Mobile Money : MTN records GHS710m revenue in 2018 in Ghana

Justice Kofi Bimpeh

MTN recorded more than GHS710 million in revenue from its mobile money operations in 2018, an increase of more than 60 percent year-on-year, according to the information contained in the company’s 2018 Annual Report.

The strong performance in revenue translated into mobile money contributing 17.7 percent of the group’s total revenue which stood at GHS4 billion.

According to MTN, the growth in MoMo’s performance was largely driven by fees customers paid for cash out, commissions and transfer services – which represents 87.8 percent of total MoMo revenue.

As at end 2018, there were more than 13.6 million registered mobile money subscribers with 8.4 million active users of the service.

The 2018 mobile money subscriber base represents a 17.8 percent increase in the 2017 figure.

MTN Ghana to acquire another 4G spectrum

Management of MTN Ghana has disclosed their readiness to purchase the remaining 4G spectrum on offer by the National Communications Authority (NCA).

According to MTN Ghana, the purchase will improve its quality of service delivery and expand its network operations. MTN was initially excluded from purchasing any of the three (2 x 5) megahertz spectrums that the NCA sold last year.

One of the spectrums was purchased at a cost of US$30 million.

Speaking to Citi FM, CEO of MTN, Selorm Adadevoh explains that although the NCA is yet to officially invite other interested companies to purchase the remaining spectrum, it is open to securing it when the offer is eventually made.