MTN Ghana Reports Subscriber Growth and Revenue Increase Amid Economic Challenges
MTN Ghana has prioritized financial inclusion, enhancing its service platforms, resulting in a 6.5% increase in subscribers to 28.5 million. The company reported a 34.5% rise in service revenue, amounting to GHS17.9 billion. CEO Stephen Blewett emphasized successful partnerships and service improvements, while also noting challenges related to inflation and economic conditions for 2025.
MTN Ghana has made significant strides in its growth strategy by emphasizing financial inclusion through improvements to its myMTN and Mobile Money (MoMo) platforms. CEO Stephen Blewett highlighted the importance of partnerships with financial institutions, agents, and merchants in cultivating the MoMo ecosystem while fostering innovation in services.
The company’s financial results for the year ending December 31, 2024, indicated a 6.5% growth in its mobile subscriber base to 28.5 million, with active data subscribers increasing by 13.7% to 17.5 million. Additionally, active MoMo users surged by 12.8%, reaching 17.2 million, showcasing strong market demand.
MTN Ghana reported a significant increase in service revenue, which climbed by 34.5% to GHS17.9 billion, and EBITDA, which rose by 31.3% to GHS10.2 billion. Reflecting on these results, Blewett stated, “As we review our progress throughout 2024, I am delighted to announce that our commitment to excellence in commercial operations and service delivery has led to impressive results.”
He noted that improvements throughout the year—including upgrades to network infrastructure and responsive customer service—have enhanced the experience for existing customers while attracting 1.7 million new subscribers. Despite ongoing economic challenges, Blewett emphasized that strategic initiatives and the determination of the team drove substantial growth across MoMo, data, and digital services.
Regarding regulatory matters, Blewett announced that MTN Ghana surpassed the 25% localisation requirement, achieving 30% for Scancom PLC, validated by the National Communications Authority. Furthermore, he indicated that the Central Bank has recognized Mobile Money Ltd with a Dedicated Electronic Money Issuer, affirming MTN’s compliance with all licensing conditions.
Looking forward, Blewett expressed “cautious optimism” concerning Ghana’s macroeconomic outlook for 2025, anticipating gradual improvements despite inherent risks, particularly those related to inflationary pressures and fluctuations in food prices and exchange rates. He warned that these factors could complicate economic growth and consumer spending, whereas government proposals may mitigate challenges but could create a more difficult operating environment.
In summary, MTN Ghana has reported impressive growth in subscribers and revenue, attributing its success to enhanced service delivery and strategic partnerships. The company surpassed regulatory benchmarks while maintaining compliance with financial regulations. Despite optimism regarding future economic outlooks, challenges related to inflation and exchange rates remain significant. Overall, MTN’s performance reflects its strong positioning in the telecommunications sector amidst prevailing economic conditions.
Original Source: broadcastmediaafrica.com
