Telecom
Fintech Anchors MTN Post-COVID-19 Recovery in Nigeria
MTN Nigeria recovered from elevated volatility caused by COVID-19 to record massive revenue growth from digital and fintech services in the nine months ended 30 September.
During the period under review, MTN says, it experienced volatility in both voice and data revenue, affecting the trajectory of its overall service revenue, as well as pressure on costs, which continue to impact operating margins.
However, MTN says after undergoing an unstable second quarter (Q2), it has seen a normalisation of traffic as lockdown restrictions have been removed, with a recovery in voice traffic and continued growth in data.
This, the mobile carrier says, supported a 13.9% growth in service revenue, with an acceleration of growth to 16.5% in the third quarter (Q3) specifically.
Data revenue rose by 57%, with an increase in data usage and traffic. Revenue from digital and fintech services rose by 114.3% and 28.3% respectively, while voice revenue growth was 4.2%.
The Pan-African telecom group released MTN Nigeria unaudited results for the nine months ended 30 September today.
Ferdi Moolman, CEO, MTN Nigeria comments: “The growth in our digital business continued to accelerate from a low base, and our fintech business delivered impressive results. In Q3, we surpassed our year-end target of 300 000 registered
“Our fintech subscribers increased by 1.2 million in the quarter to 3.4 million, driving higher transaction volumes and fintech revenue growth.”
Furthermore, he says, in the same period, MTN saw a significant increase in its subscriber base with the addition of 3.9 million customers, bringing total subscribers to 75 million.
“Cumulative net additions totalled 10.7 million in the nine months to September 2020 − the first time we have exceeded 10 million additions in an annual cycle with one quarter remaining. We also connected 1.7 million new users to the Internet in Q3 (5.5 million for the nine months), bringing our active data subscribers to 30.7 million.”
To accommodate the increase in traffic, Moolman, who will be departing Nigeria next year, says MTN continued to invest in the capacity and resilience of its network, accelerating the 4G rollout and expanding investments in rural connectivity.
MTN Nigeria’s 4G network now covers 52.9% of the population, up from 48.6% in Q2 and 35.4% in Q3 2019.
In the nine months ending September, MTN’s EBITDA rose by 9.1%, supported by service revenue growth. However, the EBITDA margin declined by 2.3pp to 51.0%, which Moolman says was due to cost pressures arising mainly from increased investments in the network and the impact on costs of the depreciation to the Central Bank of Nigeria and NAFEX exchange rates.
For the period, profit before tax and earning per share declined by 0.6% and 3.3% respectively; however, MTN says, it saw a recovery in Q3 with a growth of 2.2% year-on-year in profit before tax and a marginal decline of 0.7% year-on-year in earning per share.
MTN Champs Season 3 Lagos Continental Relays concluded on April 12, 2025, with a vibrant closing ceremony at the Yabatech Sports Complex.
This event marked a historic moment in Nigerian athletics, featuring the debut of the Olympics-approved mixed relays and showcasing exceptional talent across various track and field events.
The final day was a blend of intense competition and entertainment, drawing families, friends, and MTN Nigeria staff to the stands. Guests enjoyed music, games, and the much-anticipated MTN Staff Relays, where teams from different departments competed for medals and bragging rights. The Innovators emerged victorious, clinching gold in both male and female categories.
MTN executives also joined the fun, participating in 50m sprints and emphasizing the importance of physical activity. Chief Human Resources Officer, Esther Akinnukawe, highlighted the company’s Go M.A.D (Make A Difference) campaign, encouraging individuals to stay active and impactful in their fields.
The Lagos Continental Relays attracted over 2,500 entries from 155 schools, with participants competing in four age categories: Cadet (U-14), Youth (U-17), Junior (U-20), and Senior. The event not only celebrated athletic excellence but also reinforced MTN’s commitment to nurturing future Olympians and building a legacy of sports development in Nigeria.
Season 3 of MTN Champs continues with the grand finale scheduled to take place in Uyo at the Godswill Akpabio Stadium from April 30 to May 3.
MTN Group, Africa’s leading telecommunications provider, has joined forces with Meta to improve the quality and reliability of voice and video calls on real-time calling applications such as WhatsApp across 12 MTN markets.
The collaboration, which began at the Mobile World Congress (MWC) 2024, focuses on optimizing application-aware networks and network-aware applications to deliver a seamless and high-quality user experience. By leveraging data analytics and conducting comprehensive testing, MTN and Meta have successfully developed solutions that enhance the interaction between mobile networks and real-time calling applications.
Nigeria, MTN’s largest market, was the first to implement these enhancements. Early results indicate a remarkable 50% improvement in key performance indicators (KPIs), significantly enhancing the user experience for MTN Nigeria mobile users.
“This implementation further demonstrates our commitment to enhancing our customers’ digital experience.
“We’re pleased with the remarkable improvement in our real-time communication services, reflecting our commitment to innovative customer solutions,” said Yahaya Ibrahim, Chief Technology Officer (CTO) at MTN Nigeria.
Diego Marí, Head of Network Ecosystems Engineering at Meta, added, “The collaboration allows us to deploy advanced solutions for an unparalleled real-time experience in Nigeria and showcases our dedication to elevating service quality and improving user experience, while striving for continued efficiency in traffic delivery.”
The partnership underscores MTN and Meta’s shared vision of delivering cutting-edge solutions to enhance digital communication across Africa.
Rack Centre, West Africa’s premier Tier III carrier and cloud-neutral data centre, has unveiled its state-of-the-art 12MW IT Load Data Centre, the LGS2, in Lagos, Nigeria.
This innovative facility is set to redefine the digital landscape of Nigeria, offering unparalleled infrastructure, scalability, and reliability.
Speaking at the official commissioning on April 10, 2025, Rack Centre’s Chairman, Maher Jarmakani, emphasized the company’s dedication to innovation and sustainability.
He highlighted the LGS2 facility’s role in providing uninterrupted, energy-efficient solutions for enterprises, cloud providers, and financial institutions, reinforcing Rack Centre’s pivotal role in Nigeria’s digital transformation.
“This facility exemplifies our commitment to powering the nation’s digital future,” Jarmakani stated.
Governor of Lagos State, Babajide Sanwo-Olu, represented by his Deputy Chief of Staff, Sam Egube, praised the milestone during his keynote address.
He described the LGS2 facility as a cornerstone in Lagos’s journey toward becoming a globally competitive digital hub.
Sanwo-Olu also commended Rack Centre for prioritizing sustainability and energy efficiency in the centre’s design.
Rack Centre’s CEO, Lars Johannisson, expressed gratitude to the Lagos State Government for fostering an enabling environment to support the company’s vision.
Johannisson described the facility as a symbol of Nigeria’s commitment to cutting-edge technology, sustainable digitisation, and artificial intelligence.
He noted that with the LGS2 operational, Rack Centre’s data centre capacity would increase eightfold, solidifying its leadership in sub-Saharan Africa’s digital infrastructure space.
As a key player in Nigeria’s digital ecosystem, Rack Centre continues to connect people, businesses, and ideas, driving technological progress and cementing its legacy as a trailblazer in Africa’s digital economy.
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