Latest results announced by MTN Nigeria shows an increasing contribution from Data, Fintech and Digital operations to the bottomline of the company.
Service revenue for the period ended September 2022 showed a 20.7% increase year-on-year to N1,452.7 billion. While Profit after tax (PAT) grew by 22.1% to N269.0 billion.
The increase was primarily contributed by Data revenue which grew by 49.1% on increased subscribers and data usage. Data traffic grew by 70.6% YoY with the addition of about 4.4 million smartphones in the nine months, bringing smartphone penetration to 52.0% on the network.
Fintech revenue grew by 21.9% and growth was broad-based across Xtratime (MTN’s airtime lending product, up 20.6%) and core fintech services (wallet and agency business, up 232.0%). The number of fintech active users rose by 68.7% YoY to 11.2 million. MTN’s mobile money (MoMo) agent network now has approximately 188,000 active agents which accounted for a 112% YoY growth in the total transaction volume.
The third pillar for strong growth was the Digital revenue. It grew by 68.4% with the increased penetration of the company’s digital products. The active user base rose by 66.4% YoY to 9.6 million, led by ayoba, MTN’s instant
messaging platform with approximately 5.1 million active users, up 75.5%.
In nine months, MTN got 5.7 million subscribers thereby increasing its total mobile subscribers by 9.7% to 74.1 million to retain its spot as the number one mobile telecommunications operator in Nigeria.
