Nigeria’s central bank said it will grant more licences for payment service banks but set a minimum capital base that could deter telecommunications firms and some other potential new entrants.
Browsing: MTN Nigeria
MTN Nigeria expects its profit margin to dip by almost half a percentage point this year as its leased tower services feel the impact of weaker currency exchange rates, it said on Thursday.
MTN Group said it is implementing cost control measures, focusing on mission critical expenses and enhanced oversight of expenditure, amid uncertainty over the impact of the Covid-19 pandemic.
MTN Group will push on with a plan to reduce its majority stake in its Nigerian business, though turmoil caused by the coronavirus may require the sale to be done in smaller chunks than anticipated.
Rob Shuter’s announcement that he will not seek to extend his contract as MTN Group CEO a year before it ends will allow the board enough time to pick a suitable candidate.
MTN Group shares fell more than 12% on Monday morning in Johannesburg, to their lowest levels in nearly 14 years, as investors digested the news of a shock fall in oil prices overnight.
MTN Nigeria, MTN Group’s largest operating subsidiary, turned in a robust performance in the 2019 financial year, with mobile subscribers rising by 6.1 million to 64.3 million and profit before tax up by 31.1%.