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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

Where we operate and how we performed

Our geographic footprint is expansive, stretching over 19 markets on two continents and connecting 295 million customers. This represents the reach and scope of where we create value, organised into our operations in South Africa, Nigeria and our Markets (SEA, WECA and MENA). These are managed through robust operational and governance oversight structures, which underpin our pan‑African growth strategy.

Our portfolio
at 31 December 2023
(MTN Group effective
shareholding)
  MTN South Africa 100.0%
  MTN Nigeria 76.3%
    SEA
  MTN Uganda 83.1%
  MTN Rwanda 80.0%
  MTN Zambia 89.8%
  MTN South Sudan 100.0%
 
Mascom BotswanaΔ
53.1%
 
MTN eSwatiniΔ
30.0%
    WECA
  MTN Ghana # 81.0%
  MTN Cameroon 80.0%
  MTN Côte d'Ivoire 66.8%
  MTN Benin 75.0%
  MTN Guinea-Conakry 75.0%
  MTN Congo-Brazzaville 100.0%
  LonestarCell (MTN Liberia) 60.0%
  MTN Guinea-Bissau 100.0%
    MENA
  MTN Sudan 85.0%
  MTN Afghanistan 100.0%
    MTN IrancellΔ^ 49.0%
     
   
Associates, joint ventures (JVs) and other investments
    aYo 50.0%
    IHS Group 25.7%
    Iran Internet GroupΔ 29.5%
    Middle East Internet HoldingΔ 50.0%
Localisations.
Completed disposal in early 2024.
Δ Equity accounted.
^ Not under MTN operational control.
# Legal ownership is 77.3%.