MTN 3rd Annual General Meeting held virtually in Accra

Ghana’s network operator by market share, MTN said it continued to maintain market leadership and customer confidence in the MTN brand by adding 4.6 million new customers, bringing its total subscriber base to 24.4 million as at the end of 2020.

It also gained 1.5 million new active MoMo users for the year, bringing MTN Ghana total active users to 10.6 million.

Chief Executive Officer, Selorm Adadevoh who disclosed this at the 3rd MTN Annual General Meeting held virtually in Accra, attributed the current growth in MTN’s subscriber base to the heightened need for reliable and resilient data and digital services in this era of the pandemic.

In the area of Mobile Money surge, he said his outfit continue to embark on its financial inclusion drive which witnessed an additional 53,000 new MoMo agents bringing its total to 206,000 and added 49,000 new merchants to reach a total of 172,000 for the year, to support growth in its Mobile Money business.

“To help maintain the quality and availability of service for our data and Mobile Money customers, we invested GH¢1,489 million in total CAPEX on network capacity and infrastructure expansion,” he stated.

Assuring shareholders of a continuous sound financial management in the future, Mr. Adadevoh noted that MTN Ghana will remain within its service revenue growth target band of 13% to 15% and employ prudent cost strategies to continue to improve our margins and cash generation, adding that it will also continue to prioritize its investments in infrastructure expansion and digital ecosystem projects by the government to meet the needs of Ghanaians in this era of accelerated digitalization.

“Continued growth in service revenue will largely depend on data, mobile financial services, and digital. We are also upbeat about our enterprise and wholesale business in the coming year.

CEO Adadevoh believes that optimize data and digital opportunities in 2020 have accelerated the need for data and digital services hence the 2021 theme of ‘year of the customer: the digital experience’.

“We are confident in the government’s post-COVID-19 recovery plan for the economy.

The demographics remain favorable with an exciting youth opportunity in data and digital and our brand remains strong across various customer segments including the youth segment.

We will continue to focus on maintaining and attracting the best talent and partners to drive our business and its profitability,” he added.

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