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MTN to Exit Middle East, Intensify Focus on Africa
The MTN Group expects to sustain its growth in the medium term, despite the continued impact of COVID-19 on global markets, as it readies an exit strategy for the Middle East and affirms focus on Africa.
The company outlined details as part of the presentation of its financial results for the first half of 2020.
Rob Shuter, MTN Group president and chief executive officer said: “As part of our ongoing portfolio review, we believe the group is best served to focus in the future on our pan-African strategy. We will therefore be exiting the Middle East in an orderly manner over the medium term. As a first step we are in advanced discussions to sell our 75% stake in MTN Syria.”
MTN reported service revenue growth of 9,4% to R80 billion and EBITDA growth of 10,9% to R42 billion. Headline earnings per share after non-operational impacts grew by 54%, operating free cash flow increased by 117,8% and ROE improved further to 14,1%.
Shuter added: “MTN’s first half performance affirmed the resilience of our people and business model as we delivered strong results against the backdrop of unprecedented socio- and macroeconomic uncertainty and challenges. As we navigate the pandemic and its effects, we have prioritised looking after our people, customers and networks while focusing on efficiencies.”
He said that work-from-home programmes continue for MTN staff; Y’ello Hope Packages are helping ease customers’ financial pressures; and MTN’s support for various other initiatives aims to limit the impact of COVID-19 on society.”
MTN added 11 million subscribers in the first six months of the year to reach a total base of 262 million. By end June 2020, the operator had 102 million active data users and 38 million active Mobile Money users.
“Despite lockdown restrictions impacting network rollout, MTN Group invested R10-billion in capital expenditure across our markets and brought a further 54 million people into 3G and 4G coverage. The focus on affordability of data saw the average rate per megabyte reduced by 34%,” the company stated.
The group made progress on the asset realisation programme, concluding the disposal of the tower company investments in Ghana and Uganda for R8,8 billion.
According to official results for the six months ended 30 June 2020, MTN Ghana continues to prioritise its investments in infrastructure expansion and have invested GH¢715.6 million in capex^ to date (2019 capex: GH¢803.1 million) “supporting significant improvement in network coverage, customer experience and quality of service (QoS).”
The company stated: “Following a strong overall performance in the first half of the year, we are cautious of the uncertainties surrounding the likely duration and related economic impact of the COVID-19 pandemic for the rest of the year.
“The potential areas of impact and focus remain our employee and customers’ safety; regulatory risk; supply chain delays and availability; liquidity, currency and counterparty risks management; and the potential revenue impact from reduced consumer spend.”
“We remain focused on our journey from a traditional mobile telecommunications operator to an emerging digital operator, with 2020 being the ‘Year of the customer: the digital experience’ with focus on digitalisation as a tool to enhance customer experience as well as create value for our shareholders.”
MTN did not declare an interim dividend given the continued uncertain impact of COVID-19 on the operating environment but will consider a final dividend should conditions warrant.
“While we expect the remainder of the year to be shaped by the ongoing challenges presented by the pandemic, we believe that MTN will remain comparatively resilient and is poised to sustain its growth over the medium term,” said Shuter.
News
PalmPay Launches CSR Initiatives to Empower Women, Foster Financial Literacy in Northern Nigeria
In a strategic move to expand financial inclusion in Nigeria, leading mobile banking platform, PalmPay has launched a series of CSR programs across Kano and Kaduna. The CSR initiative named “Passing the Baton” represents the brand’s commitment to passing on knowledge and providing the resources individuals and businesses need to achieve financial independence and drive economic empowerment.
This initiative is a bold move by PalmPay to bridge the opportunity gap in the North by providing financial literacy training and micro-business branding support to 5,000 women-owned businesses in Kano and Kaduna. This strategic initiative reaffirms PalmPay’s commitment to inclusive development and economic empowerment, particularly in underserved regions.
“At PalmPay, we believe that real financial inclusion must be far reaching and cover the grassroots,” said Chika Nwosu, Managing Director of PalmPay. “Our new CSR program is focused on supporting gender equity by equipping women with the knowledge, tools, and visibility they need to thrive as entrepreneurs in their communities.”
Through this initiative, beneficiaries will receive free health insurance, hands-on training workshops, enhanced store branding to boost visibility, and branded merchandise to strengthen their business presence.
The initiative is part of PalmPay’s broader strategy to extend its innovative solutions, expand its footprint in Northern Nigeria, while building sustainable partnerships with local stakeholders for long-term impact.
In a show of support, His Royal Highness, the Emir of Kano, Dr. Muhammadu Sanusi II, has endorsed the initiative, calling on other stakeholders to join forces with PalmPay in ensuring the North benefits fully from the growing digital economy. PalmPay has received commendation from community stakeholders, as the initiative aims to serve as a model for similar projects across other northern states.
As PalmPay continues to scale across Nigeria, the company remains committed to bridging the financial inclusion gap and empowering underserved groups, particularly women and youth, through its innovative solutions and impact initiatives.
Anambra State has once again demonstrated its leadership in digital transformation, emerging as one of Nigeria’s top three states in the 2025 e-Governance Report published by the Panorama CIAPS Governance Performance Index (CGPI).
According to the report — a collaborative effort between Nigerian Panorama and the Commonwealth Institute of Advanced Professional Studies (CIAPS) — Anambra ranks alongside Lagos and Enugu as the leading states in adopting and implementing e-governance practices that foster accountability, transparency, and improved service delivery.
In his remarks, Professor Anthony Kila, Director of CIAPS, emphasized the importance of e-governance in shaping how governments interact with citizens. “The centrality of e-governance allows us to assess the performance of state governments in the country. How the government treats the digital world says a lot about them,” he said.
The report evaluated states based on a comprehensive set of criteria, including website security, up-to-date content, public engagement, availability of online services, policy updates, and user accessibility. Anambra’s performance reflects the state’s deliberate investment in digital infrastructure and its commitment to leveraging technology as a tool for inclusive governance.
Reacting to the recognition, the Managing Director/CEO of the Anambra State ICT Agency, Chukwuemeka Fred Agbata, CFA, described the report as a welcome validation of the efforts being made under the leadership of Prof. Charles Chukwuma Soludo, CFR, to reposition Anambra as a liveable and prosperous smart mega-city.
“This is not just about being tech-savvy,” Agbata said. “It’s about using digital tools to create real impact — making the government more accessible, responsive, and transparent. Anambra is building a digital future that works for everyone.”
The CGPI Report recommended that all states intensify efforts to train public servants, maintain digital platforms effectively, and build user-friendly systems that keep citizens informed and empowered. For Anambra, this recognition serves both as a milestone and a motivation to scale new heights.
As the journey continues, Anambra remains focused on setting the pace for e-governance in Nigeria in line with the Governor’s mantra of Everything Technology & Technology Everywhere.
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