MTN reveals Capex, Opex, revenue, subscriber growth in first-quarter

MTN Group has revealed its financial result – Capex, Opex, revenue, profit, subscriber growth – during the first quarter of 2024.
MTN store South AfricaMTN has invested Capex (ex-leases) of R5.4 billion year-to-date (YTD) in networks and platforms, with a Capex intensity of 11.8 percent.

MTN achieved data traffic and fintech transaction volumes growth of 36.2 percent (up 32.2 percent excluding JVs) and 18.3 percent respectively.

MTN Group said its service revenue fell 18.8 percent to R42.901 billion as its revenue rose 3 percent to R10.413 billion in South Africa and fell 52.8 percent to R10.269 billion in Nigeria.


Service revenue decreased by 18.8%
Voice revenue decreased by 32.2%
Data revenue decreased by 14.7%
Fintech revenue increased by 11.4%
Subscribers increased by 1.0% to 287.6 million
Active data subscribers up by 7.8% to 149.2 million
Active Mobile Money (MoMo) monthly active users (MAU) up by 6.2% to 65.5 million
Data traffic increased by 36.2% to 4 359PB
Fintech transaction volumes increased by 18.3% to 4.8 billion and transaction value up by 11.2% to $72.3 billion


MTN has revised its anticipated capex (ex-leases) deployment for 2024 to R28-33 billion against the previous guidance of R35-39 billion, largely due to a reduction in expected spend by MTN Nigeria.

MTN aims to drive the efficiencies in business to maintain balance sheet flexibility. In particular, MTN is working to accelerate expense efficiencies, targeting R7-8 billion over the next three years, as part of Ambition 2025 strategy.


MTN Group CEO Ralph Mupita said: “Our subscribers increased by 3 million to 287.6 million. Base growth was hampered by subscriber registration regulations in Ghana and Nigeria, as well as a decline in subscribers in Sudan amidst the ongoing conflict. Active data subscribers were up by 7.8 percent to 149.2 million, supporting increased traffic and data revenue growth.”


MTN Group CEO Ralph Mupita has revealed how the pan-African mobile operator is becoming the leading digital solutions provider for Africa’s progress.

Key fintech verticals

MTN said its payments and e-commerce revenue increased by 44.6 percent, supported by the growth in merchants and unique-payer activity. The total value of MoMo merchant payments rose by 32.6 percent to US$4.7 billion.

In BankTech, MTN facilitated loan disbursement value of US$371.7 million, representing growth of 17.4 percent. Uganda and Ghana were the key drivers of the performance driving growth in both total loan disbursement. Value of remittances increased 63.5 percent to US$883 million in Q1, driven by growth in the number of active corridors as well as improved customer experience and focused digital marketing activities.

InsurTech platform aYo, within its strategic alliance, reported growth in registered aYo policies by 12.4 percent to 23.9 million.

Super app platform ayoba grew its user base by 33.7 percent to 35 million, thanks to higher adoption and retention rates, fuelled by an enhanced user experience in the communication suite.

Baburajan Kizhakedath