MTN's fintech transaction volume in Nigeria increased to 17.6 billion in 2023
MTN achieves a resilient performance in its fiscal report for 2023 despite a major profit loss in its biggest market, Nigeria.
African telecoms giant, MTN has reported a resilient underlying operating performance for 2023 amid sustained high demand for data and fintech services. It declared a total dividend of 330 cents per share despite challenging macroeconomic conditions in several key markets.
According to its fiscal report for 2023, released this morning, MTN said that the volume of its fintech transactions in Nigeria increased by around a third to 17.6 billion, with its transaction value going up to US$272 billion.
The company also posted an increase in the number of its active data subscribers by more than 9% to 150 million (half the total subscriber base) and active Mobile Money (MoMo) users by 5% to 72.5 million.
The company attributed these developments to the driving growth of advanced services in payments, bank tech, and remittance solutions.
These positive performances follow a decline in profit by about 79% to $215.5 million caused by inflation and the devaluation of the naira in its largest market, Nigeria, and ongoing political tensions in some markets, most notably in Sudan.
