MTN Nigeria grows data, fintech services amid forex losses and economic hurdles
- MTN Nigeria's service revenue grew 33.6% in Q3 2024.
- Data revenue increased by 52.3%, driven by demand for digital services.
- Active data users grew by 5.1% to 45.3 million.
MTN Nigeria's financial performance illustrates the challenges faced by telecom companies in volatile economic environments. While growth in data services is promising, the significant losses and subscriber attrition raise concerns about the sustainability of this growth. The company's strategy to focus on quality over quantity in its fintech services may be a prudent move, but it remains to be seen if it can effectively counteract the adverse impacts of regulatory compliance and economic instability.
