MTN’s fintech transactions hit 17.6 billion in Nigeria by 2023.

March 25, 2024
1 min read


Key Points:

  • MTN’s fintech transaction volume in Nigeria increased to 17.6 billion in 2023.
  • MTN reported a resilient performance in 2023 despite profit loss in Nigeria.

Despite a major profit loss in its biggest market, Nigeria, MTN reported a resilient underlying operating performance for 2023 with sustained high demand for data and fintech services. The company declared a total dividend of 330 cents per share despite challenging macroeconomic conditions in several key markets. The volume of its fintech transactions in Nigeria increased by around a third to 17.6 billion, with the transaction value reaching US$272 billion. MTN also saw an increase in the number of its active data subscribers and Mobile Money (MoMo) users. These positive performances were attributed to the growth of advanced services in payments, bank tech, and remittance solutions. However, the company experienced a decline in profit by about 79% to $215.5 million, primarily due to inflation, the devaluation of the naira, and ongoing political tensions in certain markets. Overall, MTN’s resilience and growth in its fintech transactions showcase its ability to navigate challenging market conditions and maintain a strong foothold in Nigeria.

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