We operate in diverse markets in Africa. These underpin our growth thesis and investment case. In determining our material matters, we consider our
market context to understand the opportunities and risks it presents. This enables us to develop, execute and evolve our strategy while leveraging our
competitive advantages, including our scale, brand, market presence and financial position.
In 2024, we evaluated how developments in the operating context impacted our strategy execution in the short, medium and long term as well as the mitigations required and the opportunities presented.
In addition to the broader global environment, we considered our operating context by assessing how we manage the Group: South Africa and Nigeria; as well as our Markets portfolio – led by Ghana
and Uganda – and the WECA, SEA and MENA regions:
All material matters are relevant to all our markets
Macro
Geopolitics
Regulatory/tax
Finance
Platforms
Competition
Emerging tech
Skills
Governance
DigiFin inclusion
Cybersecurity
South Africa
South Africa is an
attractive, relatively
stable and mature
market that offers
opportunities in data,
network sharing and
enterprise services
despite economic and
sociopolitical
challenges.
Macro environment
- Macro conditions improved in 2024 even
though economic growth was unchanged at
the 2023 rate of 0.6%. Inflation slowed to
average 4.4% (2023: 6.0%). The average rand
was largely stable against the US dollar at
R18.32. Interest rate reductions should provide
some relief to consumers in the near future.
- In 2024, there was a significant reduction in
national power cuts, which had put pressure on
both consumers and business
- The two-pot retirement system reforms led to a
short-term liquidity boost for consumers
- The general elections in May 2024 led to the
speedy formation of a government of national
unity, which boosted market sentiment towards
the country.
Competitive/regulatory
- MTN has the second-largest share of a data-dominant and highly competitive environment,
particularly in prepaid where our operations came under some pressure. Postpaid remained
relatively resilient despite these competitive pressures, supported by strong data usage.
- In Q4 2024, MTN achieved the market’s leading Net Promoter Score (NPS), reflecting
improved customer satisfaction.
- Ability to increase prices – The regulatory environment largely enables operators to manage
pricing to remain competitive and recover escalating opex and capex requirements. We
increased prices in both prepaid and postpaid during the year.
- 5G remains an exciting MT and LT especially in fixed wireless access (FWA) and home
broadband (HBB). Industrial use cases show potential; handsets and coverage are the key
dependency for consumer use cases.
- Home offers attractive MT and LT growth prospects, based on a mixed technologies
including FWA and fibre.
- Fintech – The country’s advanced banking sector poses challenges to more rapid scaling of
fintech, however MTN is driving growth through compelling and niche offerings MT and LT.
Relevant risks
Nigeria
After significant political
and economic reforms,
Africa’s largest
population presents
compelling growth
opportunities,
particularly in data and
fintech. After a sharp
devaluation, the naira
appears to be stabilising.
Macro environment
- Economic growth was 3.4% (2023: 2.7%).
Inflation averaged 33.2% (2023: 24.5%),
significantly impacting operational costs and
consumer purchasing power. The Monetary
Policy Rate was raised many times throughout
the year, reaching 27.5% in an effort to
counteract naira volatility and inflation,
increasing the cost of borrowing. The average
naira depreciated by just more than 152%
against both the US dollar and the South African
rand. In H2, US dollar liquidity in the forex
market improved and the naira held relatively
stable.
- Oil price volatility creates uncertainty for fiscal
revenue, and hence government debt and
spending.
Competitive/regulatory
- MTN maintains a leading position and network in a market, with a credible second player.
The market benefits from very strong data demand, with voice showing resilience.
- Ability to increase prices – After engaging through the industry body, the regulator
approved industry-wide price adjustments in February 2025. These are essential for the
sustainability of telecommunication companies (telcos) in Nigeria.
- 5G – MTN was the first operator to launch a 5G network in Nigeria, providing coverage in
key cities and now covering 12.7% of the population.
- Home – The FTTX market is nascent and MTN is a leading player. We have expanded our
HBB penetration, leveraging our 5G fixed wireless access devices, mobile broadband
solutions and FTTH connectivity.
- Fintech – MTN faces competition from telco and Over-the-Top (OTT) operators, but 2024’s
recalibration of our fintech growth strategy plans to improve the quality and stickiness of
our wallet base and the development of advanced services over the MT and LT.
Relevant risks
Ghana
MTN's biggest fintech
market presents
opportunity for greater
uptake of more advanced
services. MTN is doing
well to manage risks and
drive growth given the
macro challenges, which
include elevated inflation
and currency volatility,
as well as greater
regulatory scrutiny since
MTN Ghana was
designated a significant
market power (SMP).
Macro environment
- Ghana made progress in
restructuring public debt and
implementing several policy reforms,
leading to a recovery in GDP growth (to
5.7%) and demonstrated a commitment
to fiscal consolidation, resulting in
improved consumer and business
confidence.
- Although still elevated, inflation slowed
to an average of 22.9% in 2024 (2023:
40.3%).
- The average Ghanaian cedi lost around
23% of its value against both the US
dollar and the rand, putting pressure on
consumers’ disposable income.
- Ghana held successful elections in
December 2024.
Competitive/regulatory
- MTN is the market leader, with strong growth in data and fintech services. Since being declared an
SMP, MTN Ghana attracts greater regulatory oversight and the requirement to implement remedies.
- MTN Ghana achieved a local ownership target of 30% in 2024, exceeding the regulatory requirement
of 25%.
- Ability to increase prices – As an SMP, MTN Ghana is required to seek approval from the regulator
for price adjustments. The operation has been able to secure much‑needed price increases in the
past year, given elevated inflation in the country.
- 5G – Economic challenges have led to a decline in investment from other operators and the delay of
5G rollout. Industry discussions are underway regarding the prospects for 5G rollouts.
- Home – We see opportunity to leverage our network to take part in this segment.
- Fintech – The market leader, MTN MoMo, continues to grow its ecosystem and user numbers, with a
greater uptake of advanced services.
Relevant risks
WECA
WECA is home to six MTN
operations, including
Ghana (see separate
commentary).
Operations are impacted
by political uncertainties
and regional conflicts,
although the region
boasts comparatively
well-established fintech
businesses, with an
increasing uptake of
more advanced fintech
services. During 2024,
the disposals of both
Guinea-Bissau and
Guinea-Conakry were
concluded.
Macro environment
- Economic growth improved slightly in
2024, although inflation remained
elevated. Unemployment rates remain
high, as do budget deficits. In 2025, a
pullback of foreign aid funding may
impact some markets. Nevertheless,
economic growth is expected to pick up
slightly and inflation is seen to be
moderating.
- Political instability and currency
volatility are features of several
countries in the region, which were
impacted by large-scale undersea fibre
cuts in 2024.
Competitive/regulatory
- MTN is the leader in four of the six WECA markets (and second in the others), where mobile
uptake is strong and fintech services are popular.
- Competition is intense and the regulatory environment for telecoms, digital and fintech is
complex and dynamic, but governments are also intent on increasing connectivity and digitising
societies. Data sovereignty and privacy are increasingly topical.
- Ability to increase prices – Amid economic, competitive and regulatory pressures, increasing
prices is difficult.
- 5G – In 2023, competitors launched 5G in major cities in Côte d’Ivoire and Benin. In 2024, MTN
introduced 5G networks in Benin and Congo-Brazzaville.
- Home – Investment in fibre is increasing, driving penetration as data demand grows.
- Fintech – This sector continues to grow strongly, with increased adoption and investment.
Relevant risks
SEA
SEA hosts six MTN
operations, including
equity-accounted
Mascom (Botswana) and
MTN Eswatini. In 2024,
the region reported
double-digit growth
across all major service
offerings and key Opcos.
It represents an exciting
demographic
opportunity, with a
fast-growing, youthful
population, with growing
data, fintech and digital
adoption.
Macro environment
- Economic growth was mixed in 2024.
Rwanda's growth accelerated to 8.9%,
while Zambia's slowed to an estimated
1.2% due to the drought. Interest rates
remain elevated and consumer spending
is limited by inflation and low consumer
disposable income across the region. In
2025, a pullback in foreign aid funding
may impact economies in the region.
- Despite high unemployment, SEA is a
largely stable region, albeit with a market
like South Sudan experiencing political
flux. Conflict in the eastern Democratic
Republic of Congo is resulting in some
instability in the regions, affecting some
of our markets.
Competitive/regulatory
- We are the market leader in all our SEA Opcos, except Zambia. Regulatory interventions have risen
in the region, which have affected some of our operations. MTN Rwanda experienced particular
impacts on its financial performance from mobile termination rate (MTR) cuts and consequent rises
in competitive intensity.
- Ability to increase prices – While there is scope to engage regulators on price increases in some
markets, competitive pressure remains a key consideration.
- 5G – MTN continues to rollout 5G in Uganda and Zambia and has undertaken trials in South Sudan.
- Home – Although this market is nascent, robust data growth is expected to drive demand for fibre
networks.
- Fintech – Ongoing regulatory requirements remain key factors being managed in the
region, with the growth outlook underpinned by rapidly increasing adoption and usage of fintech
services, including a strong uptake of advanced services in Rwanda.
Relevant risks
MENA
MTN operations in MENA
are in Sudan and Iran
(minority-held joint
venture) after we
completed the sale of
MTN Afghanistan in
February 2024.
Economies across the
region are struggling
with elevated inflation,
the spillover from the
conflicts in Gaza and
Sudan and sanctions
against Iran. The large
youthful population and
growing middle class
offer opportunities for
growth.
Macro environment
- The ongoing conflict remains the key
feature impacting Sudan, which affects
economic growth, results in network
disruptions and impedes the ability to
operate.
- The economies within the MENA
markets continued to be impacted by
hyperinflation.
Competitive/regulatory
- MTN is the third-largest operator in Sudan, after previously holding the second position in the
market before the conflict.
- The regulatory environment for telecoms, digital and fintech is complex and dynamic, but
governments are also intent on increasing connectivity and digitising societies. Data sovereignty
and privacy are increasingly topical.
- Ability to increase prices – Amid economic and regulatory pressure and the ongoing conflict in
Sudan, we have faced challenges in increasing prices, though we managed to do so in 2024 to
mitigate the effects of hyperinflation on our operational performance. We plan to continue this
approach into 2025. Share of wallet is becoming a challenge due to increased economic
pressures posed by the unstable political environment.
For details on the ways in which we are responding to these factors, see
connectivity, where we discuss how our strategy remains relevant to navigating
the ST volatility, and positions us to capture the MT and LT
opportunities.
Relevant risks
