Accelerating Africa's digital future
Mcebisi Jonas Group Chairman
Despite the global uncertainties in 2024, MTN Group remained focused and forward looking in executing its strategic intent of 'leading digital solutions for Africa's progress'. We are pleased by our progress towards fulfilling our purpose of enabling the benefits of a modern connected life for everyone in our markets. ST, MT, LT.
The state of global affairs in 2024 reflected a complex operating environment, which intensified further in early 2025, particularly the trade disputes among major economies and political challenges in some parts of Africa, Eastern Europe and the Middle East. These have compounded the effects on economies from global conflicts, including in some of our markets.
As a Board of Directors (the Board), we continue to closely monitor these developments and the impacts on our business prioritising the safety of MTNers, customers and infrastructure where necessary. We continue our commitment to the UN Guiding Principles on Business and Human Rights, which informs our Digital Human Rights Policy – recognising the importance of uninterrupted telecommunication services in enabling human rights.
The International Monetary Fund (IMF) has forecasted that global inflation predicted a steady easing to 5.9% in 2024, from 6.8% in 2023, with advanced economies returning to their inflation targets sooner than developing economies. Additionally, the IMF had estimated that global growth would remain relatively stable at around 3.3% for the year.
Across MTN's markets, inflation moderated slightly in 2024, although remained relatively elevated, while local currencies continued to be volatile against the US dollar. In this context, we were pleased with the Group's strong underlying operational and financial performance of the Group, notwithstanding the effects on our numbers of the sharp depreciation of the naira against the US dollar, and the financial impairments in Sudan, precipitated by hyperinflation and the ongoing conflict in the country.
Despite the global uncertainties, we remained steadfast in our commitment to proactive risk management, enhancing resilience, mitigating threats as well as positioning ourselves for sustainable, future-fit growth. We achieved this by remaining focused on the compelling opportunities presented by our markets, characterised by fast-growing and youthful populations, which underpin the structural demand for our data, digital and fintech services. ST, MT, LT.
In this IR, you will find out about our operating context, our strategic delivery, our material matters and risks , as well as MTN's investment case and outlook.
I refer you to the Q&A sections with the Group President CEO and CFO, which detail the sustained operational and financial momentum of the most valuable African brand, as well as MTN's progress on several key strategic priorities in 2024, delivered under the guidance of the Board.
For disclosure about the Group's broader sustainability and
governance priorities and performance, we encourage our
stakeholders to read the
SR,
TR,
TTR
and online 
.
As a Board, we are charged with providing ethical and effective leadership and monitoring MTN's strategic performance. As Ambition 2025 reaches maturity, we are seized with the evolution of our strategy and further accelerating its execution. The annual Board strategy session in July 2024 was held in Shenzhen, China, which presented the opportunity to examine our strategy's continuing relevance, as well as the fast-developing global microtrends and megatrends that will impact the future of our markets and business.
The Board resolved that the fundamental underpinnings of our strategy remain relevant, underscored by our intent to lead digital solutions for Africa's progress. To ensure that we remain at the forefront of accelerating Africa's digital future, we are doing the work to streamline and speed up execution by harnessing the unique power of MTN. This is embodied in our leading brand, broad presence and skills as well as our leading connectivity business, fintech offerings and digital infrastructure.
In 2024, we continued to evolve the structure and composition of the Board committees, with the changes coming into effect from April 2025.
At the end of March 2025, post year-end, we bid farewell to Shaygan Kheradpir, thanking him for nine years of dedicated service. The Board joins me in extending our heartfelt appreciation for the invaluable contributions and the impact he made during his time on the Board, notably in his tenure as Chair of the Group Risk and Compliance Committee since 2020. From April 2025, Nosipho Molope became Chair of this important committee.
In January 2025, the Board was pleased to welcome Sandile Gwala, who brings a fresh entrepreneurial perspective to deliberations on the Board and the committees on which he serves.
During the year, the Board extended the contract of the Group President and CEO by five years until 31 August 2030, providing important continuity during a period of significant global and regional uncertainty. Critically, it will ensure that the Company remains focused on its strategic priorities and continues to deliver on its commitments to shareholders and broader stakeholders.
With the departure of Jens Schulte-Bockum from an executive capacity in March 2024, the Exco welcomed Selorm Adadevoh – formerly CEO of MTN Ghana – as its newest member in April 2024, when he became the Group Chief Commercial Officer.
Through our comprehensive and well-developed nation state programme, we remain committed to supporting the national development priorities of our host countries by continuing to invest across our markets. This is evidenced in our sustained investment in our networks over the past 30 years. In 2024, MTN's broadband network coverage rose to 93% of the population, equating to more than 500 million people across our markets. This key performance indicator is closely tied to executive remuneration.
In the year under review, we provided connectivity to 291 million
customers across 16 markets, enabling internet access for
158 million people and financial inclusion for 63 million. We added
economic value of around R155 billion across our markets and
continued to be a significant and compliant provider of tax revenue.
In 2024, our total tax contribution was R52.7 billion LA. For
details
about our support to the fiscus across Africa, I encourage
stakeholders to read our TTR, also available online .
Despite ongoing geopolitical and macroeconomic shifts, our commitment to strong governance remains unchanged as we navigate the complexities of our operating environment with transparency and integrity. As custodians of MTN, the Board understands the importance of aligning our governance practices with the expectations of our many important stakeholders. We are committed to enhancing our accountability, fostering agile but ethical decision making and promoting global best practices that reinforce our commitment to good corporate governance. ST, MT, LT.
Together, we will continue to build a resilient organisation that upholds the highest standards while driving sustainable growth. My thanks go to MTN's leadership team and staff for their continued hard work and diligence, as well as to all our other stakeholders for their ongoing interest and support.
Group Chairman
Fairland
29 April 2025
