MTN Ghana has achieved significant subscriber growth, with a 6.5% increase in mobile subscribers, reaching 28.5 million, and a 34.5% rise in service revenue to GHS17.9 billion for 2024. CEO Stephen Blewett emphasized the importance of financial inclusion and partnerships in enhancing their services and achieving these results, despite ongoing macroeconomic challenges.
MTN Ghana has made financial inclusion a central focus of its growth strategy, resulting in improved platforms such as myMTN and the Mobile Money (MoMo) applications. CEO Stephen Blewett emphasized the importance of partnerships with financial institutions, agents, and merchants in developing the MoMo ecosystem, fostering innovation in their services.
The company disclosed its financial results for the year ending December 31, 2024, indicating a noteworthy 6.5% increase in its mobile subscriber base, reaching 28.5 million. Additionally, active data subscribers rose by 13.7% to 17.5 million, while active MoMo users grew by 12.8% to 17.2 million. Overall, service revenue surged by 34.5% to GHS17.9 billion, with EBITDA escalating by 31.3% to GHS10.2 billion.
In reflection of these achievements, Mr. Blewett stated, “As we review our progress throughout 2024, I am delighted to announce that our commitment to excellence… has led to impressive results. By focusing on customer experience… we have successfully improved our service delivery across all MTN platforms.”
He further asserted, “All enhancements made this year—whether through upgrading our network infrastructure… have not only reinforced our existing relationships but also attracted 1.7 million new subscribers to the Y’ello family…” Despite macroeconomic challenges, Blewett noted that strategic initiatives and team dedication have driven substantial growth in MoMo, data, and digital services.
On regulatory matters, Blewett highlighted MTN Ghana’s significant achievement in its localisation efforts, exceeding the 25% requirement with 30% localisation for Scancom PLC. He also mentioned that the Central Bank has granted a Dedicated Electronic Money Issuer status to Mobile Money Ltd, validating MTN’s commitment to comply with all licensing conditions set by the Central Bank.
Looking ahead, Blewett expressed “cautious optimism” regarding Ghana’s macroeconomic prospects for 2025. While he anticipates gradual improvements, he acknowledged ongoing risks, particularly those associated with inflation related to food prices and potential exchange rate challenges stemming from the energy sector. He cautioned that such factors could impede economic progress and affect consumer spending and business costs.
In summary, MTN Ghana demonstrates significant growth in subscribers and revenue, driven by financial inclusion initiatives and strategic partnerships. The company’s financial performance for 2024 highlights increased service revenue alongside growth in various subscriber categories. Mr. Blewett’s insights reveal a focus on customer experience and regulatory compliance, while acknowledging potential economic challenges ahead.
Original Source: broadcastmediaafrica.com
