Our material matters in 2025
We present here a summary of the material matters identified in 2025. For the IR, although the elements below take into account both 'financial' and 'impact' materiality, we believe that they all have a high 'financial' materiality and are therefore relevant to providers of capital who seek to assess MTN's enterprise value. Where there is a high 'impact' materiality, the matters are further unpacked in the SR and related suite of reports. Our approach to materiality is outlined here. We also provide a sense of the 'temperature' of each matter in terms of probability of occurrence/impact and our ability (or not) to remediate the respective impact.
| Rank | |||||||||||||
| 2024 | 2025 | Dynamic materiality trend |
Material matter | Financial materiality | Impact materiality | Implications for value | |||||||
|
1
|
MM
1
|
|
Macroeconomic conditions (Macro) |
|
|
| |||||||
|
3
|
MM
2
|
|
Complex regulatory and tax environment (Regulatory/Tax) |
|
|
| |||||||
|
2
|
MM
3
|
|
Geopolitical landscape (Geopolitics) |
|
|
| |||||||
|
8
|
MM
4
|
|
Future-fit skills (Skills) |
|
|
| |||||||
|
6
|
MM
5
|
|
Competitive landscape and market structure (Competition) |
|
|
| |||||||
|
7
|
MM
6
|
|
AI, LEOs and other emerging technologies (Emerging tech) |
|
|
| |||||||
|
9
|
MM
7
|
|
Governance, ethics, legal and risk management^ (Governance) |
|
|
| |||||||
|
5
|
MM
8
|
|
De-layering of the telecoms business model (Platforms) |
|
|
| |||||||
|
11
|
MM
9
|
|
Cybersecurity and digital safety (Cybersecurity) |
|
|
| |||||||
|
10
|
MM
10
|
|
Enabling financial and digital inclusion (DigiFin inclusion) |
|
|
| |||||||
|
Key
|
 |
Denotes higher probability of occurrence/impact and/or inability to remediate
|
|
Value created | |
Significance increased |
 |
Denotes medium probability of occurrence/impact and/or inability to remediate
|
|
Value eroded | |
Significance decreased | |
 |
Denotes lower probability of occurrence/impact and/or inability to remediate
|
|
Value preserved | |
Significance remained stable |
In the pages that follow, we detail the material matters, unpacking the implications for value, strategic response, outlook and opportunity for each. We also show links to the SDGs, relevant capitals, our strategic priorities and associated risks. We have included short-form denotations of our material matters (in brackets) to enhance the ease of use and reference of icons throughout the IR.
^ Denotes that this is a revised and reworked headline material matter in 2025.
Expand sections below for more information
Macroeconomic conditions
Implications for value
MTN operates in a diverse macroeconomic environment focused on Pan-African markets where mainly commodity-driven economies mean that macroeconomic conditions can be unpredictable. These markets have historically experienced higher levels of inflation and foreign exchange rate changeability. These factors can have a material impact on consumer spending in addition to investor confidence (including the value they ascribe to MTN) and business performance (revenue, costs, profit, funding costs and cash flow generation). Africa's economies present the prospect for superior long-term growth, driven by young, fast-growing populations (referred to as the demographic dividend) and comparatively nascent penetration of a broad array of services, including the telecommunications, financial and digital spheres within which MTN operates. The structural growth in demand for these services strengthens MTN's compelling investment case. The recent stabilisation in foreign exchange, inflation and interest rate trends translate into more opportunities for greater value creation for and by MTN.
Strategic response and opportunity ahead
Financial
Manufactured
Intellectual
Human
Social
Complex regulatory and tax environment
Implications for value
The regulatory environment and compliance requirements in our industry and markets are complex and dynamic, with implications for growth and profitability, as well as our ability to serve our customers. Well-structured and properly implemented laws and regulations offer greater protection for customers and support the industry's sustainability. Stricter regulations – including those on price increases – impact growth, profitability and our ability to serve our customers. Tax regulations and directives can have material impacts on our cash flow and balance sheet, which in turn have implications for MTN's enterprise value. Well-structured tax policies encourage responsible corporate behaviour, which supports the sustainability of the industry.
Strategic response and opportunity ahead
Financial
Intellectual
Human
Social
Geopolitical landscape
Implications for value
Global and local geopolitical conflicts present headwinds to economic growth, social cohesion, investor confidence and business performance in many markets, including those in which MTN operates. Social unrest, conflict and sanctions directly and indirectly affect MTN's markets and communities and MTN's ability to conduct business, affecting stability and value creation for all. The perceived risk profile of our business within a broader geopolitical context may also affect investors' assessments of asset values, including those of the Group.
Strategic response and opportunity ahead
Financial
Manufactured
Intellectual
Human
Social
Future-fit skills
Implications for value
In a competitive market for digital talent, appropriately skilled and fairly remunerated MTNers are central to the effective delivery of our purpose and strategy. With future-fit skills, we can provide leading digital solutions for Africa's progress and create sustainable value for all our stakeholders. Data analytic proficiency will be crucial to optimise network performance and ensure we provide the best customer experience.
Strategic response and opportunity ahead
Financial
Intellectual
Human
Social
Competitive landscape and market structure
Implications for value
Amid evolving competitive dynamics, innovative and competitive MTN offerings and a compelling customer experience are key to maintaining our leading market position and our ability to expand into new markets. The requirement for considerable investment in digital infrastructure to meet accelerating customer demand, as well as the imperative to generate adequate returns for investors, necessitate consolidation in our markets. This is in line with global telecoms trends. Accelerating demand for digital and financial services is underpinned by a young, fast-growing population across Africa into which MTN needs to deliver these pioneering offerings.
Strategic response and opportunity ahead
Financial
Manufactured
Intellectual
Human
Social
AI, LEOs and other emerging technologies
Implications for value
Emerging technologies have a significant potential impact on value creation. When used as a tool to scale customer experience, employee productivity, operational efficiencies and revenue uplift, AI (diagnostic, predictive and prescriptive) has the potential to reshape the nature of business operations and customer value delivery. AI implementation comes with risks, including ethical and social implications. Complementing our terrestrial network, LEO satellites extend connectivity to remote, sparsely populated areas, creating value. LEO satellite service providers can also constitute increased competition for MTN, particularly in the home segment. Responsible and disciplined embracing of new technologies and innovations are central to our long-term sustainability and ability to create value.
Strategic response and opportunity ahead
Financial
Intellectual
Human
Social
Manufactured
Natural
Governance, ethics, legal and risk management
Implications for value
World-class governance structures, practices and policies built on sound values help ensure the efficient, ethical and effective functioning of MTN, adding value to all. Effective risk management is necessary to ensure operational integrity and sustainability. Conversely, failures in governance, ethics and risk management could damage our operational and financial performance, reputation and licence to operate and put employees and customers at risk.
Strategic response and opportunity ahead
Financial
Intellectual
Human
Social
De-layering of the telecoms business model
Implications for value
By de-layering, MTN is promoting efficiency, innovation and service quality, enabling each entity to focus on its core competencies and to drive value unlock for our stakeholders. It is facilitating faster execution through strategic partnerships and compliance with regulatory requirements, accelerating digital and financial inclusion and unlocking value through economies of scale. How quickly and how far this evolution proceeds depends largely on the complex regulatory environments in which we operate.
Strategic response and opportunity ahead
Financial
Intellectual
Human
Social
Cybersecurity and digital safety
Implications for value
In an increasingly digital world, the responsibility of digital operators has risen to protect the digital rights and safety of all our stakeholders. Cyber-attacks continue to escalate across the world with increased third-party incidents and data breaches and more sophisticated attacks.
A cyber-attack aimed at MTN could erode value by disrupting operations and compromising the personal and confidential data of customers, MTNers, partners and suppliers. It could lead to significant business interruptions, reputational damage, financial impact, as well as exposing MTN to increased regulatory scrutiny. Organisations must continuously assess the evolving security threat landscape and enhance their security and other mitigation strategies. Establishing strong policies and systems are critical to MTN's ability to preserve value.
Strategic response and opportunity ahead
Financial
Manufactured
Intellectual
Human
Social
Natural
Enabling digital and financial inclusion
Implications for value
By extending digital and financial inclusion, we create value and give Africans hope, dignity and opportunity. Financial inclusion empowers individuals by providing them with the tools to save, invest and manage their finances more effectively. In turn, this encourages greater economic growth in the regions where we operate. It is an essential element in accelerating Africa's digital future and the socioeconomic development of our nation states. We remain committed to our strategic intent of leading digital solutions for Africa's progress.
Strategic response and opportunity ahead
Financial
Intellectual
Human
Social
Manufactured
Natural
