Power resilience moves see MTN deliver solid earnings

  • 📰 ITWeb
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 51%

United States News News

.MTNGroup says its fintech business delivered on its rapid expansion plans in the first half of 2023. MTNza MobileMoney MoMo fintech MTNGroup

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 45. in US

United States United States Latest News, United States United States Headlines