MTN’s multibillion-rand fintech investment pays off

MTN Group’s multibillion-rand investment in its fintech platforms is paying off, after the operator‘s fintech business recorded a 17.9% revenue increase in the first quarter of 2023 .

This was boosted significantly by its fintech business, which garnered 4.1 billion transactions in the period, driven by MoMo, which grew by 5.2% to 61.7 million subscribers. The overall subscriber base grew by 5.2% to 290.6 million, while voice revenue grew 4.7% and data revenue grew 27.6%.Over and above reduced economic activity in SA, MTN SA’s network availability remained under pressure due to ongoing power outages across the country.“Against this challenging backdrop, we continued to implement proactive measures to sustain top-line growth and mitigate against inflationary pressures. In support of these interventions, we invested R6.

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