MTN Ghana Drives Financial Inclusion Amid Strong Growth in 2024
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MTN Ghana has reinforced its commitment to financial inclusion as a key component of its growth strategy, enhancing platforms such as myMTN and Mobile Money (MoMo) to provide improved services.
“Our dedication to expanding partnerships with financial institutions, agents, and merchants is essential for the growth of the MoMo ecosystem and the advancement of innovative MoMo services,” said MTN Ghana CEO, Stephen Blewett.
On Friday, MTN Ghana released its financial performance results for the year ending December 31, 2024, showcasing significant growth across various metrics.
Strong Performance Across Key Metrics
In 2024, MTN Ghana saw:
- A 6.5% increase in mobile subscribers, reaching 28.5 million.
- A 13.7% rise in active data subscribers to 17.5 million.
- A 12.8% growth in active MoMo users, now at 17.2 million.
- A 34.5% surge in service revenue, totaling GHS 17.9 billion.
- A 31.3% rise in EBITDA, reaching GHS 10.2 billion.
Reflecting on these achievements, Blewett stated, “Our commitment to excellence in commercial execution and service delivery has yielded remarkable results. By prioritizing customer experience and service integration, we have successfully enhanced service delivery across all MTN platforms.”
Network Expansion and Innovation
Blewett highlighted key improvements in network infrastructure, fintech solutions, and customer engagement, which helped attract 1.7 million new subscribers seeking reliable connectivity and financial services.
Despite macroeconomic challenges, the company’s strategic initiatives and team dedication led to substantial growth in MoMo, data, and digital services.
Regulatory Milestones and Compliance
In 2024, MTN Ghana surpassed its 25% localisation requirement, achieving 30% localisation for Scancom PLC, a milestone confirmed by the National Communications Authority. Additionally, the Central Bank granted a Dedicated Electronic Money Issuer license to Mobile Money Ltd, further solidifying MTN’s fintech ambitions.
Outlook for 2025
Looking ahead, Blewett expressed cautious optimism about Ghana’s economic outlook, noting potential improvements but warning of risks related to inflation, currency fluctuations, and energy sector challenges. These factors, he said, could impact consumer spending and business costs, although government measures aim to mitigate such risks.
With a strong foundation, continuous innovation, and a focus on financial inclusion, MTN Ghana remains positioned for sustained growth in 2025 and beyond.
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