During the quarter ending September 30, MTN Group made significant strides in its localisation initiatives. As Africa’s largest telecom services provider, the company has been expanding its local shareholder base across several of its operational companies, with notable progress in Nigeria, Ghana, and Uganda.
Headquartered in Johannesburg, the telecom giant announced that these efforts are part of MTN’s broader localisation strategy. The company released its results for the current reporting period yesterday. Group CEO and President Ralph Mupita highlighted the ongoing advancement of their strategic priorities, including localisation initiatives. He noted, “In the third quarter (Q3), we achieved an additional 2.1% localisation in Ghana, bringing the local shareholding in Scancom PLC to 30%.”
Mupita further elaborated on the progress, stating, “This achievement followed the successful sell-down in June 2024 of an additional 7% in MTN Uganda. Additionally, we have exited Guinea-Bissau as part of our portfolio optimisation strategy, and efforts are underway to complete our exit from Guinea-Conakry.”
In South Africa, the company successfully concluded the extension of its 2016 broad-based black economic empowerment (B-BBEE) scheme, which is operated through MTN Zakhele Futhi (MTNZF) Limited. Mupita explained, “The proposal to extend the scheme was approved by both MTN Group and MTNZF shareholders at general meetings held post the period end in October 2024. All related conditions precedent have been fulfilled.”
He emphasized that the extension aligns with MTN’s commitment to transformation and the creation of shared value for South Africans. “It is integral to the ethos of MTN, and we believe that B-BBEE participation is crucial to the future success of the Group,” Mupita added.
Looking at other markets, Mupita expressed optimism about the continued growth contributions from MTN Ghana and MTN Uganda, which are significant contributors to the Group’s overall revenue and profits. He acknowledged the challenges faced in other markets, where operations have been impacted by economic and regulatory headwinds, as well as increased competitive pressures. However, he assured that efforts are ongoing to turn around performance in these regions.
