MTN South Africa’s power resilience investment helped the group deliver a solid performance for the first half of 2023, with group service revenue up by 15.1%, to R107.7 billion.
The group’s R108 billion service revenue was driven by increases in revenue from data services of 24% and from fintech services of 22%. Revenue from voice services increased 6% in the period. “We delivered a resilient performance in H1 23 and made good strategic progress against a tough macro backdrop. In South Africa, we were very encouraged by the improved network availability on the back of our power-resilience investment, resulting in a stronger Q2 23 performance than Q1 23.
“Following the bespoke process to identify and potentially introduce strategic minority investors into MTN Group Fintech, we executed commercial agreements with Mastercard to support the acceleration and growth of our fintech business’s payments and remittance services.”a memorandum of understanding, which provides for a minority investment by Mastercard into the group’s fintech business, based on a total enterprise valuation of about $5.