MTN Ghana continued its sterling performance in 2024 as it recorded a 35.5% year-on-year growth in profit to GH¢3.76 billion in the third quarter of 2024.

This is coming notwithstanding the prevailing macroeconomic challenges.

It highlights the company’s resilience and ability to provide customers with essential connectivity and fintech solutions as the rationale behind this impressive performance.

Additionally, the company sustained its contribution to the nation’s socioeconomic and fiscal development through the MTN Foundation and tax payments.

In the third quarter of 2024, MTN Ghana recorded a 32% year-on-year growth in service revenue.

This growth was driven by increased revenues from data, Mobile Money (moMo) and digital services and supported by investments that enhanced 4G connectivity.

Additionally, the subscriber base expanded by 10.8% year-on-year.

“We invested GH¢3.7 billion in total capital expenditure during the period to maintain network quality, expand coverage and capacity and enhance our IT systems. These investments 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”, it disclosed in a statement.

Voice Revenue

 Voice revenue decreased by 3.4% year-on-year to GH¢2.6 billion as customers continued to opt for lower-priced plans and switch from traditional calls to voice over Internet Protocol (VoIP) due to increased data adoption.

The decrease was mitigated by growth in usage (+11.2% year-on-year in minutes of use) supported by its customer value management initiatives. These customer-centric initiatives also helped to improve the customer experience and reduce churn.

The contribution of voice to total service revenue decreased from 28.1% to 20.6% year-on-year in favour of faster-growing products and services.

Data Revenue

Data revenue recorded a 53.4% year-on-year growth to GH¢6.3 billion.

This was due to improvements in the network and connectivity, which supported a 17.3% year-on-year increase in active data subscribers and a 10.4% year-on-year rise in megabytes consumed per active user per month, consequently resulting in a 29.5% year-on-year growth in data traffic over the period.

The contribution of data revenue to total service revenue increased from 42.8% to 49.8% year-on-year.

Mobile Money

Mobile Money revenue increased by 50.8% year-on-year to GH¢3.1 billion.

This was supported by growth of 79% year-on-year in advanced services revenue and a 41.8% year-on-year growth in basic revenue comprising of cash out and Peer-2-Peer revenue.

The growth in revenue was underpinned by an 18.1% year-on-year increase in active users partly due to improvements in its acquisition channels and the introduction of self-activation which accounts for almost 6,000 additions per 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 continued to grow strongly, increasing by 65.6% year-on-year to GH¢160 million.

This growth was driven by a 21.5% year-on-year increase in active subscribers as well as usage of products and services, leading to higher revenue from video, gaming and ring-back tones.

The increase in users is attributed to our improved customer experience and our continued focus on providing relevant digital services both locally and internationally.