Ghana: MTN revenue up 29.4% in 1st quarter

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MTN Ghana, the biggest telco operator in the country recorded a 29.4 percent increase in revenue in the first three months of this year.

The company recorded a 29.4 percent year-on-year revenue growth in the first quarter of 2018, due to robust performance of its mobile money service, which accounted for 15 percent of its total revenue, MTN Ghana said in a press release in Accra, yesterday.

According to the statement, as at end of the March this year, the company held 7.4 million active mobile money subscribers out of an industry total of 11.1 million in the country.

While the central bank is yet to release figures for mobile money usage regarding uptake, value and volume of transactions for the first quarter of this year, the performance of MTN Mobile Money gives it a strong footing over its two competitors, AirtelTigo Money and Vodafone Cash.

The statement also reiterated the company’s readiness to go ahead with the idea of ceding some portion of its ownership through an Initial Public Offer (IPO) on the Ghana Stock Exchange (GSE) next month.

“On 20th April 2018, we received all required regulatory approvals to proceed with the IPO and expect to make the offer available in late May 2018. A key priority will be to facilitate a broad base of local Ghanaian shareholders who can share in the risks and rewards in ownership of MTN,” the statement added.

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