MTN Group (MTN) has published its 2024 annual reports under the theme ‘Accelerating Africa’s digital future,’ presenting a comprehensive view of its strong performance, strategic progress, and societal contributions, along with priorities for the year ahead.
In 2024, MTN Group’s service revenue totaled ZAR 177.756 billion. The group connected 290.9 million subscribers (up from 284.7 million in 2023), enabled internet access for 157.8 million active data users, and extended broadband coverage to 93% of the population. The group also advanced financial inclusion, reaching 63.1 million active MoMo users, while driving gender equity. Female representation stood at 43% and women in leadership roles totaled 32%. Overall, MTN added approximately ZAR 155 billion in economic value across its markets.
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Financials and Corporate Governance
MTN ended financial year (FY) 2024 with a 2.2% subscriber increase despite regulatory setbacks, exiting certain markets, and a decline in conflict-affected MTN Sudan. Active data subscribers grew by 7.7%, totaling 157.8 million (up 8.2% excluding joint ventures), while MoMo monthly active users (MAU) rose by 0.9% to 63.1 million. Data traffic surged 32.6% and fintech transaction volumes increased 15.3%.
MTN achieved 13.8% service revenue growth due to strong performances in the data (up 21.9%) and fintech (up 28.5%) sectors, while advanced services revenue grew by 52.0%. Voice revenue remained stable, increasing by 0.5%, with standout contributions from MTN Nigeria (up 14.2%) and MTN Uganda (up 12.7%). The postpaid consumer segment grew by 4.5%, while prepaid revenue rose by 0.8%; although, Q4 growth slowed to 0.3% year-over-year (YoY). Despite these gains, MTN’s service revenue declined 15.4% to ZAR 177.8 billion, and earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 10.2% to ZAR 70.1 billion.
MTN invested ZAR 206 million in corporate social initiatives, directly impacting 2.6 million individuals. This included 1.9 million youth, supported through education, digital skills, and job opportunities, and over one million women and girls empowered to foster gender equality and financial inclusion. Additionally, 200,972 people were reached through in-person training and upskilling, reinforcing MTN’s broader Ambition 2025 goals for digital and social empowerment across Africa.
“Ongoing engagement with stakeholders fosters open dialogue, ensuring their diverse perspectives shape our strategic direction,” explained Mcebisi Jonas, MTN Group Chair.
Looking ahead to 2025, our commitment to governance remains unchanged as we navigate the complexities of our environment with transparency and integrity.
Also Read: MTN Group Reshapes Leadership to Drive Ambition 2025
Sustainability, ESG, Climate Overview
MTN Group achieved a 46.2% reduction in Scope 1 and 2 emissions (451,126.1 tCO₂e) from its 2021 baseline, surpassing its 2024 target of 12.5%. This progress aligns with MTN’s broader net-zero ambition to eliminate greenhouse gas (GHG) emissions across its value chain by 2040, guided by the Science Based Targets initiative (SBTi). By 2030, MTN is targeting a 50% reduction in Scope 1 and 2 GHG emissions. Additionally, the company aims to have 80% of its suppliers align with science-based targets by 2026.
MTN’s Project Infinity has led to cost savings of USD 6.59 million, including USD 5.06 million in cost avoidance from the reuse of equipment by operating companies and USD 1.53 million through inter-company exchanges. Revenue generation efforts included USD 1.18 million from internal resales, USD 2.44 million from external market sales, and USD 1.6 million from recycling efforts. MTN also recycled 254 tonnes of waste through these initiatives, further reinforcing its commitment to circular economy principles.
MTN’s climate strategy is driven by Project Zero. Notably, as a result of the company’s sustainability efforts, it received a Carbon Disclosure Project (CDP) score of B. Its Sustainalytics risk score improved from 26.24 to 22.2, moving it further into the ‘medium risk’ category. As part of its Ambition 2025 strategy, MTN has been recognized as the top-ranked brand in the Sustainability Perception Values (SPV) Ranking Analysis.
“Despite global challenges and shifting dynamics, we remain resolute in our mission to create long-term value for our stakeholders while fostering a more connected, sustainable future,” said Ralph Mupita, Group President, and CEO.
Sustainability is not just a commitment; it is the foundation of MTN’s strategy to drive digital inclusion, economic growth and climate resilience across Africa.
Related: From Carbon Footprint to Clean Networks: Africa’s Telecom Sustainability Revolution
Transparency Report
MTN’s Responsible AI Policy is embedded within a broader ecosystem of governance frameworks and policies, reflecting a commitment to ethical AI adoption. The policy aligns with the BRAIN principles—Balance, Responsibility, Awareness, Integrity, and Nurturing—which guide the ethical implementation of AI tools.
Recognizing the evolving challenges in data privacy, MTN initiated Project Guardian to strengthen its privacy posture through 12 key components, including accountability, transparency, data minimization, integrity, security, and the protection of data subject rights.
MTN is a signatory of the United Nations Global Compact and a member of the Data Protection and Privacy Working Group. MTN also contributes to the GSMA Mobile Alliance Against Child Sexual Abuse Content (CSAM), the GSMA Sustainability Network on human rights, the Center for Internet Security, the Information Security Forum, the Global Network Initiative (GNI), the Joint Audit Co-operation (JAC), and the Global Enabling Sustainability Initiative (GeSI).
