MTN Group Affirms Focus On Pan-African Market
The MTN Group, a multinational mobile carrier specialising in emerging markets and operating in various African countries, has reported its latest figures of 280 million subscribers, making the operator the largest mobile operator on the African continent.
It has been reported that, although MTN is active in 21 countries, 40% of its revenue comes from Nigeria, where the company enjoys a 35% market share. However, the MTN Group Headquarter in Johannesburg, South Africa, has been experiencing significant delays in retrieving its $150 million cash from Nigeria, a situation that is common to many other companies that have commercial dealing with Nigerian companies and the government.
In fulfilment of “Ambition 2025”, a four-year strategic plan by the Group conveyed that its “Ambition 2025” blueprint is set to maximise the value of MTN’s existing infrastructure and platforms. The mobile carrier plans to shift its fibre and fintech divisions into standalone businesses, which would help fund the ambition to focus solely on the Pan-African market. The Group existed in the Middle East last year.
According to MTN Group’s Q4 report of 2020, the carrier added 29 million new customers to its subscriber base and doubled its cash flow. MTN is then said to be investing US$1.9 billion in its network, technologies, and digitals services platform this year. MTNs popular Mobile Money service (MoMo), a system that allows sending and receiving money using electronic wallets, has been reported as having 46.4 million users across 15 African continent countries. MTN has projected that the users will increase to 100million within four years.
At the heart of our ambition is to continue leading the drive for digital and financial inclusion in Africa, said the MTN Group President and CEO, Ralph Mupita.