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Fintech Anchors MTN Post-COVID-19 Recovery in Nigeria

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MTN Nigeria recovered from elevated volatility caused by COVID-19 to record massive revenue growth from digital and fintech services in the nine months ended 30 September.

During the period under review, MTN says, it experienced volatility in both voice and data revenue, affecting the trajectory of its overall service revenue, as well as pressure on costs, which continue to impact operating margins.

However, MTN says after undergoing an unstable second quarter (Q2), it has seen a normalisation of traffic as lockdown restrictions have been removed, with a recovery in voice traffic and continued growth in data.

This, the mobile carrier says, supported a 13.9% growth in service revenue, with an acceleration of growth to 16.5% in the third quarter (Q3) specifically.

Data revenue rose by 57%, with an increase in data usage and traffic. Revenue from digital and fintech services rose by 114.3% and 28.3% respectively, while voice revenue growth was 4.2%.

The Pan-African telecom group released MTN Nigeria unaudited results for the nine months ended 30 September today.

Ferdi Moolman, CEO, MTN Nigeria comments: “The growth in our digital business continued to accelerate from a low base, and our fintech business delivered impressive results. In Q3, we surpassed our year-end target of 300 000 registered

“Our fintech subscribers increased by 1.2 million in the quarter to 3.4 million, driving higher transaction volumes and fintech revenue growth.”

Furthermore, he says, in the same period, MTN saw a significant increase in its subscriber base with the addition of 3.9 million customers, bringing total subscribers to 75 million.

“Cumulative net additions totalled 10.7 million in the nine months to September 2020 − the first time we have exceeded 10 million additions in an annual cycle with one quarter remaining. We also connected 1.7 million new users to the Internet in Q3 (5.5 million for the nine months), bringing our active data subscribers to 30.7 million.”

To accommodate the increase in traffic, Moolman, who will be departing Nigeria next year, says MTN continued to invest in the capacity and resilience of its network, accelerating the 4G rollout and expanding investments in rural connectivity.

MTN Nigeria’s 4G network now covers 52.9% of the population, up from 48.6% in Q2 and 35.4% in Q3 2019.

In the nine months ending September, MTN’s EBITDA rose by 9.1%, supported by service revenue growth. However, the EBITDA margin declined by 2.3pp to 51.0%, which Moolman says was due to cost pressures arising mainly from increased investments in the network and the impact on costs of the depreciation to the Central Bank of Nigeria and NAFEX exchange rates.

For the period, profit before tax and earning per share declined by 0.6% and 3.3% respectively; however, MTN says, it saw a recovery in Q3 with a growth of 2.2% year-on-year in profit before tax and a marginal decline of 0.7% year-on-year in earning per share.

 

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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SHELT Named in Prestigious 2025 MSSP 250 List for Cybersecurity Excellence

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SHELT, a leading cybersecurity-as-a-service provider, has earned inclusion in the 2025 MSSP 250, the annual ranking of the world’s top 250 Managed Security Service Providers (MSSPs) by MSSP Alert, a CyberRisk Alliance publication.

SHELT Named in Prestigious 2025 MSSP 250 List for Cybersecurity Excellence

SHELT

The list evaluates firms on business performance, service breadth, and industry impact, spotlighting those excelling in growth, operational excellence, and advanced managed security amid rising cyber threats. Selection criteria include annual recurring revenue, profitability, workforce expansion, business growth, and the depth of managed security offerings.

SHELT’s recognition underscores its investments in scalable security operations, threat intelligence, and tailored managed services across multiple regions, enabling clients to navigate complex risk landscapes effectively.

“Being recognised in the MSSP 250 is a meaningful milestone for our team,” stated Youssef Abillama, CEO of SHELT. “It validates our focus on building practical, resilient security services that help organisations manage risk and respond effectively to today’s evolving cyber threats.”

The company hailed the honour as testament to its teams’ dedication and expertise worldwide, reaffirming commitment to enhancing capabilities and delivering trusted cybersecurity solutions.


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Meta Names Ex-Trump Adviser Dina Powell McCormick as President

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Meta Platforms, owner of Facebook, has appointed Dina Powell McCormick, a former adviser to President Donald Trump, as its new president and vice chairman, bolstering its leadership amid aggressive AI and infrastructure expansion.

Meta names ex-Trump adviser Dina Powell McCormick as president

Dina Powell McCormick

The announcement, made on Monday, positions Powell McCormick – who recently stepped down from Meta’s board after eight months – to guide overall strategy, including multi-billion-dollar investments in data centres and global partnerships.

A Goldman Sachs veteran with 16 years in senior roles and prior stints as deputy national security adviser under Trump and in the Bush administration, she brings deep finance and international ties to the role.

Meta CEO Mark Zuckerberg hailed her as “uniquely qualified” for the company’s next growth phase, while President Trump praised the move on Truth Social as a “fantastic choice”.

The hire signals Meta’s efforts to strengthen White House relations, following recent dinners with Trump and U.S. investment pledges worth hundreds of billions


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X Suspends Twitter Account for Rules Violation

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X, the social media platform formerly known as Twitter, has suspended the @Twitter account, replacing its profile with a standard notice citing violation of platform rules.

X Suspends Twitter Account for Rules Violation

Musk

The action, which occurred on Sunday, January 11, left users encountering the handle greeted by a bold “Account Suspended” message on a black screen, with no details provided on the specific rules broken or the duration of the suspension.

The development has sparked widespread confusion and nostalgia among users, given that Elon Musk rebranded Twitter to X in July 2023, approximately six months after acquiring the platform for $44 billion in late 2022.

The @Twitter handle had remained dormant since before Musk’s takeover, serving as a legacy remnant of the platform’s original branding, and its suspension appears to mark the final erasure of the Twitter name amid X’s ongoing efforts to combat spam, impersonation, and rule violations.

X’s official statement on the suspended page simply reads: “X suspends accounts that violate our rules,” without offering an appeal process or further explanation, unlike standard user suspensions.

Public reactions on social media ranged from humorous laments of “RIP Twitter” to speculation that the move resulted from automated moderation or a deliberate cleanup of legacy trademarks.

xAI’s Grok AI described it as a purposeful retirement of outdated elements rather than a genuine infraction, while neither Elon Musk nor X spokespeople issued any comment as of Monday morning.

This incident underscores the evolving identity of the platform under Musk’s ownership, which also saw a domain shift to x.com in 2024, further distancing it from its Twitter roots.

Industry observers note that while the suspension aligns with X’s stricter enforcement policies, the lack of transparency has fueled debates on consistency in applying rules to high-profile legacy accounts.


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