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All about MTN
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Our reporting suite
Navigating this report
About this report
Who we are and where we come from
Where we are going
Where we operate and how we perform
Views from our Chairman
Q&A with the President and CEO
Our market context
Investment case – a compelling African growth story
Creating and preserving value through our business model
Our outlook

How we create value
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Material matters impacting value creation
Social, Ethics and Sustainability Committee Chair’s review
Stakeholders with whom we partner to create value
Risk Management and Compliance Committee Chair’s review
How we manage risk
Top risks to value creation
Strategic and financial review
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Q&A with the CFO
Key financial tables
Operational performance summary
Audit Committee Chair’s review
Finance and Investment Committee Chair’s review
Our Ambition 2025 strategy
Our strategic performance dashboard
Our strategic performance

Governance and remuneration
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Directors Affairs and Governance Committee Chair’s review
Governance in support of value creation
Our Board of Directors
How the Board transformed our values into actions
Our Executive Committee
Remuneration Report
Independent assurance practitioner’s limited assurance report
Glossary
Administration

Glossary

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L
M
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P
Q
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T
U
V
W
Y
2G
Second generation mobile communications
3G
Third generation mobile communications
4G/LTE
Fourth generation or long-term evolution mobile communications
5G
Fifth generation mobile communications
AFS
Annual Financial Statements
AI
Artificial intelligence
AIP
Association of Independent Publishers
API
Application programming interface
ARP
Asset realisation programme
B-BBEE
Black economic empowerment
Capex
Capital expenditure
Capex intensity
Capex divided by revenue
CBN
Central Bank of Nigeria
CEO
Chief Executive Officer
CFO
Chief Financial Officer
CHASE
MTN's framework to drive adoption of data services
Churn
Average disconnections in a period divided by average monthly customers
CSI
Corporate social investment
CODM EBITDA
Earnings before finance income and finance costs (which includes gains or losses on foreign exchange transactions and a loss on revision of cash flows from a JV), tax, depreciation and amortisation, and is also presented before recognising the following items:
  • Impairment of JV and goodwill.
  • Net monetary gain resulting from the application of hyperinflation.
  • Share of results of associates and JVs after tax.
  • Hyperinflation.
  • Tower sale profits.
  • Gain on disposal/dilution of investment in associate and JV.
  • Gain on disposal of subsidiary.
  • Impairment loss on remeasurement of non-current assets held for sale.
COO
Chief Operating Officer
COVID-19
The novel coronavirus
CP
Company performance
CVM
Customer value management
EEP
Expense efficiency programme
EPS
Earnings per share
ESG
Environmental, social and governance
ESOP
Employee share ownership plan
Exco
Executive Committee
Financial capital
Debt and equity financing, cash generated from operations and investments
Fintech
Includes MTN Mobile Money, e-commerce, insurance, airtime lending and data monetisation streams
Forex
Foreign exchange
FTTX
Fibre to the x. Any broadband architecture using fibre to provide all or part of the local loop for last mile telecoms
FWA
Fixed wireless access
GDP
Gross domestic product
GHG
Greenhouse gas
GSMA
The GSM Association
HBB
Home broad band
HEPS
Headline earnings per share
Holdco
Holding company
Human capital
The motivation, skills, safety and diversity of our employees, contractors, partners and suppliers
Hyperscaler
An operator of a data centre that offers scalable cloud computing services.
ICASA
Independent Communications Authority of South Africa
ICT
Information and communication technologies
IFRS
International Financial Reporting Standards
Intellectual capital
Our culture; our know-how; proprietary and licensed technology: procedures and processes
IPO
Initial public offering
IoT
Internet of Things
ITU
International Telecommunication Union
JSE
Johannesburg Stock Exchange
JV
Joint venture
KPI
Key performance indicators
KYC
Know your customer: a process to identify and verify customer identity
LA
Limited assurance
LTI
Long-term incentive
M&A
Mergers and acquisitions
Manufactured capital
Our networks; 2G, 3G, 4G and 5G base stations and fibre; electronic devices; public infrastructure.
MENA
Middle East and North Africa
MFS
Mobile financial services
MNO
Mobile network operator
MoMo
MTN Mobile Money
MOU
Minutes of use
MoI
Memorandum of incorporation
MSR
Minimum shareholding requirement
MTR
Mobile termination rate
MVNO
Mobile virtual network operator
Naas
Network as a service
Natural capital
Spectrum, energy and land
NIN
National identification numbers
NM
Not measurable
NPS
Net promoter score
Opcos
Our operating companies
Opex
Operating expenditure
OTH
Own the Home
PSB
Payment Services Bank
QoS
Quality of service
ROACE
Return on average capital employed
ROE
Return on equity
SDG
Sustainable Development Goals
SEA
Southern and East Africa region
SIM
Subscriber identity module
SME
Small and medium enterprise
SMP
Significant market power
SMS
Short message service
Social capital
Trusted relationships with customers, communities, governments and regulators, suppliers, trade unions, industry bodies and civil rights groups
SRP
Share rights plan
SSA
Sub-Saharan Africa
TP
Team performance
TSR
Total shareholder return
UN
United Nations
USME
MTN’s programme to sustain demand for voice services
VP
Vice-President
WECA
West and Central Africa
WFH
Work from home
YoY
Year-on-year