MTN Ghana has prioritized financial inclusion and innovative service delivery, resulting in a 6.5% rise in mobile subscribers to 28.5 million. The company reported a 34.5% increase in service revenue to GHS 17.9 billion. CEO Stephen Blewett noted successful partnerships and enhancements attracted significant new users and highlighted efforts in localization and banking compliance. Despite facing economic hurdles, MTN remains cautiously optimistic about future growth.
MTN Ghana has made financial inclusion a key aspect of its growth strategy by enhancing platforms such as myMTN and Mobile Money (MoMo) to improve service delivery. CEO Stephen Blewett emphasized that partnerships with financial institutions, agents, and merchants are vital for developing the MoMo ecosystem and fostering innovation within MoMo services.
In its financial report for the year ending December 31, 2024, MTN Ghana reported a 6.5% increase in its mobile subscriber count, reaching 28.5 million. Active data subscribers rose by 13.7% to 17.5 million, and active MoMo users grew by 12.8% to 17.2 million, reflecting a robust user engagement.
The company experienced a significant surge in service revenue, which jumped by 34.5% to GHS 17.9 billion, while its earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 31.3% to GHS 10.2 billion. Blewett expressed satisfaction with the results, attributing them to a commitment to excellent commercial operations and service delivery.
Blewett noted that improvements made throughout the year, such as upgraded network infrastructure and enhanced customer solutions, contributed to acquiring 1.7 million new subscribers. This enhancement helped reinforce existing customer relationships and attracted users seeking reliable connectivity and financial technology solutions.
Despite ongoing economic challenges, Blewett highlighted how strategic initiatives and his team’s dedication have facilitated significant growth in MoMo, data, and digital services. Additionally, he recognized an important milestone in MTN Ghana’s localization effort, surpassing the regulatory localization requirement from 25% to 30% for Scancom PLC.
He also mentioned that MTN Ghana received a Dedicated Electronic Money Issuer license from the Central Bank, underlining their commitment to fulfilling all licensing conditions set forth by the authorities. Looking ahead, Blewett conveyed cautious optimism for Ghana’s economic landscape in 2025, foreshadowing gradual improvements while being aware of ongoing risks related to inflation and currency fluctuations.
He cautioned that these economic factors could adversely impact growth, consumer spending, and business costs, suggesting that proposed government measures could complicate the operating environment further.
MTN Ghana has achieved significant subscriber and revenue growth despite economic challenges, highlighting its commitment to financial inclusion and service enhancements. The company’s strategic focus on partnerships and network improvements has facilitated this growth. Future economic risks remain, but leadership expresses cautious optimism for ongoing recovery.
Original Source: broadcastmediaafrica.com
