Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Business of Tech

MTN Group keeps growth going in Q3

Article Image
The MTN Group has reported strong third quarter growth driven by good momentum in the major markets of Nigeria, Ghana and South Africa. The group's service revenue increased 19% year-on-year (YoY) to R125 billion (US$ 8.2 billion) in the first nine months of 2021.

Earnings before interest, tax, depreciation and amortization (EBITDA) increased by 24.1% YoY and the telco saw strong growth in data and fintech revenue, which both grew by around 35% YoY.

MTN also added 4.1 million more data subscribers over the year, to total 119 million; and Active MTN Mobile Money (MoMo) customers increased by 2.2 million to 51.1 million across 16 markets. MoMo processes almost 20,000 transactions a minute and the value of transactions increased by 67.2% YoY to US$175.5 billion.

Group subscriber numbers ticked up slightly to 271.9 million, held back by SIM card registration regulations in Nigeria which saw the Nigerian operation drop 7.5 million users over the past year.

Despite this, Nigeria – which is MTN's most profitable market – saw service revenue grow by 23.7% to N1.2 trillion (US$2.93 billion) for the first nine months of the year and EBITDA grew by 27.4% to N634.5 billion ($1.55 billion).

MTN South Africa service revenue also grew by 7.7% YoY for the nine-months and the third quarter showed resilience with service revenue growing 4.7% YoY.

"It's been a busy quarter, and I'm particularly pleased with the sustained operational momentum across our businesses," said MTN Group President and CEO Ralph Mupita.

He said that MTN's process of structurally separating its fintech and fiber assets remains on track and it was seeing material progress in deleveraging the holding company balance sheet, and its asset realization program and portfolio optimization priorities are progressing well.

The group reduced debt in the third quarter which led to S&P upgrading MTN's standalone credit rating to investment grade – a level last achieved five years ago.

IPO's aplenty

MTN said the recent listing of IHS Towers was an important milestone for its realization program, creating a liquidity platform for the future to deleverage further.

It also recently announced plans for further localization in Uganda - with the intention to float 20% of its shares on the Uganda Securities Exchange.

As part of the Q3 update it also announced a public offer of just under 3% of shares in MTN Nigeria as part of its previous announcement of plans to further localize 14% of the group's holding in MTN Nigeria over the medium term.

Mupita said MTN South Africa is also making good progress with the sale and leaseback of its towers.

Related posts:

*Top image is of MTN Group President and CEO Ralph Mupita (Source: MTN).

— Paula Gilbert, Editor, Connecting Africa

Innovation hub


Hot startup of the month: Data science marketplace Zindi

This month's hot startup is social enterprise Zindi, which is a professional network for data science in Africa.


Côte d'Ivoire e-health platform Orange Santé launched

Pan-African operator Orange has partnered with Moroccan start-up DabaDoc to create an e-health platform to help Ivorians book doctor’s appointments online.

More Innovation hub

Latest video

More videos

Guest Perspectives


Omdia View: May 2022

By Omdia Analysts

SpaceX-owned Starlink's plans to launch a satellite broadband service in Africa was a major highlight in May 2022, says Omdia's analysts.


Omdia View: April 2022

By Omdia Analysts

This month's Omdia View highlights indicate a shift to digital transformation and operational consolidation to maximize return on investments.

More Guest Perspectives

Partner perspectives

All Partner Perspectives

Flash poll

All polls

Archived webinars

Africa Green ICT: Lighting Up a Sustainable Continent

The ICT industry is the leading industry in the commitment to carbon neutrality, whose focus has shifted from setting ambitious targets to taking initiatives. The push for zero-carbon and for green energy development, it isn't just about CSR – it's also good for sustainable business.

The path to sustainable development requires green energy. Governments are looking at potential policy approaches to make green energy more widely available and affordable. Without sustainable energy, there will be no digital transformation and no chance of making Africa more economically competitive in the post-pandemic era.

Africa Green ICT Webinar 2022 will bring together ICT industry leaders and senior industrial analysts to provide insight, best practices and key learnings on how to achieve zero-carbon targets and practice green development in Africa.

More Webinars

Sponsored video

More videos

AfricaCom perspectives


Digital inclusion as a catalyst for economic empowerment: Mastercard's Imelda Ngunzu

Mastercard's Imelda Ngunzu talks to Connecting Africa about how digital payment solutions and mobile money are transforming the lives of small business owners, women and marginalized groups in East Africa.


Accelerating women in STEM: In conversation with GirlCode's Tinyiko Simbine

GirlCode co-founder and CFO Tinyiko Simbine talks about why it's important to help girls and young women excel in science, technology, engineering and mathematics (STEM) fields.


How Poa Internet is unlocking meaningful connectivity in East Africa

Poa Internet's CEO Andy Halsall shares his views on what it takes to develop last-mile connectivity and get Africans online in a meaningful way.

More AfricaCom perspectives

Like us on Facebook

Newsletter Sign Up

Sign Up