MTN Ghana has achieved substantial growth in subscribers and revenue, underscoring its commitment to financial inclusion through enhanced platforms such as myMTN and MoMo. The company reported a 6.5% increase in mobile subscribers, significant rises in data and MoMo users, and impressive revenue growth. Looking ahead, cautious optimism reflects the balanced perspective on economic challenges and growth opportunities.
MTN Ghana has emphasized financial inclusion as a pivotal aspect of its growth strategy, leading to improvements in its platforms such as myMTN and Mobile Money (MoMo) applications. Stephen Blewett, the CEO of MTN Ghana, stated, “Our commitment to forging partnerships with financial institutions, agents, and merchants is crucial for developing the MoMo ecosystem and further innovation in MoMo services.”
Recently, MTN Ghana disclosed its financial results for the year ending December 31, 2024. The company experienced a 6.5% increase in mobile subscribers, reaching 28.5 million, alongside a 13.7% rise in active data subscribers to 17.5 million. Moreover, active MoMo users grew by 12.8%, totaling 17.2 million.
Critical financial metrics revealed that service revenue surged by 34.5%, amounting to GHS17.9 billion, while earnings before interest, tax, depreciation, and amortization (EBITDA) increased by 31.3%, reaching GHS10.2 billion. Reflecting on these achievements, Blewett remarked, “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 elaborated that enhancing customer experience and integrating services contributed to improved service delivery across all MTN platforms. The company welcomed 1.7 million new subscribers seeking reliable connectivity and financial technology solutions during the year. Despite macroeconomic challenges, Blewett noted that strategic initiatives and dedicated teamwork have fostered significant growth in MoMo, data, and digital services.
Regarding regulatory compliance, Blewett highlighted a milestone in MTN Ghana’s localization efforts, exceeding the required 25% localization by achieving 30% for Scancom PLC. This accomplishment was acknowledged by the National Communications Authority, confirming compliance with localization requirements for the 4G license. Furthermore, he noted the Central Bank’s issuance of a Dedicated Electronic Money Issuer to Mobile Money Ltd, reinforcing MTN’s commitment to meeting all license conditions.
Looking ahead, Blewett expressed “cautious optimism” regarding the macroeconomic outlook for Ghana in 2025, anticipating gradual improvements while acknowledging ongoing risks. These risks include inflationary pressures from food price volatility and currency fluctuations due to potential energy sector issues. He cautioned that such factors could impede economic progress and negatively affect consumer spending and business expenses, making the operational landscape more challenging.
MTN Ghana’s strategy of prioritizing financial inclusion has yielded notable growth in subscribers and revenue, despite facing macroeconomic hurdles. The company has realized significant increases in its mobile and MoMo user base, alongside substantial revenue growth. Looking forward, cautious optimism characterizes MTN Ghana’s outlook, as the management acknowledges existing challenges while striving to maintain strong service delivery and regulatory compliance.
Original Source: broadcastmediaafrica.com
