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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.

New contract expands Network International’s growing portfolio of issuer processing collaborations in the African continent

Network International (Network), a leading enabler of digital commerce across the Middle East and Africa (MEA), has been appointed as a Payment Processor – Issuing partner for MTN Group Fintech, Africa’s leading mobile financial services provider. This partnership marks a significant extension of Network’s portfolio of issuer processing collaborations throughout the African continent.

With a footprint spanning over 50 countries and serving over 250 financial institutions, Network International brings its expertise to this partnership which will enhance MTN Fintech’s cutting-edge mobile services and provide even greater value to stakeholders and customers across Africa.

The partnership will focus on rolling out card issuance products across key MTN Fintech markets, starting with Rwanda which is already operational. Soon   Uganda, Ivory Coast, and Nigeria will also be covered under this collaboration.  Network International will provide a comprehensive range of services, including transaction processing, card management and online fraud prevention. MTN Fintech users will benefit from a seamless experience accessing both traditional mobile services and innovative digital payment solutions.

Dr. Reda Helal, Group Managing Director – Processing, Africa and Co-Head Group Processing at Network International commented: “Our collaboration with MTN Group Fintech marks a major milestone for our outsourced payments services in Africa. It demonstrates our ability to successfully serve Mobile Network Operators (MNOs) via our fully-fledged processing solutions and our continued dedication and commitment to the African region. We are excited to support MTN Group Fintech’s growth strategy, and its business development plans across the continent.”

Cedric N’guessan, Executive for Payment and E-commerce at MTN Group Fintech added, “This collaboration with Network International is pivotal in enhancing financial inclusion across Africa and beyond. It enables our customers to actively engage in the global economy, aligning perfectly with our strategic goals alongside Mastercard to broaden access to digital financial services across the continent.” Read More

MTN Group provides voice, data, fintech, enterprise wholesale and API services to more than 288 million customers in 16 African markets. 

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.”

The Mastercard Center for Inclusive Growth, MTN Group Fintech and Arifu have partnered to support about one million small businesses in Côte’ D’Ivoire and Uganda, to digitize their operations, increase the use of digital financial services and access digital marketplaces through the MoMo Coach chatbot. This program, part of the Center’s global Mastercard Strive initiative, aims to enhance the resilience and growth of small businesses by providing essential digital skills. It is one of the ways Mastercard Strive has disseminated chatbot-ready business building content for small businesses in the region, which is currently also available in Kenya and Nigeria.

Small businesses in sub-Saharan Africa, especially those impacted by the pandemic, have faced significant barriers in adopting digital tools. As of December 2022, only 27.65% of businesses in sub-Saharan Africa had adopted digital tools to enhance their efficiency, showing a slight improvement from 19.44% in August 2020. A lack of relevant skills continues to limit their growth and access to essential financial services. MoMo Coach addresses these gaps by providing free, accessible upskilling content via popular messaging platforms.

Supported by the Mastercard Center for Inclusive Growth and delivered by Caribou Digital, this program equips small businesses with digital skills, enabling them to adopt digital tools, access capital, and engage more effectively in digital marketplaces. The program aligns with Mastercard Strive’s broader goal of reaching 18 million small businesses around the world and enabling them to go digital, get capital, and access networks and know-how.

“Small businesses are vital to Africa’s growth and create opportunities for a more resilient and inclusive regional economy. We are delighted to catalyze a partnership between MTN Group Fintech and Arifu to equip almost one million small business owners with the digital skills and knowledge essential for thriving in an increasingly digital economy, setting them up for success.” said Subhashini Chandran, Senior Vice President of Social Impact for Asia Pacific, Europe, Middle East and Africa, Mastercard Center for Inclusive Growth.

The MoMo Coach solution, powered by Arifu’s Grasp Platform, uses mobile messaging to deliver micro-learning experiences. It is accessible across multiple channels, including WhatsApp, Telegram, Facebook Messenger, SMS and MoMo. This gives small business owners and entrepreneurs flexibility in accessing practical, actionable tips to unlock growth opportunities in the digital economy.

Serigne Dioum, CEO of MTN Group Fintech, further adds: “Empowering small businesses with digital skills is key to driving inclusive growth in Africa. Through MoMo Coach, we are unlocking opportunities for entrepreneurs to thrive in the digital economy, strengthening communities, and shaping the future of business across the continent.”

The program has been rolled out in Côte d’Ivoire and Uganda, reaching over 930,000 MTN customers, merchants, and agents, with more than 75,000 small business owners accessing free digital courses and over 45,000 actively engaging with MoMo Coach. Courses offered include “How to Start Your Business,” “Money Management,” and “Grow and Secure Your Business.” These courses are based on insights derived from MoMo merchants and agents, and they address key challenges like affordability and access to relevant business knowledge—enabling small business owners to navigate the digital landscape.

Aminata, a 31-year-old business owner from Gôh-Djiboua, Côte d’Ivoire, is one of the many beneficiaries of MoMo Coach. Selling shoes and clothing since 2022, she says: “There’s a lot of competition, but MoMo Coach helps me sell better. Before, I used all my profits to buy new stock, which left me using my capital for expenses. Now, I split my profits: one part for business growth, another for expenses, and some savings for other projects.” She has also started using WhatsApp to increase her sales, noting: “My income has increased. When I post my goods, I sell more.”

MTN Group is pleased to announce key leadership changes aimed at addressing succession, operational execution, and advancing the Ambition 2025 strategy.

Operating Companies’ Leadership Changes

Mitwa Ng’ambi, CEO of MTN Cameroon, will move to the same position at MTN Côte d’Ivoire, effective 1 March 2025, as Djibril Ouattara takes early retirement. We thank Djibril for his significant contributions to MTN, including his leadership of MTN Congo-Brazzaville. To ensure an orderly handover, Djibril will support Mitwa during her transition for a few months.

Mitwa brings over 15 years of telecom experience and transformational leadership, having served as CEO of MTN Cameroon since September 2022. She is also the Board Chairperson of Mobile Money Corporation, MTN’s fintech subsidiary in Cameroon. Prior to her role in Cameroon, Mitwa was CEO of MTN Rwanda, where she successfully led the renewal of the company’s licence and spearheaded its growth and listing on the Rwanda Stock Exchange. Previously, she held leadership positions at Airtel Tigo in Ghana and Tigo in Senegal. Mitwa’s experience and track record will add impetus to the growth and turnaround of MTN Côte d’Ivoire.

Wanda Matandela, Chief Commercial Operations Officer at MTN South Africa, has been appointed as the new CEO for MTN Cameroon, effective 1 March 2025. Wanda joined MTN in 2018 as Chief Enterprise Business Officer and drove the turnaround of this business. With over 20 years of experience, including more than 13 years in telecoms, he has held strategic roles across the FMCG and financial services sectors. Wanda serves on the boards of Supersonic (Pty) Ltd and MTN Rwanda PLC. His strong commercial and stakeholder management experience will be invaluable as he builds on the high impact and energy created under Mitwa’s leadership, bringing new capabilities and insights to drive growth in Cameroon.

Change in leadership at digital infrastructure business

Effective 1 January 2025, Mazen Mroue, MTN Group Chief Technology and Information Officer (GCTIO), will assume additional responsibilities as CEO of Digital Infrastructure (Infraco). This new role will incorporate the mobility and fibre businesses of Bayobab, along with executing our data centre strategy as we position MTN Group for growth and profitability in the development of AI across Africa. In this dual role, he will continue to report to the Group President and CEO and remain a member of the Group Executive Committee.

Since joining MTN in 1998, Mazen has held various senior positions within the Group’s regional operations in Africa and the Middle East, including CEO and COO roles across multiple operating companies. He has also served as a board member of various companies within the MTN Group. Mazen’s strong technology and operational experience, combined with his track record of delivery, positions him well to fulfil this dual mandate.

Frédéric Schepens, current CEO of Bayobab, will be leaving the group effective immediately. We thank Frédéric for his contributions and wish him success in his future endeavours.

MTN Group President & CEO Ralph Mupita extends his best wishes and appreciation to all incoming and outgoing colleagues, expressing confidence in the internal succession bench-strength of the business. He emphasises the importance of driving execution and maintaining our commitment to digital and financial inclusion priorities across our markets.

The ORAN Development Company (ODC), headquartered in Northern Virginia with development teams in the UK and India, is pleased to announce a strategic partnership with MTN Group, Africa’s largest telecommunications operator providing transformative connectivity solutions for the continent from some of the densest cities in the world to rural villages. Together, the companies plan to develop and test innovative Open RAN (ORAN) solutions tailored to unique requirements of networks across Africa. This collaboration supports MTN Group’s commitment to provide affordable, high-quality telecommunications throughout the continent, with advanced Open RAN architectures enabling greater network flexibility.

MTN Group, headquartered in Johannesburg, operates in 16 African markets, connecting more than 280 million customers. With an ambition to lead digital solutions for Africa’s progress, MTN has been at the forefront of adopting innovative technologies to overcome connectivity challenges and meet the unique needs of its diverse markets.

ODC and MTN Group are launching joint lab innovative initiatives to test true ORAN solutions, enhancing network agility, scalability, and efficiency. As part of this initiative, the companies plan to conduct lab and field trials, ensuring optimized performance and seamless integration into MTN Group’s existing network infrastructure.

MTN Group will also guide ODC in optimizing ORAN software and platform development with artificial intelligence to streamline operational expenditure (OPEX) across the network. The partnership will also focus on cutting-edge research and development in 6G and non-terrestrial communications, incorporating these advancements into ODC’s ORAN stack.

“Open RAN represents a transformative approach to how we design and operate our infrastructure—enhancing flexibility, driving cost efficiencies, and paving the way for next-generation technologies,” said Amith Maharaj, MTN Group Network Design and Planning Executive. “At MTN, we are continuously seeking innovative solutions to address Africa’s unique connectivity challenges while building resilient and future-ready networks. Through our collaboration with ODC, we are unlocking new possibilities to expand our reach, improve service quality, and empower the communities and businesses we serve.”

Matthew Johnson, Global Head of ODC, expressed enthusiasm for the strategic partnership, stating, “Our collaboration with MTN Group focuses ODC directly on MTN’s unique network needs, enhancing efficiencies while supporting the evolution of next-generation capabilities, silicon, and AI.”

This strategic partnership represents a pivotal step in achieving network innovation in Africa, and ODC is honoured to support MTN Group in pioneering robust, adaptable network solutions for the future.

MTN Group is pleased to announce the official commercial launch of 5G networks in Benin and the Republic of Congo, reflecting our commitment to delivering leading digital solutions for Africa’s progress and enabling the benefits of a modern connected life for all.

The deployment of this revolutionary technology represents a significant step in transforming how communities and businesses across Africa connect, innovate and grow. Beyond dramatically faster speeds and lower latency, 5G is a catalyst for meaningful progress, offering new opportunities in education, healthcare, manufacturing, agriculture and entrepreneurship.

By accelerating digital and financial inclusion, MTN is working to ensure that technology serves as a force for good across the continent.

MTN Group Chief Technology and Information Officer Mazen Mroue said: “The launch of 5G in Benin and Congo-Brazzaville underscores MTN’s role in shaping the digital future of Africa. 5G is more than a technological advancement — it is the foundation for innovation, economic growth, and the creation of new opportunities. We are pleased to support the evolution of a connected, inclusive and prosperous Africa.”

MTN’s 5G journey began in June 2020 with the first commercial launch in South Africa. Since then, we have expanded our 5G offering in Africa to Nigeria, Uganda and Zambia, and now Congo-Brazzaville and Benin. Trials are underway in South Sudan.

In 2023, MTN rolled out 2,251 5G sites. In the first half of 2024, we added another 829 5G sites. 

As we work to secure the spectrum and licences required to extend our 5G footprint, we remain focused on unlocking the potential of technology to create shared value, foster innovation, and drive sustainable growth across Africa.

We are pleased to announce that MTN Group President and CEO Ralph Mupita has been elected to the GSMA Board of Directors for the 2025-2026 term. His appointment underscores MTN’s commitment to being a key player in connecting the continent as well as advancing Africa’s economic, social and digital transformation aspirations.

As an advocate for leveraging technology to drive economic growth and inclusion, Ralph’s focus on the Board will be on driving the African agenda, particularly in relation to the G6 commitments of closing the usage and coverage gaps; increasing investments; and securing a climate-smart future.  

His participation on the Board will be instrumental in harnessing the potential of mobile technology to support sustainable development and economic growth.

In Ralph’s words: “I am honoured to join the GSMA Board at a time of rapid developments in technology and increasing digital adoption across Africa”.

“Mobile technology will play a critical role to address the pressing challenges facing our communities and unlock the full potential of Africa, and ensuring that no one is left behind in this journey toward a more connected future.”

Read accompanying release here.

MTN Group’s commitment to shared value in Africa extends beyond providing essential connectivity. In 2023, our total tax contribution to governments across all markets increased by more than 12% to R61.7 billion. This figure encompasses the direct corporate taxes we pay, indirect taxes, operating licence fees, payroll taxes, property rates, dividend taxes and withholding taxes.

“Our total tax contribution is equivalent to the cost of building more than 500 high-quality schools,” notes MTN Group Chief Financial Officer Tsholo Molefe, adding that governments across our markets could use our total tax contribution (TTC) to invest in infrastructure, education, healthcare and a wide range of other public services.

“Our commitment to paying our fair share of taxes supports the positive relationships we have with governments and communities; it also promotes stability and predictability in the business environment,” said Molefe, adding: “This not only attracts foreign investment but also creates new job opportunities, further stimulating economic growth across the continent.”

To maintain transparency, MTN releases an annual Tax Report as part of its suite of reports. This year, we mark 30 years of connecting people and driving digital and financial inclusion. We recognise that the business’s growth in this time would not have been possible without the trust and support of our many stakeholders.

“We build public trust through transparency, including open communication about our tax affairs, including via our Tax Report,” Molefe said.

The report details our broader economic contribution across our markets – beyond the corporate taxes we pay. It also unpacks the evolving global tax environment, MTN’s approach to tax, tax governance, our TTC by market, as well as our effective tax rates.

In 2023, our West and Central Africa (WECA#) region accounted for 39% of our independently assured total tax contribution.This was followed by Nigeria, with 31%; our Southern and East Africa (SEA^) region at nearly 14%; and South Africa at almost 11%.

“We are very pleased to play our part in supporting Africa’s progress and encourage stakeholders to explore our Tax Report for a detailed look at our impact beyond the economic activity created through providing essential communications services across 17 African markets.”

For our 2023 Tax Report, please see MTN Group | home (mtn-investor.com)