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MTN Reports Solid First Half Financial Results

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MTN Group has announced an encouraging set of results for the six months ended 30 June 2019 in the context of difficult trading conditions across its major markets.

Commenting on the results, Rob Shuter, MTN Group President and CEO, said: “We had a good first half, reporting solid financial results, good commercial momentum and encouraging strategic progress.

“We saw growth of 12% in adjusted headline earnings per share, which is the first time that we have delivered growth in this measure in recent years.

“Our service revenue grew just below 10% and EBITDA just above 10%, both on a constant currency basis.

“Our holding company leverage remains stable at 2.3x, well within our guidance range of 2 to 2.5x. And, as we grew revenue and carefully managed our investment programme, we saw capex intensity drop further, to 16,9%.

 “Commercially, we had strong subscriber growth of 7,7 million in the first six months of the year to reach a total of 240 million subscribers. 

“The number of active data users grew by 3,5 million to 82 million and our 30-day active Mobile Money users grew by 2,4 million to 30 million.

“Our continued focus on the customer experience has seen us record brand NPSˆ leadership across more than 50% of the portfolio, with 12 markets now leading.

“That contributed to MTN being named the most valuable South African brand in the Brand Finance South Africa 50 report and the most admired African brand by Brand Africa 100.

 “During the period we had some landmark events. We successfully completed the listing of MTN Nigeria on the Nigerian Stock Exchange and our e-commerce joint venture Jumia listed on the New York Stock Exchange.

“Within three months of announcing our asset realisation programme, which is targeting at least R15 billion over the next few years, we delivered R2,1 billion in proceeds.

“Our advanced instant messaging platform, Ayoba, is now live in three of our West African markets and has more than 300 000 active monthly users.

“We are very pleased with the formal approval of our super-agent licence in Nigeria, which clears the way for the launch of phase 1 of our Nigeria fintech business while we await a banking licence.”

The company further stated that in South Africa, they contended with a weak macroeconomic environment as well as the introduction of new end-user requirements and the repricing of out-of-bundle data rates.

In Nigeria, economic activity was muted in the time of presidential elections and prior to the formation of the cabinet. In Iran, the rial weakened sharply after the re-imposition of US sanctions.

Speaking on the Financial performance, the group stated that notwithstanding the environment, in constant currency terms, service revenue grew by 9,7% to R67,9 billion and earnings before interest, taxation, depreciation and amortisation (EBITDA) expanded by 10,2% to R31,2 billion.

The holding company net debt to EBITDA ratio remained stable at 2.3x, which is well within the group’s guidance range of 2.0 to 2.5x, and capex intensity dropped further to 16.9%, indicating greater efficiency in deploying assets.

On what the future holds, Shuter said: “MTN is well positioned to grow by leveraging our scale and enhancing our competitive position.

 “In the second half, in South Africa we will focus on the continued turnaround of the enterprise business, the recovery of prepaid and the launch of Mobile Money.

“In Nigeria, we will focus on the further rollout of 4G coverage, the launch of Ayoba and Music Time! as well as accelerating our fintech ambitions by fully leveraging our extensive distribution network to offer a range of transfer and payment services to our GSM customer base.

 “Across the rest of the portfolio we have six focus areas. These are: the continued turnaround of our operations in the West and Central Africa region; the resolution of some of the more complicated regulatory situations; the rollout of MusicTime! and Ayoba across the group; the asset realisation programme; launch of our pan-African MTN 4 Good campaign and delivering on our medium-term targets.”

 

 

 


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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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Terra Moves to Expand in African Drone Sector, Secures $22m Funding

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Olugbenga Agboola, Flutterwave CEO has joined a $22 million funding extension for Nigerian defensetech start-up Terra Industries as Africa’s fast-growing drone and security technology sector begins to attract capital far beyond traditional venture circles.

The round was led by Lux Capital, with participation from Agboola through Resilience17 Capital and returning investors including 8VC and Nova Global.

It follows an $11.75 million raise just weeks earlier, bringing Terra’s total funding to $34 million as the company accelerates expansion into high-risk security markets.

Terra, founded in 2024 by 24-year-old chief engineer Maxwell Maduka and CEO Nathan Nwachuku, builds autonomous drones and surveillance systems designed to protect critical infrastructure such as energy facilities, logistics corridors and industrial sites. The startup says it is already safeguarding assets worth billions of dollars while securing early federal and commercial contracts.

Agboola’s involvement highlights a broader shift in African tech investment patterns. While fintech has long dominated venture flows, escalating infrastructure sabotage and terrorism threats have elevated demand for locally developed security hardware.

“Nigeria’s drone ecosystem is rapidly evolving from hobbyist and mapping use cases toward industrial monitoring, border surveillance and energy protection, areas increasingly seen as foundational to economic stability.

“This is about backing infrastructure security at scale. Africa’s growth depends on resilient systems that protect critical assets,” said Agboola.

Terra CEO Nwachuku is adamant that locally engineered systems are better suited to African operating conditions. “We are building tools designed for the realities on the ground. Security technology should not always be imported when local innovation can respond faster and more effectively,” he stated.

Lux Capital partner Brandon Reeves underlined that the investor appetite, which has drawn fintech heavyweight interest such as Agboola, reflects rising cross-sector confidence in African defense technology as a commercial category. “Security is a prerequisite for economic growth,” he said.

“As Terra ramps production and expands regionally, its funding milestone illustrates a wider transformation. Drone and autonomous security platforms are no longer peripheral experiments but emerging pillars in Africa’s technology landscape, where fintech leaders and venture capital converge around safeguarding the infrastructure powering the continent’s next growth phase,” said Reeves

 


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Temu Assures Compliance Amid Nigeria Data Privacy Probe

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Temu, the global e-commerce platform expanding in Nigeria, has officially addressed an inquiry from the Nigeria Data Protection Commission (NDPC) over alleged data privacy violations, confirming its commitment to compliance with the Nigeria Data Protection Act (NDPA) 2023.

Temu Assures Compliance Amid Nigeria Data Privacy Probe

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The company’s response follows NDPC’s investigation into Temu’s data processing practices.

In a statement to Nigeria CommunicationsWeek, Temu stressed its dedication to local and international data protection standards, noting ongoing communication with the regulator. “At Temu, protecting user privacy and data security is a top priority. We are committed to complying with applicable laws and regulations in our data practices,” the statement read.

Temu further affirmed: “We can confirm that Temu has received the inquiry and is engaging with the Commission. We will continue to engage in open and constructive dialogue with the NDPC to address any questions or concerns.”

Under Dr. Vincent Olatunji’s leadership, NDPC has ramped up scrutiny of foreign digital platforms to safeguard Nigerian citizens’ personal data—from contact details to financial information—ensuring transparent and secure handling. For e-commerce giants like Temu, managing vast consumer data volumes demands strict regulatory alignment to sustain operations and trust in Africa’s biggest economy.

Industry observers view Temu’s proactive stance as a savvy bid to ease tensions, mirroring Nigeria’s firm handling of platforms like X (formerly Twitter) and fintechs. This engagement underscores NDPC’s rising clout, compelling investors and foreign entrants to prioritise data compliance costs.

Nigeria CommunicationsWeek sees Temu’s approach as a model for global retailers eyeing Nigeria’s booming digital retail sector through 2026.


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NIMC Rolls Out WorkflowPro for Paperless Correspondence

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National Identity Management Commission (NIMC) has deployed WorkflowPro as its official platform for the digital submission and management of correspondence.

NIMC Rolls Out WorkflowPro for Paperless Correspondence

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Kayode Adegoke Phd, Head, Cooperate Communications of NIMC said this in a press statement on Tuesday, 17th February, 2026, pointing out that this was “In furtherance of President Bola Ahmed Tinubu’s Renewed Hope Agenda and the Federal Government’s commitment to institutionalizing a paperless public service.”

According to the statement, “The   adoption   of   WorkflowPro   marks   NIMC’s   formal   transition   to   a   paperless operating   environment   and   reflects   the   Commission’s   resolve   to   strengthen governance,    improve    administrative    efficiency,    and    standardize     records management in line with approved public sector reforms. The platform  provides a  secure,  structured,  and   traceable  system   for  managing   both  internal   and external  communications,  thereby  enhancing  accountability  and  operational transparency.

“Under the new framework, all external correspondence to NIMC will be processed electronically  through  WorkflowPro.  The  system  enables  end-to-end  tracking  of submissions,  accelerates  internal   routing   and  response  timelines,  and   ensures secure  electronic  archiving of  official  records. This  approach  eliminates  the risks associated  with  manual  handling  of  documents  while  reinforcing  compliance with established information management standards.”

Adegoke added that “The implementation of  WorkflowPro is  consistent with  the  Federal  Government’s Enterprise Content Management  (ECM)  policy, which mandates the digitization of   official   records   and   the   elimination   of   physical   file   movements   across   all Ministries, Departments, and Agencies  (MDAs) .

“Accordingly,  all  external   correspondence  addressed  to  the   National   Identity Management Commission must be submitted via the NIMC WorkflowPro platform, accessible through the official portal link or by scanning the designated QR code:
Portal Link:https://workflowpro-nimc.com/Submit . Correspondence

To  support  effective  implementation,  NIMC  has  approved  a  30-day  transition period   from   the   date   of   this   announcement,   during  which  stakeholders   are expected  to acquaint themselves with  the  new  process.  Upon  the expiration of this   period,   the   Commission   will   discontinue   the   acceptance   of    manually submitted letters and paper-based correspondence.

“WorkflowPro  was   developed   by   NIMC’s   in-house   technical   team   under   the directive   of   the   Director-General/Chief   Executive   Officer,   Engr.   (Dr.)  Abisoye Coker-Odusote. The platform forms part of a broader institutional reform agenda aimed   at   strengthening    the   security   of    official   communications,    reducing administrative   delays,   and   entrenching   digital   governance  within   the   public service.

“The  National  Identity  Management  Commission  enjoins  all  stakeholders  to  take note of this policy directive and ensure full compliance.”


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