Mobile operator MTN recorded 1st Quarter pretax profit of 21%

The MTN Group recorded its first-quarter pretax profit increase of 21.1% year-on-year, the jump is supported by the growing demand for data and financial services. 

According to Reuters reports, MTN, with 276 million customers in 19 countries across Africa and the Middle East, said service revenue came in ahead of its medium-term target, growing by 15.9% year-on-year to R45.8bn ($2.86bn). 

Fintech revenue grew 21.2% as active monthly users of mobile money services climbed 25.9% year-on-year and volumes processed by its fintech platform rose 32.5% to 2.9 billion transactions. The value of transactions increased 12.6% to $59.9bn.

After its Nigerian fintech subsidiary received final approval for a mobile money licence last month, MTN is planning to commercially launch its mobile money payment service in Africa’s most populous country before the end of the second quarter, group chief executive officer Ralph Mupita said.

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