MTN Nigeria Communications Plc has announced its unaudited results for the half-year ended June 30, 2021, as well as plans to celebrate its 20th anniversary with numerous national impact projects with Fintech revenue rising by 48.2 per cent.
This was driven by the increased adoption of Xtratime and core fintech services.
The telco said it will continue to expand its MoMo agent network and broaden its service offerings.
MTN’s registered MoMo agents increased by 121,000 in H1 2021 to more than 515,000. Transaction volume increased by 280.8 per cent year on year to 55.6 million in H1 2021, and the active subscriber base is now more than 6.1 million, up 180.0 per cent.
Speaking on the results, MTN Nigeria CEO Karl Toriola said MTN’s digital business continued to gain traction on the back of a strong partner ecosystem and the uptake of MTN’s products and services.
“Digital revenue rose by 61.8 per cent, also supported by our rich media and value-added services. Our active user base rose by 38.0 per cent to over 3.9 million, led by Ayoba – our instant messaging platform – with more than 2.3 million active users.”
He said the enterprise business revenue increased by 6.0 per cent, demonstrating the continued recovery from the impact of the COVID-19 lockdown and the uptake of MTN’s services by the businesses its serves.
“We have made significant progress in concluding the operational modalities for the new pricing framework for USSD services, which incorporates the recovery of outstanding USSD debts.
“We continue to pursue and realise efficiency through cost discipline and enhanced digitisation.
However, due to an accelerated site rollout, the effects of Naira depreciation on lease rental costs and Covid-19 related expenditure, operating expenses increased by 24.6 per cent.