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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

The 2024 Africa PachiPanda Challenge, an initiative by MTN Group in partnership with WWF and FNB WesBank, concluded this week with a powerful celebration of Africa’s emerging eco-entrepreneurs. Hosted in Johannesburg, South Africa, the grand finale brought together the brightest young minds from across the continent, united by a shared vision for environmental sustainability and inclusive growth.

The initiative was designed to spotlight Africa’s next generation of environmental leaders and equip them with the tools, mentorship, and networks needed to scale their climate-smart solutions. Finalists from Nigeria, Cameroon, Zambia, and South Africa were invited to participate in a transformative two-day programme, which included expert-led masterclasses on business development, sustainable innovation, and impact measurement, culminating in a vibrant finale event that showcased the continent’s most promising green ventures.

Among the standout innovators, chosen by a distinguished panel of judges for its outstanding scalability, measurable impact, Moses Afopezi of Cameroon claimed first prize for his project AgricFresh, a tech-enabled platform designed to reduce post-harvest loss by professionalising farm management and enhancing market access. By integrating solar-powered cold storage systems, AgricFresh helps extend the shelf life of crops and supports a more efficient, climate-resilient agricultural ecosystem.

Olabisi Rafatu Emmanuel from Nigeria earned second place, and Jean Blaise Seka, also from Cameroon, secured third, with both recognised for their impactful, community-driven solutions that address local environmental challenges with creativity and ingenuity.

“Congratulations to Moses Afopezi and the AgricFresh team for this well-deserved recognition. Their work reflects the kind of grounded, forward-thinking innovation that communities across Africa urgently need,” said Nompilo Morafo, MTN Chief Sustainability and Corporate Affairs Officer. “The Africa PachiPanda Challenge is one of the ways we’re working with partners to support climate entrepreneurship that is practical, inclusive, and rooted in real local needs.”

Innovation, particularly in climate-tech and sustainable development, is increasingly recognised as a cornerstone of inclusive growth. According to the African Development Bank, every dollar invested in climate-resilient infrastructure yields four dollars in economic benefits. Initiatives like the Africa PachiPanda Challenge are helping to unlock this potential by equipping young innovators with the tools to scale locally rooted solutions. From digital platforms for waste management to energy-efficient technologies for agriculture, these ventures reflect the ingenuity of a generation that is redefining what progress looks like, bold, green, and built from the ground up.

WWF echoed their commitment to supporting youth-led solutions. WWF-Zambia Chief External Engagement Officer Fungai Musana, as the lead for the Africa lag said, “WWF is proud to be part of a historic moment, the successful execution of the inaugural Africa PachiPanda Innovation Challenge. This trailblazing, youth-led initiative marks a first of its kind on the African continent. A huge congratulations to the winners for their cutting-edge innovations! And to all participants, well done for stepping up and being part of this incredible journey. WWF is honoured to collaborate with MTN Group in empowering the next generation of sustainable leaders. We believe the ideas born from this challenge have the power to drive meaningful, lasting change for communities and the environment across Africa.”

Adding further support, FNB WesBank underlined the critical role that green innovation plays in Africa’s future, Kyle Durham Head of Sustainability at FNB Commercial, added that FNB, in partnership with WesBank is thrilled to be a part of the Africa PachiPanda Challenge and to support this groundbreaking initiative. The event has been a showcase of inspiring and visionary solutions to unique challenges, and AgricFresh stands out as a shining example of the innovation, passion, and dedication that young eco-entrepreneurs bring to the table, creating lasting impacts for a sustainable future.

As the overall winner of the Africa PachiPanda Challenge, Moses Afopezi AgricFresh project will receive USD 5000, along with ongoing mentorship and strategic support from MTN Group, WWF, UNDP, GSMA and other partners to expand the reach and impact of their innovation. Moses shared a brief insight on his experience: “Never did I imagine that the path to an international stage would be paved by the work we are doing at the grassroots level with AgricFresh. The recognition we’ve received fills me with immense joy and hope for the farmers whose lives we aim to improve. With the knowledge and prize, we’re now empowered to expand our reach to two more communities in Cameroon’s war-affected regions.”

Through this initiative, MTN, together with WWF and FNB WesBank, reinforces its commitment to supporting ideas that deliver lasting value for the environment and local communities. With a footprint in 16 markets across Africa, MTN recognises the unique responsibility and opportunity to provide young innovators with the visibility, resources, and support they need to thrive.

This challenge is a testament to how MTN is embedding sustainability into the way it operates, by investing in people and purpose, with a long-term view toward shared prosperity.

As Africa continues its journey toward inclusive digital transformation, one truth has become clear: unlocking the potential of girls and young women in ICT is not only a question of equality — it is a cornerstone of sustainable development. This Girls in ICT Day, MTN reaffirms its commitment to empowering the next generation of female digital leaders across the continent, aligning with the African Union’s Agenda 2063 and its broader goals for gender equality, innovation, and inclusive economic growth.

Despite notable progress in many sectors, the gender gap in technology and science remains wide. According to the International Telecommunication Union (ITU), only about 30% of the global tech workforce is female. In Africa, this gap is often more pronounced due to structural barriers, socio-cultural norms, and unequal access to digital tools and education. UNESCO reports that just 28% of women worldwide pursue STEM careers, and those numbers drop significantly in low- and middle-income countries. The implications of this disparity are profound — not just for individuals, but for entire economies.

However, the data also tells a more hopeful story: one of opportunity. Research suggests that if gender gaps in labour force participation and digital inclusion were closed, Africa could see a GDP boost of over $300 billion by 2025. Increasing women’s participation in ICT is not a peripheral concern — it is an economic and social necessity. For MTN, empowering girls with digital skills, confidence, and opportunity is not just a moral imperative — it is a strategic investment in Africa’s future.

This vision is already coming to life through MTN’s initiatives across several of its markets. In Liberia, the Next Gen programme is reimagining what access to STEM education looks like. Specifically designed for young women from non-STEM backgrounds, the programme delivers interdisciplinary training in STEAM — science, technology, engineering, arts, and mathematics. Participants like Sasha and Amaze represent a new generation of learners who are building bridges between creativity and technology. By equipping young women with both technical expertise and problem-solving skills, the programme opens doors to careers in fields that were once considered out of reach.

In South Africa, MTN is driving inclusion through innovation-focused programmes like the Women in Digital Business Challenge and the Digital Skills for Digital Jobs initiative. These platforms provide not only critical technical training — including in high-demand areas like artificial intelligence, coding, and cybersecurity — but also access to mentorship and funding. This integrated approach ensures that women are not only prepared for the jobs of the future, but are also positioned to create and sustain their own businesses. Many of the programme’s alumni have gone on to launch startups, lead digital transformation in their communities, and contribute to a growing ecosystem of women-led innovation in Africa.

In Cameroon, MTN’s impact is equally profound. At the Yaoundé V Social Centre, over 250 girls have completed practical ICT training courses that range from digital literacy and e-commerce to social media marketing. These skills are not just theoretical — they translate directly into income-generating activities. Many of the programme’s graduates have since launched their own small enterprises, proving that when girls have the right digital tools, they can drive economic development at the grassroots level. This kind of transformation is exactly what Agenda 2063 envisions: communities where women are empowered agents of change, shaping local economies and contributing to national growth.

MTN’s commitment to gender equality in the digital age extends beyond programme delivery. It is embedded in our broader strategy to mainstream gender considerations across all areas of development. This includes creating pathways for leadership and decision-making roles for women within the tech ecosystem, supporting women entrepreneurs with access to capital and business networks, and advocating for policy environments that prioritise digital inclusion.

Education remains central to this mission. MTN recognises that without access to foundational and advanced learning opportunities in science and technology, millions of girls will be left behind in the digital revolution. That is why our initiatives are designed to reach underserved communities, tackle stereotypes about women in tech, and create safe, supportive environments for girls to explore, experiment, and excel in ICT fields.

As we mark Girls in ICT Day, it is important to recognise that the stakes are high. This is not simply about bridging a digital divide — it is about shaping a digital future that reflects the full diversity of Africa’s potential. Whether in Monrovia, Johannesburg, or Yaoundé, the stories emerging from MTN’s initiatives reveal a powerful truth: when girls are empowered with knowledge, resources, and opportunity, they become architects of progress.

Africa’s journey toward inclusive, tech-driven development will not be complete without the full participation of its daughters. At MTN, we are committed to making sure they are not only included, but empowered to lead. Because doing for tomorrow means investing in the girls who will build it today.

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

At MTN Group, we believe that when women thrive, communities prosper. As the world celebrates International Women’s Day (IWD), we reaffirm our commitment to empowering women across Africa and beyond by using our technology and resources to make a tangible difference in the lives of women entrepreneurs.

The theme of IWD 2025 is “For ALL Women and Girls: Rights. Equality. Empowerment”. It calls for collective action to unlock equal rights, power and opportunities for women and girls everywhere, and MTN is leading the way.

“Women entrepreneurs are not only catalysts for economic growth but are also pivotal in transforming communities and industries,” said MTN Group Chief Sustainability and Corporate Affairs Officer Nompilo Morafo.

“From building innovative tech startups to supporting local economies, female entrepreneurs are challenging the status quo, breaking barriers and paving the way for a brighter, more inclusive future,” she added.

Despite their immense potential, however, women face unique challenges, including limited access to finance, resources, mentorship and technology.

“It’s time for society to take collective action and support these women who are already making an impact,” said Morafo. “At MTN, we believe that when women thrive, communities thrive. This IWD, we reaffirm our commitment to empowering female entrepreneurs by bridging digital and financial gaps, enabling them to access financial services, connect with markets and grow their businesses.”

MTN Group, operating in 16 countries across Africa and the Middle East, is focused on creating a digital ecosystem that enables women to break free from the constraints of inequality. By leveraging our wide-reaching mobile technology and financial services, MTN is helping to bridge the gender gap in entrepreneurship, offering women the tools, connections and resources they need to succeed.

Here are just a few ways MTN is actively empowering female entrepreneurs and supporting women’s rights and equality:

1. MTN Mobile Money: Empowering women through financial inclusion

One of the most powerful ways MTN is empowering women entrepreneurs is through MTN Mobile Money (MoMo), our mobile financial service. In many African countries, women face obstacles in accessing traditional banking services, often due to geographical barriers, lack of documentation or societal norms. MoMo is changing that by offering a safe and convenient way for women to manage money, make payments and access financial services right from their mobile phones.

In Uganda, for example, Joyce Ssebugwawo, a small-scale farmer and businesswoman, uses MoMo to sell her produce to customers in remote areas, allowing her to reach a wider market. By accepting payments digitally, she can reduce the risk of cash theft and streamline her business operations. MoMo has also enabled her to save, invest and access loans, directly contributing to the growth of her business and her financial independence.

MTN is committed to ensuring that women across our markets can easily access mobile money services and financial literacy programmes, helping them take control of their economic future.

2.Local Impact: Women entrepreneurs across MTN’s markets

Across MTN’s countries, from Nigeria to South Africa, Cameroon to Côte d’Ivoire, women entrepreneurs are benefiting from MTN’s initiatives. In South Africa, MTN has partnered with local incubators and accelerators to provide women-led startups with mentorship, access to investors and digital tools to help them scale.

In Ghana, MTN has rolled out the MoMo Entrepreneurship Programme, which supports women entrepreneurs by helping them integrate digital payment solutions into their businesses. Women who were previously selling goods in informal markets are now able to accept payments via MoMo, gaining access to a broader customer base and enhancing their financial security.

The impact of women entrepreneurs is undeniable, but their journey is far from easy. They face financial, social and cultural challenges that hinder their progress. However, as MTN demonstrates through our initiatives, the path to equality, rights and empowerment is not just a distant ideal—it is happening now, one digital connection at a time.

As we celebrate IWD 2025, MTN calls on governments, businesses and individuals to continue supporting women entrepreneurs. We must break down the barriers, remove the obstacles and ensure that women have the resources, the rights and the opportunities they need to thrive.

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.

The collaboration aims to harness satellite monitoring, AI, mobile connectivity, and cloud computing to provide critical early warning information to millions across the continent.

On the sidelines of COP 28, weather intelligence and climate adaptation leader Tomorrow.io, and MTN Group, Africa’s largest mobile operator, leveraging a Microsoft Azure technology grant from Microsoft’s AI for Good Lab, have joined forces to unveil a pioneering initiative designed to facilitate an infrastructure to provide life-saving early warnings and critical weather information to at-risk populations of more than 300 million people across Africa.

Through this partnership, MTN’s vast customer base will be able to receive early warning notifications about severe weather events, generated through Tomorrow.io’s weather intelligence and Microsoft Azure, via MTN’s broad set of mobile services facilitating timely evacuations and preparedness actions.

At the core of the initiative is the integration between Tomorrow.io’s hyperlocal bespoke weather engine – which include cutting-edge satellite data, generative-AI, and deep learning modeling capabilities – Microsoft’s Azure cloud computing platform, and MTN’s mobile network services, enabling the infrastructure for seamless dissemination of localised, impact-based weather information to communities with limited accessibility across the continent. By establishing the service, the partnership will seek to collaborate with local meteorological departments in participating countries to enable users with access to additional critical weather information.

“This collaboration with MTN Group and Microsoft is a significant stride towards harnessing the power of mobile connectivity and cloud computing to help democratise access to early warning information to all at risk,” said Rei Goffer, Co-founder and Chief Strategy Officer at Tomorrow.io. “By providing actionable weather intelligence, we are empowering communities to make informed decisions and thrive amidst an increasingly unpredictable climate.”

“Data and AI have the potential to unlock life-changing weather information for people around the world,” said Juan Lavista Ferres, Vice President and Chief Data Scientist, Microsoft “and this work will help to get that information in the hands of those most impacted and allow them the opportunity to take action in advance of extreme weather events as a result of the changing climate.”

While the partnership will initially launch in Western Africa, the plans for growth include all African countries where MTN operates.

Signing the agreement on the sidelines of COP28, MTN Group Chief Sustainability & Corporate Affairs Officer, Nompilo Morafo remarked: “Our partnership with Tomorrow io. and Microsoft is a significant step in the realisation of UN’s drive to ensure early warning systems for all by the end of 2027.”

“With human-induced climate change leading to more extreme weather conditions, the need for early warning systems is more crucial than ever. Early warning systems like this can play a meaningful role in decreasing the number of deaths and reducing the losses and damages resulting from hazardous weather, water or climate events in Africa,” she said.

“As a pan-African mobile operator, a technological solution that reduces risk and co-creates value with our partners for our customers was a deliberate decision. The dissemination of life-saving information should be a benefit of a modern connected life,” said Chika Ekeji, MTN Group Chief Strategy and Transformation Officer. “This initiative underscores MTN’s commitment to leveraging technology in addressing the most pressing climate challenges facing our communities.”

Over time, the collaboration will also introduce a range of subscription-based value-added services, tailored to support crucial sectors such as agriculture, and aligning with the broader United Nations’ focus on leveraging technology for sustainable development.

In the first half of 2023, MTN Group delivered resilient results, advanced our strategy by partnering with Mastercard on the MTN fintech business, and progressed plans to exit Afghanistan. This was achieved in a difficult operating environment marked by elevated inflation, weaker local currencies and regulatory developments across our 19 markets.

“We delivered a resilient performance in H1 23 and made good strategic progress against a tough macro backdrop,” said MTN Group President and CEO Ralph Mupita.

“In South Africa, we were very encouraged by the improved network availability on the back of our power-resilience investment, resulting in a stronger Q2 23 performance than Q1 23,” he said. By end-June, MTN South Africa’s network availability was more than 90% despite severe electricity shortages across the country.

“In Nigeria, we delivered a very strong operational result, having navigated the cash shortages in Q1 23 and increased inflation,” Mupita said. “The policy changes implemented in Nigeria in Q2 23 have short-term negative impacts, but we see these as being very constructive for the investment climate in the medium to longer term.”

MTN Group’s service revenue grew 15% to almost R108 billion in constant-currency terms. This was driven by increases in revenue from data services of 24% and from fintech services of 22%. Revenue from voice services increased 6% in the period. 

At the end of June 2023, we had 292 million subscribers with whom we worked to create shared value. This subscriber base – 4% higher than the same period last year – benefited from lower data rates and improved access to broadband services.

To facilitate the digital economy, we increased the number of active data users by more than 7% to nearly 140 million; reported a 19% increase in overall data traffic; and improved data affordability by reducing the average effective rate per megabyte by more than 22%.

We continued to invest in world-class networks and platforms for the people of Africa, committing R17.2 billion in capital expenditure in the first six months of 2023. The Group’s balance sheet remained strong, with all key metrics well within the limits of our loan covenants.

Driven by solid revenue growth and improved efficiencies, adjusted headline earnings per share (HEPS) increased by 25% to 749 cents and adjusted return on equity (ROE) expanded by one percentage point to 24.4%. These were in line with our medium-term guidance.

The MTN Group Fintech business delivered on our rapid expansion plans. The volume of transactions increased by 37% to 8.3 billion in the first half of the year. These were executed by 61 million active MoMo customers.

Following the bespoke process to identify and potentially introduce strategic minority investors into MTN Group Fintech, we executed commercial agreements with Mastercard to support the acceleration and growth of our fintech business’s payments and remittance services.

MTN and Mastercard also signed a memorandum of understanding which provides for a minority investment by Mastercard into Group Fintech based on a total enterprise valuation of about US$5.2 billion for the business on a cash and debt-free basis. Signing of the definitive investment agreements is expected to occur in the very near term as we approach finalisation of customary due diligence. The closing of the investment will be subject to customary closing conditions.

We continued to work to simplify our portfolio. The process for MTN Group to exit Afghanistan in an orderly fashion through the sale of our entire shareholding to Investcom AF, and affiliate company of M1, remains well on track. The transaction received conditional regulatory approval to proceed, pending the submission of relevant documentation to the Afghanistan Regulatory Authority.

Looking ahead, MTN will keep working to create shared value across our markets. “We are focused on the continued execution of our Ambition 2025, which remains relevant in the current macroeconomic volatility and presents attractive scope for growth,” said Mupita.

“As we manage the challenges in our operating environment, as well as the near-term impacts on our top-line and margins, we maintain our medium-term guidance.”