MTN Nigeria’s revenue hits N1.3trn

Largest telecommunications operator in Nigeria, MTN posted a sterling performance for the financial year ended Decemeber 31, 2020, as its revenue rose to N1.3 trillion. According to the company’s full-year audited results, this showed a 14.7 per cent increase over the previous year’s record.

The company’s mobile subscribers also increased by 12.2 million in the year to 76.5 million, while its active data users increased by 7.4 million to 32.6 million.

Commenting on the results, MTN Nigeria CEO, Ferdi Moolman said: "2020 was a challenging year for all. The unprecedented disruption that the COVID-19 pandemic caused the businesses and people we serve, challenged us in new and demanding ways. The impact continues to evolve. Adoption of our data and digital services accelerated as lockdowns and gathering restrictions were imposed, and work-from-home became the norm for many.”

He said the company’s performance demonstrated strong operational execution and resilience in its business. “We connected 12.2 million new customers to our network, bringing our total subscriptions to 76.5 million. The introduction of additional customer registration requirements and suspension of the sale and activation of new SIMs towards the end of the year affected subscriber growth. We remain committed to ensuring our subscriber records are updated with the National Identity Number (NIN), and continue working closely with the government, supporting their efforts by expanding capacity to provide NIN enrolment services across our customer interaction touchpoints.

“Active data users increased by 7.4 million to 32.6 million, supported by growth in gross connections and the expansion of our 4G network. Our mobile money (MoMo) business also continued to accelerate with a 269.2 per cent increase in the number of registered agents to over 395,000 and 4.7 million active subscribers from approximately 553,000 in 2019.

“Service revenue grew by 14.7 per cent, in line with our medium-term targets, driven mainly by voice and data revenue. Voice revenue growth was 5.9 per cent, and although this was subdued in Q2 due to COVID-19 induced restrictions, we saw a pickup in momentum into H2. Data revenue rose by 51.2 per cent, with increased data usage and traffic. To accommodate this and enhance service quality, we focused on capacity upgrades and 4G population coverage, while expanding our investments in rural connectivity. Our 4G network now covers 60.1 per cent of the population, up from 43.8 per cent in 2019,” Moolman stated.



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