MTN Ghana records billion cedi increase in revenue

Mr. Selorm Adadevoh - MTN Ghana CEO
Mr. Selorm Adadevoh - MTN Ghana CEO

The MTN Group has announced that its Ghana unit recorded a 23 percent increase in third-quarter revenue from a year ago from 2.49 billion Ghanaian cedi to 3.54 billion Ghanaian cedi ($731.90 million).

Reuters reports that the increase in MTN Ghana's revenue was boosted by its mobile money service MoMo.

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During the quarter, MTN Ghana’s service revenue grew 22.9 percent, its data revenue increased by 30.9 percent and digital revenue rose by 28 percent, driven by MoMo which allows money transfer and payments using a mobile phone, the firm said.

In August this year, MTN Ghana successfully listed on the Ghana Stock Exchange securing over GH₵1.14 billion in a historic Initial Public Offering (IPO).

Official figures from the IPO indicated that about GH₵444m out of the GH₵1.14 billion (GHp75 per share) raised came from Ghanaians, representing about 38.69%.

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About GH₵703 million was also raised from non-Ghanaians representing about 61.31%

The figures showed that out of the 128,152 applicants, 127,826 were Ghanaians and only 326 were non-Ghanaians.

MTN said about 108,434 applicants subscribed through the MTN Mobile Money portal representing 84.6% of the number of applicants.

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