Telecom
MTN Nigeria Posts N514.9Bn Loss as Subscribers Drop in Q3
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MTN Nigeria Communications Plc has reported a loss after tax of N514.9 billion for the nine months ending September 30, 2024, driven largely by the naira’s devaluation.
Despite recording a Q3 profit after tax of N4.1 billion, MTN’s Profit After Tax (PAT), adjusted for net forex loss, was down 59.2% to N118.5 billion, reflecting the ongoing currency challenges.
The telecom giant’s half-year results previously reported a loss of N519.1 billion, with the recent figure reflecting a slight decrease.
Additionally, MTN’s total subscriber base fell by 0.9% to 77.0 million as the regulatory-driven National Identification Number-SIM linkage led to the deregistration of certain Subscriber Identity Modules (SIMs).
In contrast, active data users rose by 5.1% to 45.3 million, while active mobile money (MoMo PSB) wallets declined by 21.8% to 2.8 million.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) dropped by 5.3% to N860.2 billion, with the EBITDA margin shrinking by 14.9 percentage points to 36.3%.
Karl Toriola, CEO, MTN Nigeria described the results as “resilient,” attributing the performance to the company’s adaptability despite high inflation, naira depreciation, and regulatory constraints.
He noted that inflation averaged 32.8% during the period, up from 24.5% in 2023, prompting the Central Bank of Nigeria (CBN) to increase the Monetary Policy Rate by 8.5 percentage points to 27.25%, impacting funding costs.
As part of efforts to shore up working capital, MTN Nigeria has launched a new commercial paper issuance, aiming to raise N50 billion under its N250 billion Commercial Paper Issuance Programme.
The Series 11 and 12 issuances are part of MTN’s ongoing debt-market strategy to address short-term financial needs.
The telecom company, which recorded a net forex loss of N740.4 billion in 2023—a sharp rise from N81.8 billion in 2022—has been significantly impacted by the naira’s depreciation.
Following the Central Bank’s decision to float the currency in June 2023, the exchange rate rose from N461.1 per dollar in December 2022 to N907.1 by December 2023, impacting earnings and dividend declarations for shareholders.
Telecom
OnePipe Launches PaywithAccount: Revolutionizing Payment Collections in Nigeria
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For many Nigerian small business owners, cash flow isn’t just a challenge—it’s a constant battle. Whether it’s schools struggling with delayed tuition payments, logistics firms dealing with inconsistent driver remittances, or cooperatives managing member contributions, the process of collecting payments remains inefficient, unpredictable, and time-consuming.
A study by PwC revealed that 48% of Nigerian Micro, Small, and Medium Enterprises (MSMEs) have experienced delayed payments due to different reasons, with 33% of affected businesses reporting severe consequences.
Traditional systems often involve manual invoicing, repeated follow-ups, and high transaction fees, leaving business owners with less time to focus on growing their operations.
In response to this challenge, OnePipe has launched PaywithAccount, a direct-from-account payment solution that helps businesses automate and simplify collections, reducing delays and improving cash flow predictability. With PaywithAccount, businesses can collect payments directly from customer bank accounts—securely and automatically—without the need for cards, manual reminders, or complex reconciliations.
For entrepreneurs across Nigeria, the ability to receive payments on time means the difference between survival and growth. “As a school owner, I want to focus on my students, not spend hours tracking unpaid fees,” said Mrs. Olumide Ashade, Founder of King’s Court School in Lagos.
“Many of our parents pay in installments, but managing these payments manually has been stressful.
“A solution like PaywithAccount means we can offer flexibility to parents while keeping our finances in order.”
“Reliable repayment is the backbone of growth for lenders. At Lendsqr, we understand that payment delays are a significant problem for lenders”, said Adedeji Olowe, Founder, Lendsqr.
“We have helped many of our lenders transition from debit cards to PaywithAccount which reliably ensures loan repayments are on schedule.”
“At NIBSS, our core vision is to empower the financial ecosystem to innovate within the framework of interoperability, ease of connectivity, collaboration, and cost-optimization,” said Ngover Ihyembe-Nwankwo, Executive Director of Nigeria Inter-Bank Settlement Systems PLC (NIBSS).
“PaywithAccount is another heartening example of what happens when industry players leverage these guardrails to enhance the overall quality of our nation’s digital payment system.”
For Ope Adeoye, CEO of OnePipe, this is a commitment to empowering Nigerian businesses. “Small businesses are the backbone of our economy, but too many struggle simply because getting paid is a challenge,” said Adeoye.
“We believe financial technology should remove obstacles, not create them.
“PaywithAccount helps businesses worry less about collections so they can focus on what truly matters—growth, innovation, and serving their customers.”
With PaywithAccount, small businesses across Nigeria can now eliminate the stress of late payments, automate their collections, and take full control of their financial future.
For more information about PaywithAccount, visit www.onepipe.io or call 02013438444.
Telecom
Apple Introduces Affordable iPhone 16e Model
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Apple has announced the iPhone 16e, a new iPhone model, which is priced lower than its main models that usually debut in September.
The iPhone 16e, retailing at $599, is set to go on sale later this month.
It features a modern design without a home button or fingerprint sensor, using Apple’s FaceID scanner and a sensor notch at the top of the screen.
Powered by the same A18 chip as the main iPhone 16 models, the iPhone 16e can run all the same apps and games. It will be available in black and white.
The iPhone 16e also introduces Apple’s first cellular modem, the C1, replacing the Qualcomm modems used in previous models.
With a single camera lens, as opposed to the multiple lenses on more advanced models, the iPhone 16e aims to attract new customers to Apple’s ecosystem, supporting features like image generation and notification summaries via Apple Intelligence.
Apple is releasing this low-cost iPhone to boost sales amidst mixed results in recent quarters, as overall iPhone sales fell 1% annually in the December quarter, though the company still sold over $69 billion worth of phones during this period.
This model continues Apple’s tradition of offering affordable iPhones, following the iPhone SE. Unlike previous major product launches, the iPhone 16e was introduced through a press release, reflecting Apple’s new approach to product announcements.
Telecom
Airtel Nigeria Faces 40 Percent Revenue Dip amid Naira Devaluation
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Airtel Nigeria’s revenue fell by 40.34% in 2024, reaching $738 million, down from $1.24 billion the previous year.
This sharp drop is mainly due to the steep devaluation of the Nigerian naira.
Although the company saw a 3.2% increase in its customer base, which grew to 52.1 million subscribers, the rise in data usage per customer was more significant.
Average data consumption grew by 37.2%, reaching 8.4 GB per month.
Airtel’s EBITDA dropped by 46.4%, standing at $360 million.
Despite the challenges posed by inflation and rising operational costs, the company adjusted its pricing for voice and data services, in line with the Nigerian Communications Commission’s (NCC) tariff changes.
The company said it remains focused on adapting to the tough economic situation while maintaining its service quality for a growing customer base.
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