MTN Reports MoMo Revenue of 48.8%

In 2023, MTN Ghana’s revenue from mobile money increased by 48.8% to GH¢ 2.9 billion.

MTN Reports MoMo Revenue of 48.8%
MTN Reports MoMo Revenue of 48.8%

Speaking during MTN Ghana’s sixth annual general meeting in Accra, Chief Executive Selorm Adadevor remarked that the company’s expansion and collaborations with financial institutions were responsible for both the growth and the year-over-year increase in performance.

He claimed that its total profit after taxes rose to GH¢4.0 billion, a year-over-year gain of 39.4%.

However, he said that the SIM re-registration process, which resulted in the blocking of 5.4 million unregistered SIMs, caused its subscriber base to decline, recording 26.8 million as of December 2023.

Mr. Adadevor added that data sales increased to GH¢ 5.8 billion, a 50.9% annual growth.

He said that numerous commercial activities, along with network infrastructure expenditures to provide households and mobile users with high-speed data services, were the reason behind the increase in demand for data.

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