MTN posts strong Q1 results looks to sell towers in South Africa

SOUTH AFRICA – Mobile telecommunication giant MTN, has reported stellar results during the first quarter of 2021, boosted  by its South African operations, growth in data as well as fintech services. The mobile operator announced a strong and resilient operational and financial performance in the first quarter of 2021, with growth in service revenue exceeding medium-term guidance, driven by gains in data and fintech revenue. In a statement announcing the results to shareholders, MTN also said it is looking to conclude the sale of its tower infrastructure in South Africa…

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MTN Rwanda sets up mobile money unit, appoints Chantal Kagame as its first head

RWANDA – Telecommunication company MTN Rwandacell Plc. (“MTN Rwanda”), has announced that it has received approval from the National Bank of Rwanda to set up its fintech subsidiary, Mobile Money Rwanda Ltd, to provide and manage mobile money services. The telecom giant has appointed Chantal Kagame as its Chief Executive Officer to drive business development, strategy, innovation, and day to day operations of the company. The setting up of Mobile Money Rwanda Ltd is in line with MTN Rwanda’s strategy to lead digital solutions while contributing to the national economic strategy…

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MTN Nigeria partners Audiomack to offer free music streaming

NIGERIA – Audiomack, a music streaming and audio discovery platform, has partnered with MTN Nigeria, a telecom company, to unveil the Audiomack+MTN Data Bundle program. The program offers MTN subscribers tailored data bundles for streaming unlimited music and accessing content on Audiomack free of data charges. The partnership will see MTN subscribers gain free access to Audiomack’s streaming service via their mobile devices on weekly and monthly subscriptions. The weekly plan offers 1.2GB + Free Audiomack at N270 while the monthly plan offers 2.5GB + Free Audiomack at N550. “At…

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MTN Rwandacell to list by introduction on Rwanda Stock Exchange

RWANDA – MTN Group will list its Rwandan subsidiary on the Rwanda Stock Exchange (RSE) on 4 May, the Johannesburg Stock Exchange (JSE)-listed telecommunication giant has announced. The move follows approval by the Rwanda’s Capital Market Authority and the Rwanda Stock Exchange (RSE) of MTN Rwanda’s listing by introduction on the stock exchange as well as the approval of Crystal Telecom shareholders to distribute the 20% of MTN Rwanda’s shareholding held by Crystal to its shareholders effective from the listing date. The listing of MTN Rwanda will see 1.35 billion ordinary…

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MTN values mobile money unit at US$5bn, mulls IPO

SOUTH AFRICA – The South African multinational mobile telecommunications company MTN group is considering opening up its mobile money arm MoMo to investors. Ralph Mupita, MTN Group’s Chief Executive Officer, announced the move on April 12.2021 in an interview with Bloomberg. The CEO explained that at valuations similar to Airtel’s, MTN’s mobile money arm would be worth about US$5 billion. “With similar valuations to that of Airtel, our valuation would sit at about US$5 billion,” said MTN chief executive officer Ralph Mupita. He stressed, however, that no decision has been made…

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MTN opt for FinTechs in Nigeria for its customers to buy airtime following feud with Banks

NIGERIA – MTN Nigeria, a subsidiary of telecommunications company MTN Group, has announced ten alternative channels for its customers to buy airtime for their mobile devices after commercial banks disallowed MTN subscribers to use their channels. All the commercial banks, except Zenith Bank which was connected directly to MTN, thereafter barred MTN from their banking channels, leaving many MTN subscribers stranded and frustrated as they were unable to recharge airtime through USSD and bank apps amid the Easter celebrations.  “It will interest you to note that for the benefit of…

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MTN Zambia secures additional spectrum at a cost of US$13.5m

ZAMBIA – MTN Zambia has been awarded additional spectrum at a cost of US$13.5 million to improve the quality of its voice and data services by the Zambia Information and Communications Technology Authority (ZICTA). The additional spectrum, on the 800MHz frequency band, will reinforce the operator’s existing spectrum resources and utilisation. In a statement, ZICTA said the company has proposed the introduction of a multimedia subsystem (IMS) in the core network to support the intended roll out of voice over long-term evolution (VoLTE). “The IMS is a standard high speed…

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MTN Nigeria acquires an additional 10MHz spectrum in the 800MHz band from Intercellular Nigeria

NIGERIA – MTN Nigeria, a subsidiary of telecommunication company MTN, has announced the acquisition of an additional 10MHz spectrum in the 800MHz band from Intercellular Nigeria. In a note to shareholders, MTN says the Nigerian Communications Commission (NCC) has approved the transaction and assigned the frequency to MTN Nigeria. With the acquisition, MTN says it will significantly improve customer experience in its most profitable and biggest market. “Through this acquisition, we will be better positioned to support the deepening of broadband penetration in the country,” Karl Toriola, CEO of MTN…

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MTN suspends payment of dividend to focus on debt reduction

SOUTH AFRICA – Africa’s biggest mobile operator MTN has suspended its dividend and dividend policy for 2020 to focus on debt reduction as it announced that it had added 29 million customers during the year ended in December. The telco said it had decided not to pay dividends in 2020 after the cash repatriation challenges in Nigeria, the delayed asset disposal programme due to tough market conditions and the impact of the Covid-19 pandemic resulted in the 2.2x leverage ratio for the year, which was higher than the group’s preferred…

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MTN appoints Chika Ekeji as strategy and transformation executive

SOUTH AFRICA – Mobile telecommunications operator MTN Group has appointed Nigerian-American national, Chika Ekeji, as executive responsible for strategy and transformation to lead the mobile network operator’s growth strategy. Ekeji, who joins MTN from management consultancy McKinsey & Company in Nigeria, begins his new role with the company next week. At McKinsey & Company, Ekeji led the West Africa Digital Practice and served telco, financial services, and public sector clients across Africa. “We are very pleased that Chika is joining us as we work to accelerate our strategic repositioning,” says…

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