MTN Group service revenue plunges 18.8% in Q1 2024, fintech revenue up 11.4%
- MTN Group reported an 18.8% fall in Q1 service revenue compared to Q1 2023, but in constant currency, service revenue increased by 11.1%.
- MTN Nigeria's service revenue declined by 52.8% in Q1 2024.
- MTN Group's fintech transaction volumes increased by 18.3% and its fintech revenue went up by 11.4%.
The decline in service revenue for MTN Group, particularly in MTN Nigeria, is concerning. However, the growth in fintech transaction volumes and revenue, as well as the expansion of MTN MoMo to new countries, show potential for future growth. The decrease in voice and data revenue is also a negative sign. Overall, MTN Group needs to address the challenges in its key markets and focus on diversifying its revenue streams.
