology, data governance and cybersecurity,” the minister said, adding that MTN did not hesitate to offer to support the initiative.

“We recognise that, as part of its 25th anniversary, MTN (Ghana) is making significant investments in Ghana. The MTN building, donated to the government of Ghana, will become one of our centres for excellence for artificial intelligence and software development. We are committed to backing MTN in this endeavour,” Minister George said.

Mupita thanked the minister and his delegation for two days of constructive engagements and for choosing MTN as a trusted partner. “We are very focused on understanding the strategy Ghana has and how we as MTN Group and MTN Ghana can support it,” he said.

“We thank you for your commitment in terms of creating an enabling environment for us to carry on the work we are doing, very humbly though, to support the building out of the digital ecosystem that will be a catalyst for growth and expansion and meet the socioeconomic objectives of the Ghanaian government,” Mupita added.

Given that around 3 000 languages are spoken across Africa, it was incumbent on Africans to ensure that they worked on their own large language models to develop the solutions made possible through generative AI. “We must develop our own talent on the African continent; we must develop our own software engineers and we must be doing more around coding to enable us to all be future fit,” Mupita said.

MTN Group Senior Vice President for Markets, Ebenezer Asante, said MTN was delighted to be part of the initiative, which was closely aligned to MTN’s strategic intent. “Between MTN and Ghana we will partner using common projects to advance the cause of African development,” he said.

The MoU follows the introduction in 2023 of the MTN Skills Academy in multiple MTN operating countries, including Ghana. The MTN Skills Academy aims to provide access to digital and financial skills training across the continent. The Academy provides a range of courses, including coding, web development, digital marketing and data analytics, with the aim of ensuring 60% of youth and adults have at least basic proficiency in sustainable digital skills by the end of 2025.

MTN Group Limited (“MTN”) announces the conclusion of the sale of its operations in Guinea (also known as “MTN Guinea-Conakry”), to the State of Guinea, on 30 December 2024. This transaction aligns with MTN’s focus on portfolio optimization and simplification, as part of the Ambition 2025 strategy.

MTN Group President and CEO, Ralph Mupita, stated: “This milestone marks a new phase for MTN Guinea-Conakry under local ownership, and MTN thanks the staff, customers, regulators and broader stakeholders in Guinea for the support during the time MTN has been operational in the country. Concluding this transaction is in line with the strategy to simplify the portfolio and allocating capital to markets where we can make a difference as MTN and deliver long-term growth and returns.”

MTN marks three decades of operations, celebrating a legacy of connecting people, changing lives, and driving economic growth across South Africa and the African continent.

“As we reflect on this significant milestone, we express our sincere gratitude to all our stakeholders, past and present, across multiple jurisdictions, for their support,” said MTN Group President and Chief Executive Officer Ralph Mupita. “We couldn’t have achieved this remarkable success without you.”

Since its inception in 1994, MTN has evolved from a small South African start-up with 20 employees into a global telecommunications leader, employing over 17,500 individuals representing more than 70 nationalities across 18 diverse markets.

In South Africa, MTN’s impact has been profound. The company’s network now reaches 97% of the population, providing a foundation for digital inclusion and economic empowerment. By investing in cutting-edge technologies like 4G and 5G, MTN has ensured that South Africa remains at the forefront of technological advancement. A recent study by KPMG showed that MTN South Africa’s contribution to the country’s GDP is substantial, making it a key player in the national economy.

The evolution of handsets and the proliferation of apps have democratised access to information and essential services, from financial solutions to healthcare, education, and entertainment. This has been a game-changer for individuals and businesses alike.

MTN’s influence extends far beyond South Africa. In 2023, the MTN Group recorded over R220 billion (more than US$11 billion) in revenue, a testament to its market leadership and the growing demand for digital services across Africa. This success has driven the company’s market capitalisation to over R150 billion, solidifying its position as one of the continent’s most valuable companies.

Across Africa, MTN connects millions, empowering them with essential communication tools and access to vital services. More than 149 million people rely on MTN’s network for data access, fuelling a digital transformation that is reshaping industries and societies. Additionally, MTN Mobile Money (MoMo) provides over 65 million individuals with access to financial services, driving financial inclusion and economic empowerment in underserved communities.

MTN’s commitment to socio-economic development is evident everywhere. In 2023, the Group’s total tax contribution to governments across markets was nearly R62 billion (over US$3.3 billion), supporting vital public services and infrastructure development. MTN’s operations also generated some R159 billion in economic value, creating jobs, stimulating economic activity, and fostering digital innovation.

From the outset, the Group has been driven to make a social impact. Launched in 2001, the first MTN Foundation had an annual budget of R22 million. In 2023, MTN spent ten times that – R220 million – in corporate social responsibility across markets, with a special focus on developing digital skills to enable the digital economy.

Furthermore, both MTN Group and MTN South Africa have achieved Level 1 Broad-Based Black Economic Empowerment status, underscoring their commitment to diversity, inclusion, and social transformation.

MTN’s dedication to giving back is embodied in the annual “21 Days of Y’ello Care” initiative, which has been extended to 30 days this year to commemorate the 30th anniversary. Kicking off on 01 June 2024 under the theme “Learn Today, Lead Tomorrow: Education for Rural and Remote Communities,” this initiative mobilises MTN employees across the continent to dedicate their time and resources to enhance educational opportunities. This year, the focus is on bridging the educational divide in rural and remote areas, providing digital learning tools, and supporting educational infrastructure to empower the next generation of leaders within these communities.

MTN’s 30-year journey is a testament to the transformative power of technology and the unwavering spirit of innovation. Looking to the future, MTN remains dedicated to bridging the digital divide, empowering individuals and communities, and driving Africa’s sustainable and inclusive progress through cutting-edge digital solutions.

MTN Group reported a resilient underlying operating performance for 2023 in the face of tough macro headwinds, declaring a total dividend of 330 cents per share. Inflation remained elevated in several key markets and the sharp devaluation of the Nigerian naira impacted reported results for both MTN Nigeria and MTN Group.


Amid sustained high demand for data and fintech services, MTN Group increased the number of active data subscribers by more than 9% to 150 million – half the total subscriber base – and active Mobile Money (MoMo) users by 5% to 72.5 million. Total subscribers increased to 295 million across the Group’s markets.


In the year to end-December 2023, data traffic on MTN’s networks (excluding joint ventures) grew by more than a third, with usage up to an average of more than 6GB per user per month. To sustain this growth, as well as network coverage and quality, MTN deployed capital expenditure (excluding leases) of R41 billion in the year.


The volume of fintech transactions also increased by around a third to 17.6 billion, with the value of transactions across the fintech platform up at US$272 billion, driven by growth of advanced services in payments, banktech and remittance solutions.


In South Africa, where the business faced loadshedding challenges, subsidiary MTN South Africa deployed R10 billion of capex to drive network capacity expansion and power resilience. More than R2.6 billion of this was investment in power and security resilience. By the end of the year, network availability across the entire network reached around 95%. For the sites where we had completed our resilience investment, we recorded network availability of more than 98%.


MTN South Africa reported solid growth in the consumer postpaid, enterprise and wholesale businesses. In the second half of the year there were also sequential improvements in the consumer prepaid business.


Strategic delivery
In the year, MTN Group made good strategic progress in the development of our fintech and fibre businesses. A key highlight was concluding an agreement for payment network processor Mastercard to invest up to US$200 million for a minority stake in MTN Group Fintech at a valuation of US$5.2 billion.

“We are excited about this partnership, particularly the commercial agreements, which we expect to support the accelerated growth of our fintech business,” said MTN Group President and CEO Ralph Mupita. “In 2023, we also advanced our work to structurally separate the fibre business, Bayobab, with engagements to secure regulatory clearances in key markets being the main priority.”

In the year, Bayobab and Africa50 partnered to develop Project East2West, a terrestrial fibre optic cable network to help bridge Africa’s connectivity gap by improving broadband access for the continent’s landlocked countries in particular.

Among the Group’s other strategic progress highlights were the 13.1% absolute reduction in Scope 1 and 2 emissions. This is part of our environmental commitment to reach Net Zero emissions by 2040. We also finalised the sale of MTN Afghanistan, which completed the Group’s exit of our consolidated subsidiaries in the Middle East.

Resilient results
In the year, MTN Group’s finances withstood a challenging external environment, marked by elevated inflation (averaging a blended 16.7%), forex volatility and paucity, and ongoing political tensions in some markets, most notably in Sudan.

In constant currency terms, MTN Group service revenue grew 13.5% to R210 billion, with data revenue making up R84 billion and voice revenue contributing R83 billion. Fintech revenue totalled R21 billion.

Earnings before interest, tax, depreciation and amortisation grew by almost 10% in constant currency terms to R90 billion. The Group delivered expense efficiencies of R2.6 billion and kept key debt ratios within covenant levels.

Outlook and priorities
Looking ahead, Mupita said MTN remained focused on executing on Ambition 2025: sustaining operational momentum, accelerating the platforms strategy, driving expense and capital efficiencies, and continuing to strengthen the balance sheet.

“We are anticipating that the macro conditions in our trading environment will persist in 2024, with naira volatility and elevated inflation the key challenges we will need to navigate. MTN plans to invest R35-39 billion in 2024 to position the company to capture the structural demand for data and fintech services across Africa,” he said.

“We maintain our overall medium-term guidance framework, however simplifying our objective for fintech,” Mupita said, adding that MTN was encouraged by the outlook for the fintech business, given the solid growth in advanced services. “The partnership with Mastercard positions the business well to scale faster and we are excited about the commercial launches of card issuance, acceptance and remittances across the footprint.”