MTN Group revenue skyrockets despite inflation and volatility in 2023. Despite facing challenges in 2023, MTN Group has reported a notable rise in both revenue and subscriber numbers.
MTN Group Revenue Skyrockets In 2023
According to the telecommunications company, MTN Group, its revenue surged by 13.5% to R210 billion ($11 billion). Data revenue accounted for R84 billion ($4.4 billion), voice revenue contributed R83 billion ($4.3 billion), and its fintech arm, MTN MoMo, brought in R21 billion ($1.11 billion).
Despite challenges like high inflation (around 16.7%), forex volatility, and political tensions in markets like Sudan, MTN Group’s finances remained resilient.
The total number of active users rose to 295 million across all markets. Active data subscribers increased by over 9% to 150 million, and active mobile money users grew by 5% to 72.5 million.
Fintech Transactions Volume Surged By About One-Third
Fintech transaction volume surged by about one-third, reaching 17.6 billion, with transaction value hitting $272 billion. MTN Nigeria’s mobile money sector saw growth, with active wallets rising to 3.5 million, though operating expenses spiked by 34.7%, and profit before tax declined by 42% due to the naira devaluation.
Challenges Faced By MTN in South Africa
Despite challenges like load shedding in South Africa, MTN Group invested R10 billion ($527 million) in capital projects to enhance network capacity expansion and power resilience. Power and security resilience received over R2.6 billion ($137 million) in investments.
MTN South Africa experienced significant growth in consumer postpaid, enterprise, and wholesale businesses. Network availability across MTN’s infrastructure reached approximately 95%, with sites where resilience investment had been completed reporting 98% network availability by the year’s end.
MasterCard Investment for a Minority Stake in MTN’s Fintech Arm
Mastercard invested up to $200 million for a minority stake in MTN’s fintech arm, valued at $5.2 billion, supporting its fintech and fibre businesses.
MTN Group separated its fiber business, Bayobab, and collaborated with Africa50 to develop Project East2West, a terrestrial fibre optic cable network aimed at improving broadband access for Africa’s landlocked countries.
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