MTN Ghana has prioritised financial inclusion as a central part of its growth strategy, leading to enhancements in its platforms, including myMTN and the Mobile Money (MoMo) applications, to improve service delivery.
“Our commitment to forging partnerships with financial institutions, agents, and merchants is crucial for developing the MoMo ecosystem and further innovation in MoMo services,” said Stephen Blewett, CEO of MTN Ghana.
Recently, MTN Ghana released its financial results for the year ending December 31, 2024. The company reported a 6.5% increase in its mobile subscriber base, reaching 28.5 million, a 13.7% rise in active data subscribers to 17.5 million, and a 12.8% growth in active MoMo users to 17.2 million.
Key metrics show that service revenue surged by 34.5%, totalling GHS17.9 billion, while earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 31.3% to GHS10.2 billion.
Reflecting on the company’s achievements, Blewett stated, “As we review our progress throughout 2024, I am delighted to announce that our commitment to excellence in commercial operations and service delivery has led to impressive results. By focusing on customer experience and integrating services, we have successfully improved our service delivery across all MTN platforms.”
He added, “All enhancements made this year—whether through upgrading our network infrastructure, deploying innovative solutions, or delivering responsive customer service—have not only reinforced our existing relationships but also attracted 1.7 million new subscribers to the Y’ello family, who are seeking reliable connectivity and fintech solutions.”
Despite facing ongoing macroeconomic hurdles, Blewett remarked, “Our strategic initiatives and the steadfast dedication of our team have driven substantial growth in our MoMo, data, and digital services.”
On regulatory matters, Blewett noted a significant achievement during 2024 in MTN Ghana’s localisation journey. “We surpassed the regulatory requirement of 25% localisation, achieving 30% localisation for Scancom PLC. Consequently, the National Communications Authority has confirmed that we have met the localisation requirement for our 4G license.”
He also highlighted that the Central Bank has issued a Dedicated Electronic Money Issuer to Mobile Money Ltd, affirming MTN’s commitment to fulfilling all agreed-upon license conditions set by the Central Bank.
Looking to the future, Blewett expressed “cautious optimism” regarding Ghana’s macroeconomic outlook for 2025 and the medium term, anticipating gradual improvements. However, he acknowledged the persistence of risks, particularly related to inflationary pressures linked to food price fluctuations and exchange rate challenges stemming from potential issues in the energy sector.
“These elements could hinder the expected economic progress and continue adversely affecting economic growth, consumer spending, and overall business costs. The government has proposed mitigating these risks, which could lead to a more challenging operating environment.”
