MTN Ghana has demonstrated robust performance in 2024, achieving a remarkable 35.5% year-on-year growth in profit, totaling GH¢3.76 billion in the third quarter. This growth occurs despite ongoing macroeconomic challenges, showcasing the company’s resilience and commitment to providing essential connectivity and fintech solutions.
In the same quarter, MTN Ghana experienced a 32% year-on-year increase in service revenue, primarily driven by heightened revenues from data, Mobile Money (moMo), and digital services. This growth was supported by significant investments that improved 4G connectivity, contributing to an expanded subscriber base, which grew by 10.8% year-on-year.
“During this period, we invested GH¢3.7 billion in total capital expenditure to maintain network quality, expand coverage and capacity, and enhance our IT systems. These investments have significantly improved our service delivery to our customer base of 28.6 million, which includes an additional 0.3 million customers connected in the third quarter,” the company stated.
Voice Revenue
Voice revenue saw a decline of 3.4% year-on-year, amounting to GH¢2.6 billion, as customers increasingly shifted to lower-priced plans and preferred voice over Internet Protocol (VoIP) services due to greater data adoption. However, this decrease was offset by an 11.2% increase in minutes of use, supported by customer-centric initiatives aimed at enhancing customer experience and reducing churn. Consequently, the contribution of voice to total service revenue fell from 28.1% to 20.6% year-on-year, in favor of faster-growing products and services.
Data Revenue
Data revenue surged by 53.4% year-on-year to GH¢6.3 billion, driven by improvements in network quality and connectivity. This led to a 17.3% increase in active data subscribers and a 10.4% rise in megabytes consumed per active user per month, resulting in a 29.5% year-on-year growth in data traffic. The contribution of data revenue to total service revenue increased from 42.8% to 49.8% year-on-year.
Mobile Money
Mobile Money revenue rose significantly, increasing by 50.8% year-on-year to GH¢3.1 billion. This growth was bolstered by a 79% year-on-year increase in advanced services revenue, alongside a 41.8% rise in basic revenue, which includes cash-out and peer-to-peer transactions. Active user growth, which rose by 18.1% year-on-year, was partly attributed to improvements in acquisition channels and the introduction of self-activation, resulting in nearly 6,000 new users each week. The overall contribution of MoMo revenue to total service revenue increased from 21.3% to 24.4% year-on-year.
Digital Revenue
Digital revenue also experienced strong growth, climbing 65.6% year-on-year to GH¢160 million. This increase was driven by a 21.5% rise in active subscribers and enhanced usage of digital products and services, leading to higher revenue from video, gaming, and ring-back tones. Improved customer experience and a focus on delivering relevant digital services, both locally and internationally, contributed to this growth.
In summary, MTN Ghana’s third-quarter results reflect a successful strategy of investing in connectivity and service expansion, positioning the company well for continued growth amidst economic challenges.
