MTN Group is making progress towards separating the company’s fintech business and sell a portfolio of South African towers as Africa’s largest wireless carrier continues to slim down.
MTN Group on Wednesday posted a near 18% jump in first quarter revenue, led by double-digit growth in commercial operations across South Africa, Nigeria and Ghana.
MTN’s South African subsidiary is flying. MTN Group reported on Wednesday that quarterly profit margins at the unit expanded significantly on the back of solid service revenue growth.
MTN Group has formally listed the shares of subsidiary MTN Rwandacell on the Rwanda Stock Exchange, becoming the first mobile telecommunications operator to do so.
Lagos-listed MTN Nigeria Communications shed five million mobile subscribers in the first three months of the year as it struggled with customer churn and restrictions on Sim card sales and activations.
Ethiopia received bids for telecommunications licences from MTN Group and a consortium led by Vodafone Group, according to Brook Taye, an adviser in the finance ministry.
Rob Shuter, who resigned as CEO of MTN Group last year and who has since taken a senior role at the UK’s BT Group, was paid R73.8-million in his final eight months at the JSE-listed telecommunications firm.
MTN South Africa has taken the axe to prepaid data prices, reducing the cost of 10GB of data (including another 10GB for use at certain times of the night) to R149.
Nigerian banks are only now starting to counter the emerging fintech firms riding the online wave spurred by the pandemic. They’re also deploying their political muscle with regulators.
MTN Group will list its Rwandan subsidiary on the Rwanda Stock Exchange on 4 May, the JSE-listed telecommunications giant said on Monday.