MTN Ghana revenue rises, driven by mobile money service

By InstinctBusiness Oct 22, 20180

MTN Group said on Friday its Ghana unit’s third quarter revenue grew around 23 percent boosted by its mobile money service MoMo.

MTN Ghana said revenue for the nine months ended 30 September 2018 rose to 3.54 billion Ghanaian cedi ($731.90 million) from 2.49 billion Ghanaian cedi during the same period a year ago.

During the quarter, MTN Ghana’s service revenue grew 22.9 percent, its data revenue increased by 30.9 percent and digital revenue rose by 28 percent, driven by MoMo which allows money transfer and payments using a mobile phone, the firm said. ($1 = 4.8367 Ghanian cedi) (Reporting by Tanisha Heiberg; Editing by Kirsten Donova

In August this year, MTN Ghana successfully listed on the Ghana Stock Exchange securing over GH₵1.14 billion in a historic Initial Public Offering (IPO).

Official figures from the IPO indicated that about GH₵444m out of the GH₵1.14 billion (GHp75 per share) raised came from Ghanaians, representing about 38.69%.

About GH₵703 million was also raised from non-Ghanaians representing about 61.31%

The figures showed that out of the 128,152 applicants, 127,826 were Ghanaians and only 326 were non-Ghanaians.

MTN said about 108,434 applicants subscribed through the MTN Mobile Money portal representing 84.6% of the number of applicants.

Source: Reuters