MTN Group adds 4.1m new subscribers in Q1

MTN Group added 4.1 million new subscribers in the first quarter, ending March with a total of 221.3 million in 22 countries across Africa and the Middle East. That represents a 1.9 percent increase quarter-on-quarter. Active MTN Mobile Money customers increased by 3.9 percent on a quarterly basis to 22.7 million, and mobile money revenues were up 52.4 percent year-on-year. MTN also reported group voice revenue up 5.4 percent thanks to strong growth in Nigeria and Ghana, and data revenue up 26.9 percent as it expanded coverage across its footprint.

The revenue growth rates are on a constant currency, annual basis. This week, the company will present full results for MTN Nigeria ahead of its planned IPO, while the IPO of MTN Ghana is expected to launch later this month, the company confirmed.

A revised licence agreement for MTN Cameroon will also be signed this month, the group said. In Benin, the company concluded a memorandum of understanding with the government to settle historic frequency fees, add a five-year licence extension and include FTTx in the existing licence conditions, for payments of XAF 35 billion (USD 63 million) in May and XAF 35 billion in December. Negotiations on future frequency fees are expected to be concluded by the end of June.

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