MTN Posted 18% Increase in First-quarter Revenue

South African mobile operator MTN’s revenue and subscriber base is increasing.

According to Reuters, the Mobile operator MTN Group on Wednesday posted a near 18% jump in first-quarter revenue, led by a double-digit growth in commercial operations across South Africa, Nigeria and Ghana.

“The company’s revenue from fintech operations, which account for 10% of total revenue, expanded by 31% on the back of an 87% increase in online financial transactions”, the report stated.

MTN said in the first quarter of 2021 data consumption grew by a third led by “sustained demand for work-from-home service, digital entertainment as well as online education offerings”.

MTN and its peer Vodacom Group, which together control over 70% of the South African mobile market in terms of subscribers, hugely benefited last year from demand boost for data and digital financial services as people shifted to online modes of functioning due to the coronavirus pandemic.

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