Lending product drives MTN Nigeria's fintech revenue growth in H1 2024
- MTN Nigeria reported a 2.9% increase in total subscribers, reaching 79.4 million.
- The telco's fintech business saw 11% revenue growth primarily due to its airtime lending product Xtratime and the adoption of its mobile money services, MoMo.
- Service revenue increased by 32.6% to ₦1.5 trillion.
The financial results of MTN Nigeria for H1 2024 show mixed performance. While there was an increase in total subscribers and revenue growth in the fintech business, the significant net forex losses and jump in loss after tax are concerning. The closure of offices and customer service centres due to customer outrage also reflects negatively on the company's reputation.
