Telecom
Fintech Anchors MTN Post-COVID-19 Recovery in Nigeria
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.
MTN Nigeria has alerted the public to a fraudulent 25GB anniversary data offer currently circulating across social media and messaging platforms.
In an official advisory published on its support handle on X at the weekend, the telco warned customers against interacting with unverified links, sharing private credentials, or making payments to access the supposed anniversary promotion.
According to MTN, the official 25GB anniversary freebie is only accessible via the MTN eShop and the MyMTN NG App.
In the post, the company said, “Please beware of fake MTN 25th Anniversary 25GB giveaway offers circulating online.
“The official MTN 25GB Anniversary Giveaway is available ONLY via the MyMTN NG App and MTN eShop.
“Do not click on links, share your personal information or make payments on any other platform claiming to offer the giveaway.
“Only trust official MTN channels.”
In a different post, the provider explained how eligible subscribers could access the legitimate MTN data giveaway.
The company said, “Log in to the MyMTN App and tap ‘Redeem Now’ on the anniversary banner or via the MTN eShop.
“To access the 25GB offer, kindly visit the MyMTN App or the MTN E-Shop and follow the prompts to activate the bundle, if you are eligible for the offer.
“You may also click on the link contained in the SMS notification you received regarding the offer.”
To safely claim the reward, the telecom operator advised subscribers to rely strictly on details published through its official communication channels.
MTN added that the complimentary 25GB data allocation remains valid until 11:59 p.m. on the designated expiration date, urging eligible customers to redeem the package before it expires.
The warning follows a wave of viral posts and link-sharing schemes falsely offering free data under the guise of the company’s 25th-anniversary celebration.
Consequently, users are strongly cautioned against engaging with unauthorized platforms or providing sensitive personal information and fees to third-party sites claiming to offer the promotional data.
Nigeria is strengthening its position as a leading digital economy in Africa as it prepares to host the second edition of GITEX Nigeria, against projections that the continent’s artificial intelligence (AI) economy could generate up to $1 trillion in economic value by 2035.
GITEX Nigeria
GITEX Nigeria, described as West Africa’s largest technology, AI and startup event, is scheduled to hold in Abuja and Lagos from Aug. 31 to Sept. 3, under the patronage of President Bola Tinubu.
The event is supported by the Federal Ministry of Communications, Innovation and Digital Economy in collaboration with the National Information Technology Development Agency (NITDA), endorsed by the Lagos State Government and organised by KAOUN International.
With the theme, “Beyond Connectivity: The Bridge to Sovereign Innovation,” the 2026 edition is expected to bring together global technology companies, investors, policymakers, regulators, startups and other stakeholders to advance Nigeria’s digital transformation agenda.
According to the organisers, the event will focus on strengthening digital resilience, scaling AI infrastructure, attracting strategic investments and building partnerships to support digital sovereignty across Nigeria and West Africa.
Nigeria’s progress in digital skills development is expected to feature prominently at the event, with the Federal Government’s 3 Million Technical Talent (3MTT) programme highlighted as a major intervention.
The programme has recorded 1.87 million registrations across all 774 local government areas, while more than 135,000 Nigerians have been trained through three cohorts.
The programme has also extended learning opportunities to more than 300,000 people through community resources and created 15,000 job and opportunity pathways, according to figures released by the organisers.
Another key initiative, Project BRIDGE, is aimed at expanding Nigeria’s national ICT backbone and improving connectivity in underserved communities.
The project is expected to create up to 20,000 direct jobs and more than 150,000 indirect jobs, train 5,000 Nigerian youths, raise internet penetration above 70 per cent and extend high-speed connectivity to millions of households, businesses, schools and hospitality establishments.
Dr Bosun Tijani, Minister of Communications, Innovation and Digital Economy, said Nigeria’s objective was to build the foundations for digital sovereignty and a globally competitive AI-powered economy.
“Building on the momentum forged through the implementation of Project BRIDGE, our national blueprint for expanding digital infrastructure and connecting communities across Nigeria, our aspiration ahead of this year’s edition is clear: to solidify the foundations Africa needs for digital sovereignty, technological self-determination, and a globally competitive AI-powered economy,” Tijani said.
He said Nigeria was seeking to promote equitable access, accelerate cross-continental progress and position the country as a producer and exporter of digital technologies and AI solutions.
The GITEX Nigeria Government Leadership and AI Summit will open in Abuja on Aug. 31, bringing together ministers, governors and regulators to discuss digital public infrastructure and other issues shaping West Africa’s digital economy.
The GITEX Nigeria Tech Expo and Future Economy Conference, as well as the Startup Festival, will also return for the second consecutive year.
A new component, FDX Nigeria by GITEX, will focus on finance and digital asset exchange, with the organisers describing it as a platform designed to promote financial inclusion and connect emerging technology with global capital.
Gov. Babajide Sanwo-Olu of Lagos State said the state remained central to Africa’s digital transformation, noting its role in attracting talent, capital and innovation.
He said hosting GITEX Nigeria would further support Lagos’ ambition of becoming a smarter, more connected and globally competitive economy.
Kashifu Inuwa Abdullahi, Director-General of NITDA, said Nigeria’s digital future would depend not only on technology adoption but also on resilience, trust and effective governance frameworks.
“GITEX NIGERIA seamlessly complements this mandate, creating a unique environment for the dialogue needed to accelerate responsible AI adoption, develop a secure digital economy, and unlock new opportunities for innovation and economic growth,” Abdullahi said.
He said the expertise, investment and partnerships generated through the event would contribute to building an AI ecosystem that was secure, inclusive and capable of supporting Nigeria and West Africa’s long-term competitiveness.
The organisers said Nigeria’s National AI Strategy, 3MTT programme and Project BRIDGE were among initiatives strengthening the country’s capacity in talent development, digital infrastructure, investment attraction and responsible AI adoption.
They said GITEX Nigeria would provide an avenue for global stakeholders to establish partnerships and develop solutions capable of accelerating the region’s digital transformation.
Trixie LohMirmand, CEO of GITEX, said the event was intended to demonstrate that West Africa was ready to convert technological ambition into economic growth, resilience and global competitiveness.
She said GITEX Nigeria would facilitate strategic conversations and partnerships aimed at strengthening regional competitiveness and unlocking scalable growth across Nigeria and West Africa.
Nigerian Communications Commission (NCC) and the Enugu State Government have signed an agreement for the operational lease of the NCC Digital Industrial Park and NCC Learning Centre in Enugu.
The agreement was witnessed by Dr Aminu Maida, Executive Vice Chairman and Chief Executive Officer of the NCC, alongside members of the Commission’s Board and Management.
The development is expected to strengthen digital innovation, skills development and technology-driven opportunities in the state.
As part of the engagement, the NCC delegation also visited the Enugu Smart School Initiative, where technology is being integrated into teaching and learning.
The initiative is aimed at equipping young Nigerians with relevant digital skills and preparing them for future opportunities in an increasingly technology-driven economy.
The NCC said it remained committed to supporting initiatives that expand digital inclusion, strengthen innovation and develop the talent required to drive Nigeria’s digital transformation.
The Commission said partnerships with state governments and other stakeholders were critical to creating an enabling environment for digital skills development and technology adoption across the country.
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