As part of efforts to combat fraud in upcoming nationwide SIM re-registration exercise, the National Communications Authority (NCA) has announced stringent measures.
According to the Authority, it will include a one-time password (OTP) verification to the process, this is to confirm the identity of SIM card owners, while enhancing the overall security of the registration process.
The Director-General of the NCA, Edmund Yirenkyi Fianko, gave the announcement on Sunday, March 22, while speaking to the media.
He added, “We are saying that you should not use your card to register numbers for others because you must give your consent. With the new system, you will receive an OTP, and by using it, you are confirming that you have approved the registration”.
On Monday, March 9, the Cabinet gave the green light for a completely new SIM registration exercise following an extensive review of the previous process.
This was announced by the Communication Minister, Samuel Nartey George, during high-level discussions with the Ghana Chamber of Telecommunications and the National Communications Authority on March 9.
Between 2021 and 2023, the erstwhile government ordered a SIM registration exercise in Ghana, which required all mobile subscribers to re‑register their SIM cards using the Ghana Card; an exercise aimed at checking fraud and enhancing national security, but was plagued by weak biometric enforcement, data inconsistencies, long queues, and widespread complaints, leaving many citizens frustrated and some SIMs blocked over incomplete processes or unsuccessful registration process.
Consequently, the Ningo Prampram MP revealed that the imminent exercise will not be a continuation of the previous one, which was undertaken by the former government, but will be a completely new reset exercise.
How different is this exercise from the previous one?Detailing the difference between the previous registration and the yet to be conducted one, Mr Nartey noted that the imminent exercise will feature centralised data under the National Communications Authority, strict biometric enforcement, cross‑network fraud prevention, and new legislation.
The Minister said, “A Central Equipment Identity Register (CEIR) will be introduced to enable cross-network blocking of stolen or fraud-linked devices”, adding that, “a revised Legislative Instrument (L.I.) is being prepared to regulate the exercise.”
Telecom operators who participated in the meeting welcomed the initiative but raised some operational concerns.However, it is not yet clear when the new registration exercise will commence or who will bear the cost of implementing it.
Meanwhile, NCA has emphasized that the decision for the re-registration exercise is to establish a more reliable subscriber database while correcting irregularities identified during earlier registration processes.
This information was disclosed by the Director-General of the National Communications Authority, Edmund Yirenkyi Fianko on Monday, March 9.
He noted that, “What we want to do is to have a single source of truth. We want to ensure the ID details are correct and that the person who brought the ID is indeed the person”.
According to him, documents submitted by subscribers during the first registration exercise conducted in 2011 did not meet verification standards, leading to inconsistencies in the subscriber database.
“This will be the third official registration process. The first one was done in 2011. The challenge with it is that there was no verification at all of the IDs. What we did was a manual verification of some limited cases along the way,” he said.
He added that, “There was supposed to be verification of the ID card; we did one part of it, but the second part didn’t happen. The policymaker, NIA, couldn’t get alignment to do the second phase, which was the validation of the biometric.”
“There are cases, including fake photos, where the same name is used by a different person. We saw fake IDs used to register”.
The New Patriotic Party (NPP) Ashanti Regional Communications Director, Paul Kwabena Yandoh, has alleged that the Ashanti Regional Chairman of the NPP, Bernard Antwi Boasiako, popularly known as Chairman Wontumi, is financially constrained
He describes the situation so bad that MTN does not allow money transfers to go through Wontumi’s Momo account with caution, something he experienced in his attempt to send money to Wontumi.
Speaking on Kumasi-based Ezra FM, in an interview that has since been shared on social media, he stated, “When you send the money, MTN sends it back. His account has been frozen and MTN will tell you not to send money into that account.
“So, Wontumi has been deprived a lot. Now, if he will talk, it’s only through WhatsApp. They even want to take his number from him.”
Chairman Wontumi, has been accused of aiding individuals to mine without proper licence at Samreboi concession.
This was made known during a court proceeding on Tuesday, October 7. Prosecutors have accused Chairman Wontumi, owner of Akonta Mining, and his co-director, Kwame Antwi, of illegally authorizing mining operations without the necessary licenses. The duo’s acts are criminal offenses under Ghana’s mining laws.
According to prosecutors, one Henry Okum told investigators that he got permission from Chairman Wontumi to mine in the Samreboi area because he thought Wontumi owned the land.
In Ghana, the Minister of Lands and Natural Resources, Emmanuel Armah-Kofi Buah, is solely responsible for authorizing mining licenses. Authorities are currently pursuing Kwame Antwi.Meanwhile, on Monday, October 6, he was granted bail in the sum of GH¢1 million with two sureties.
Chairman Wontumi made an appearance at the Criminal Investigations Department (CID) of the Ghana Police Service with his lawyer, Andy Appiah-Kubi, on Monday, October 6, after an order from the Attorney General (A-G) Dr. Dominic Ayine.
On Friday, October 3, Dr. Dominic Ayine threatened to arrest him if he failed to surrender himself to the CID. According to the Attorney General, little progress has been made in investigating the allegations as key documents have been withheld by some officials of the previous administration.
In April, the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, revoked the company’s mining license for illegally mining within the Tano Nimiri Forest Reserve in the Western North Region.
The Minister explained that Akonta Mining has extended its illegal activities to the Aboi and Tano Nimiri Forest Reserves despite possessing a valid license to operate outside of forest reserves. Reacting to the Minister’s statement, the company refuted claims leveled against its operations.
It emphasized in a press statement, “We are not responsible for the activities in the Tano Nimiri Forest Reserve. That responsibility lies solely with the Forestry Commission and the Ministry of Lands and Natural Resources”.
The company added that such claims are a deliberate attempt by the Minister to tarnish the reputation of the company.
“The decision by the Minister to publicly accuse us and call for the revocation of our license without any investigation or hearing is not just unfair, it is a clear breach of natural justice and a politically motivated act,” the company said.
In May, the Special Police Anti-galamsey Taskforce from the National Police Headquarters apprehended 17 suspects in connection with illegal mining activities (galamsey) at Samreboi in the Western Region.
The police nabbed the suspects, comprising seven Chinese nationals and 10 Ghanaians. The suspects were transported to Accra to assist with further investigations.
The anti-galamsey task force is intensifying operations within the Aowin Tano and Tano Anwia areas near Enchi, focusing on identifying additional persons of interest and protecting the affected forest reserves. The Ghana Police Service announced that it remains resolute in its support for national efforts to combat illegal mining.
There have been earlier anti-galamsey operations at Samreboi. About months ago, the Police arrested 58 suspects comprising 50 Ghanaians and 8 Chinese, and retrieved 85 excavators and 3 bulldozers to halt galamsey operations at Samreboi, along the Tano River, Wassa Dunkwa, Tigarikrom and surrounding communities in the Western Region.
Similar anti-galamsey operations were carried out by various Regional Police Commands across the regions as follows:The Western Regional Police Command arrested 19 suspects and retrieved 3 excavators and 3 pump-action guns, among other exhibits.
The Upper West Regional Police Command arrested 7 Ghanaian suspects and retrieved 11 changfangs and 3 motorbikes, among other exhibits.
The Eastern South Regional Police Command Region arrested 24 suspects, including one Burkinabe, and retrieved 5 excavators, 3 single-barrel guns, and 1 pump-action gun, among other exhibits.
The Western Central Regional Police Command arrested 85 suspects, comprising 76 Ghanaians and 9 Chinese, and also retrieved 11 excavators and other exhibits.
The Eastern North Regional Police Command also arrested 15 suspects, including one Chinese, and retrieved 4 excavator control boards, 9 monitors, and one pistol, among other exhibits.Meanwhile, the prosecution of suspected illegal miners is being pursued by the police.
On May 20, the Koforidua Circuit Court B granted 14 suspected illegal miners bail each in the sum of GHC350,000 with two sureties, with one to be justified with movable property.
The suspects were arrested on May 15 for illegally mining at Akyem Muoso in the Eastern Region by the Eastern South Regional Police Command.
At the time of the arrest, police retrieved a pump-action gun from one of the suspects, Zuberu Nuhoho, who failed to produce documentation for the weapon.
Two excavator control boards were also retrieved from the mining site. The accused persons were arraigned before the Koforidua Circuit Court B on May 16.
MTN Ghana’s Chief Executive Officer, Stephen Blewett, has disclosed that the company has invested over $1 billion in the last five years to enhance customer service.
This substantial investment, he said, highlights MTN’s continued dedication to ensuring an exceptional experience for its customers.
During his remarks, Blewett explained that the ongoing success of the company stems from its commitment to customer satisfaction. He also shared plans to make additional investments in the coming year.
“We are here because of our customers,” Blewett stated. “We want you to have an exceptional experience, not a poor network. MTN’s success today is a result of our commitment to investing over $200 million annually in our network.
“By the end of this year, we will have invested $1 billion over the past five years. And we’re planning to invest even more to continue enhancing our services.”
In addition to discussing the company’s investments, Blewett addressed the rising threat of mobile money fraud, encouraging customers to remain alert. He also shared a personal story from his first month at MTN when he was targeted by fraudsters.
“In my first month here, I received a call from a fraudster. He claimed I had made a transfer and tried to manipulate me into believing it. I decided to keep him on the phone for about 15 minutes, hoping that by doing so, he wouldn’t scam someone else.
“Eventually, I told him I was the CEO of MTN, and he didn’t believe me. He got upset and hung up. But this experience serves as a reminder of how important it is to stay vigilant.”
Assuring customers of MTN’s ongoing efforts to combat fraud, Blewett added that the company is continually working on improved solutions to better protect users.
“We are constantly asking ourselves how we can improve. We are applying the same customer-first mentality to tackle these issues and are exploring better solutions for our users.”
MTN Ghana’s CEO, Stephen Blewett, has shared a personal experience in which he was targeted by mobile money fraudsters, emphasizing the growing threat of scams in the country.
Speaking on his first anniversary as CEO, Blewett described how the incident unfolded during his first month at MTN Ghana. He received a call from a scammer who attempted to deceive him into believing that he had made a transfer.
“In my first month here, I received a call from a fraudster. He claimed I had made a transfer and tried to manipulate me into believing it. I decided to keep him on the phone for about 15 minutes, hoping that by doing so, he wouldn’t scam someone else,” Blewett recalled.
“Eventually, I told him I was the CEO of MTN, and he didn’t believe me. He got upset and hung up. But this experience serves as a reminder of how important it is to stay vigilant.”
Blewett reassured customers that MTN remains committed to fighting mobile money fraud, stressing that the company is actively working on ways to better protect users.
“We are constantly asking ourselves how we can improve. We are applying the same customer-first mentality to tackle these issues and are exploring better solutions for our users,” he stated.
Mobile money fraudsters are advancing strategies that utilize the trust and reliance of patrons on mobile money agents.
The fraudsters take the form of agents or connected people from the telecommunication network; they obtain customer details (including names and phone numbers) from agents’ record books or through illicit channels.
Using this information, they send a message that takes the messaging format of mobile money transaction prompts.
They follow up with a call to the targeted mobile money user, calling them by name, and sharing stories of their previous transaction making the scamming process appear legitimate and trustworthy.
The fraudster then claims there has been a wrong transaction or an error in depositing funds into the user’s account.
They will often pressure the user to send back the “excess” money or provide their private information, claiming that it’s necessary to resolve the supposed issue or threaten to block the user.
MTN Ghana and MTN Nigeria have introduced a cross-border payment feature on the MTN MoMo platform, enabling seamless money transfers between the two countries.
This innovation allows users in Ghana and Nigeria to send and receive funds directly into their local MoMo wallets, eliminating the need for third-party remittance services.
With this feature, transactions are expected to become faster, more convenient, and cost-effective, particularly benefiting traders, families, and businesses that frequently move money across borders. The initiative reinforces MTN’s position as a leader in mobile money services and promotes greater financial connectivity in Africa.
The Independent Ghana tested the cross-border transaction process, which involves:
Dialling *170# on an MTN line
Selecting option 1 (Transfer Money)
Choosing option 7 (Cross Border Payment)
Entering the recipient’s country code (+233 for Ghana or +234 for Nigeria) and completing the transaction.
However, the initiative has sparked regulatory concerns. Ghana’s Minister for Communications, Digital Technology, and Innovations, Sam George, has clarified that the Bank of Ghana has not granted MTN a license for cross-border mobile money transactions.
“I have received several frantic calls from players in Ghana’s fintech ecosystem deeply worried about a statement circulating today that MTN Ghana and MTN Nigeria have commenced cross-border payments,” George stated in a social media post.
“Despite our commitment to a seamless and inclusive financial ecosystem, there are regulations for the industry. My checks with the Bank of Ghana indicate that no such licence has been issued for cross-border payments,” he added.
He assured that his ministry would work with stakeholders to support innovation while ensuring compliance with financial regulations.
“We would work with all stakeholders as the Ministry for Digital Technology to ensure a favourable ecosystem that protects investments, supports innovation, and offers the best products to our citizens,” he affirmed.
This development has raised questions about regulatory oversight, particularly in light of the Foreign Exchange Act, 2006 (Act 723), which prohibits transactions in foreign currency within Ghana without proper authorization. Violators could face fines or imprisonment, reinforcing the need for financial service providers to operate within legal frameworks.
As the discussion unfolds, industry players and regulatory bodies are expected to engage further to clarify the status of MTN’s cross-border payment service and its implications for Ghana’s financial sector.
Minister for Communications, Digital Technology, and Innovations, Sam George, has clarified that the Bank of Ghana has not granted any license for cross-border payments between MTN Ghana and MTN Nigeria.
Recent reports suggested that the two telecom companies were rolling out cross-border payment services, triggering mixed reactions, particularly from fintech industry players.
Concerns were raised about the potential impact on Ghana’s financial technology landscape.
Addressing the issue in a social media post, he stated, “I have received several frantic calls from players in Ghana’s fintech ecosystem deeply worried about a statement circulating today that MTN Ghana and MTN Nigeria have commenced cross-border payments.
“Despite our commitment to a seamless and inclusive financial ecosystem, there are regulations for the industry. My checks with the Bank of Ghana indicate that no such licence has been issued for cross-border payments.”
He assured that the Ministry for Digital Technology would collaborate with relevant stakeholders to create a supportive environment for investment, technological advancement, and high-quality financial services.
“We would work with all stakeholders as the Ministry for Digital Technology to ensure a favourable ecosystem that protects investments, supports innovation and offers the best products to our citizens,” he affirmed.
As Ghana’s fintech sector continues to evolve, the government remains focused on ensuring that all developments align with national financial policies and regulatory standards.
The Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana. Such violations are punishable by summary conviction, a fine of up to seven hundred penalty units or a prison term of not more than eighteen months, or both. The sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa.
MTN Ghana has announced that its 7th Annual General Meeting of Shareholders will take place on Thursday, March 27, 2025, at 11:00 AM GMT.
The meeting will be held in a hybrid format, allowing shareholders to participate either in person at the Accra International Conference Centre or virtually via live streaming at https://mtnghagm.com.
The AGM will cover key agenda items, including a review of the company’s audited financial statements for the year ended December 31, 2024. Shareholders will also consider the Directors’ and Auditors’ reports for the period under review.
Additionally, the company will propose the declaration of a final dividend for the 2024 financial year. Another major item on the agenda will be the re-election and appointment of Directors. The board has put forward the re-election of Sugentharen Perumal, Fatima Daniels, Ebenezer Twum Asante, and Tsholofelo Molefe as Directors. Shareholders will also consider the appointment of Nosisa Fubu as a new Director.
The meeting will further seek approval for the Directors’ fees for the 2025 financial year and authorization for the board to determine the remuneration of the company’s Auditor for the same period.
The AGM provides an opportunity for shareholders to engage with the leadership of MTN Ghana on the company’s performance and strategic direction moving forward.
MTN Ghana has announced a profit after tax of GH₵5.03 billion for the financial year ending December 21, 2024.
This marks a significant 26.3 per cent increase from the GH₵3.98 billion recorded in 2023, reflecting the company’s continued growth and resilience.
Following this strong financial performance, the Board of Directors has proposed a final dividend of GH₵0.24 per share, up from GH₵0.175 per share in the previous year.
With this adjustment, the total dividend payout for 2024 stands at GH₵0.305 per share, representing a 35.6 per cent increase compared to 2023. This payout accounts for 80.26 per cent of profit after tax, aligning with MTN Ghana’s established dividend policy.
The final dividend is subject to shareholder approval, with key dates set for the ex-dividend date on Wednesday, April 2, 2025, and the dividend payment scheduled for Wednesday, April 16, 2025. Shareholders listed in MTN Ghana’s books as of Thursday, April 4, 2025, will qualify for the payout.
MTN Ghana CEO, Stephen Blewett, expressed confidence in the company’s performance despite prevailing economic challenges. “Our strategic initiatives and commitment to operational efficiency have delivered strong results, ensuring we continue to create value for our shareholders,” he stated.
Leading telecommunications company,MTN Ghana,has attributed recent disruptions in call and internet services to fibre cuts primarily caused by the actions of road contractors, property developers, and related activities.
The company noted that construction machinery has repeatedly damaged fibre optic cables—essential infrastructure for their services—despite ongoing discussions with relevant stakeholders. MTN described the situation as frustrating for both the company and its customers.
Many MTN subscribers have expressed dissatisfaction with the network’s performance, reporting difficulties in making calls, accessing the internet, or hearing the other party during calls.
During a media and stakeholder forum in Cape Coast, Mr. Teddy Hayford Acquah, the company’s Southwest Technical Manager, stated that fibre-related issues account for approximately 70 to 80 percent of the problems being faced.
He also mentioned that other challenges include thefts, where intruders break into cell sites to steal batteries, fuel, equipment, and other vital components.
This year alone, out of over 600 kilometers of fibre cables in the Central Region, 62 kilometers have been damaged, leading to repair costs of around five million Cedis for MTN.
“When it happens, service will go off if there are no alternative routes,” he explained, indicating that MTN had invested heavily in redundancies with fibre cables running from Cape Coast to Takoradi, Yamoransa and Assin, Winneba, Accra, Swedru, Kasoa, Twifo Praso and other areas.
However, the ongoing road dualisation project in Kasoa, a water pipe project at Bobikuma, and some developments along the Agona Swedru route were damaging the cables with impunity.
“So, if we are not fortunate and Kasoa goes down, which is happening every day, and these water people cut your cable, your only lifeline is the Agona Swedru cable.
“Once that one also goes down, that means we have a certain segment of sites that have to be isolated,” he stated.
The technical manager urged that fibre optic cables should now be considered a national security asset and called on both authorities and the public to take measures to safeguard them.
He highlighted the vital role of fibre optics in the rapidly evolving digital landscape, noting its superior capacity to facilitate the smooth implementation of technologies like the Internet of Things and the 5G network.
Mr. Acquah shared that MTN plans to add another 28 kilometers of fibre cables in the Central Region this year, with completion anticipated before November.
Madam Adwoa Afriyie Wiafe, Chief Corporate Services and Sustainability Officer, reaffirmed MTN’s dedication to Ghana’s economic growth, stating that the company contributed approximately GHS5.9 million in taxes in 2023.
She added that MTN is actively involved in various initiatives aimed at enhancing lives in sectors such as health, education, and economic empowerment, providing support through infrastructure development and funding.
Madam Wiafe assured that MTN is diligently collaborating with stakeholders to expand their coverage throughout the country to better serve citizens.
Mr. David Woasey, Area Sales Manager, cautioned the public to remain vigilant against Mobile Money (MoMo) fraudsters, who have developed new tactics to deceive subscribers.
He emphasized that while the company is continuously implementing protective measures for customers, individuals must also take personal precautions.
He advised customers to perform transactions independently and keep their PIN codes confidential at all times.
“Do not entertain any calls relating to your MoMo account,” he warned.
If you are a certain age and live in Accra, Tema, Kasoa, Takoradi, and their environs, there was probably a time when you thought Surfline was like, man, going to bankrupt MTN & Vodafone for real!
Nowadays, I hear folks on social media cursing and cussing, and shaking their fists at their Surfline modems gathering dust on corner stools. Some bought into the euphoria at its peak. And now the bloody devices won’t connect,
How we got here is both thrilling and tragic.
1. The spunky startup was founded in 2011 by one of Ghana’s most formidable fuel and real estate magnates. The company’s impetus was a new policy by the government to limit 4G broadband internet provision to local, Ghanaian-owned, companies. The big telco incumbents, all foreign-owned, were to be denied.
2. In 2013, Surfline and Blu were given shiny new 4G licenses, at $6m a pop. The next year, Surfline launched in Accra with support from Alcatel, IBM, Oracle, etc. It was a big deal. The only 4G network in West & Central Africa, that was the story.
3. In the ensuing years, other licensed local 4G players went live: Blu, Telesol, Broadband Home, and Busy Internet. Goldkey, one of the early licensees, however did not. Its owners chose to wait and see.
4. By June 2016, Surfline had ~81k subscribers, representing ~75% of the entire broadband 4G internet consumer base in Ghana. It was on course to $100 million in annual revenue, a major milestone on its medium-term commercial roadmap.
5. But what politicians give, they can also take away. That same year, policy changed. The government decided to allow the big telcos to play in the 4G space.
6. Surfline, all this while, had been burning cash fast. To sustain growth, it approached a South African investor, Vantage. Vantage brought German devopment fund, DEG (part of the behemoth KFW group), on board.
7. Thus, in 2015, Surfline raised $30m from the two foreign investors, guaranteed with the personal assets of its founder. The facility had a 5-year term and a dollar interest rate of 12%, to be jacked up to 15% if any interest payment was missed. A guaranteed minimum dividend of $10m linked to convertible equity was also in the mix.
8. MTN’s entry in February 2017, however, blocked further growth for all 4G broadband internet operators. Surfline began its terminal decline. By December 2020, it had lost 50% of its subscribers.
9. The shrewd real estate magnate and fuel nabob behind Goldkey took one look at the whole affair and simply sat on the license. At the first opportunity he flipped it to MTN and recouped his money.
10. Blu, which never really signed on more than 1500 customers throughout its rocky journey, left the scene around April 2021.
11. By December 2022, Broadband Home was down to less than 300 subscribers countrywide. Busy had given up the ghost a few months earlier. Telecol limped on till January 2023 and then bit the dust. MTN reportedly lapped up most of the licenses of these dead pioneers, thus increasing its spectrum resources, whilst its executives sang Master KG’s Jerusalema.
12. Four months later, in May 2023, Surfline’s creditors finally pulled the plug. Its datacenters and masts powered down. Modems and dongles and MiFi pads blinked, sputtered, also went offline in over 30,000 homes. The telecom regulator, NCA, mumbled something about “investigations” when folks pressed about their prepaid, now apparently worthless, credit on their Surfline devices.
13. For most Surfline subscribers, this is the story as they know it. But there was another tragic timeline. As the company started to bleed, it missed interest payments to Vantage in 2017 setting off a chain of events, which will lead to the founder’s real estate empire, Bay Developers, being taken over by the investors.
14. The takeover of Bay Developers, at a valuation of $15 million, was supposed to be part of a broader settlement of the indebtedness, in which shares of Surfline were to be transferred to Vantage and DEG, and the personal guarantee of Surfline’s founder vacated. A settlement agreement and consent judgment would even be secured to this effect.
15. However, as the company’s operational challenges deepened and debt piled up, an incoming strategic investor, the Botswana Development Corporation, backed off. Seeing as the transfer of shares from Surfline to Vantage had delayed because, according to Surfline’s principals, a no-objection was being sought from another investor, Vantage wrote to Surfline in June 2018 to revoke any commitment it had to a settlement that will extinguish the guarantee. All this drama while interest was compounding like mad.
16. Vantage was now committed to do everything to collect the outstanding amounts. Having sent a letter to Surfline in July 2018 calling on the guarantee, it shifted to war footing.
17. The next year, in 2019, DEG also declared a default on its $15 million portion of the facility. The total amount due DEG at this point was ~$34 million. Such is the power of compound interest.
18. Surfline was under massive competitive pressure from the big telcos all through this ordeal. Faced with savage odds on all fronts, it chose to double down on promotions to win marketshare and grow revenue.
19. In early 2021, Vantage was all set for war. It demanded that the accumulated interest and dividend of $27 million be paid in full. Then it activated the arbitration clause in the facility agreement. It also engaged DEG, and after discussions had the DEG portion of the facility assigned to it.
20. Surfline decided to fight back by suing Vantage in the Ghanaian courts and demanding that an injunction be placed on the arbitration process in London. That matter, in the usual fashion, soon got bogged down in the courts as the arbitration proceeded unabated.
21. In December 2022, after nearly two years of arbitration, the single arbitrator concluded that Surfline’s founder was personally liable for ~$59.4 of liabilities. The amount is to accrue interest of 15% annually from October 2022 so long as it remains unpaid.
22. The Founder of Surfline naturally feels aggrieved. He borrowed $30 million. He has been forced to hand over his real estate company to pay half of it. He was willing to relinquish equity in the business to the lenders to satisfy the remainder of the obligation, and perhaps even trade more for additional cash infusion. Instead, he is now saddled with over $70 million in debt and the corpse of a company. Unsurprisingly, he refuses to pay.
23. Vantage (also acting on behalf of DEG) are, on their part, determined to collect every cent. In their view, Surfline’s execution had been shoddy, and poor strategic choices, including failing to agree terms with the Botswanans and the decision to force out a strong CEO, had led to the squandering of their investors’ money.
24. So, we have an irresistible force in an encounter with an immovable object. Vantage has been scouring the Earth looking to trace and locate assets belonging to the Founder of Surfline and seize them. From Barclays bank accounts in the UK to various assets in Italy, Bermuda, Malta, and elsewhere. Its latest assault happened just two and half weeks ago, in the United States. It has eyes on a certain plump Bank of America account in New York belonging to their antagonist.
25. Throughout the arbitration proceedings it became clear that the wording of the loan agreement had received very limited input from the borrower. As is typical, the lender had crafted powerful covenants that bind like demonic chains. To the extent that arbitration tribunals and courts these days focus a lot on the “construction” of terms and provisions in contracts, Surfline’s founder had almost no chance of extricating himself.
26. If you are an angry Surfline customer, I suppose you now have some additional context as to how come your credit is now useless.
27. Business is war everywhere. In Africa, it can be Armageddon. And, as they say, you can always tell the pioneers by the arrows in their back.
A subscriber of leading telecommunications provider MTN has raised alarming concerns about the security of its Mobile Money (MoMo) service.
In a viral video she indicated that fraudsters have recently discovered a method to withdraw funds from users’ accounts without their authorization, circumventing the usual MoMo PIN protection.
The user described a distressing incident where scammers claimed to have sent money to her sister.
When her sister attempted to check her MoMo wallet, she said, a prompt for authorization appeared.
According to her she was confused because such prompts should not occur without the user actively enabling the cashout option.
She added that the situation worsened when the scammers persistently sent additional prompts and calls, even threatening to hack her phone if the user attempted to turn off her phone.
“These MTN fraudsters are becoming a nuisance. I recently had a banter with one. He said he had sent my sister some money. Immediately my sister attempted to check her MOMO wallet but I stopped her. All of a sudden there was a pop up on her phone to authorize payment. MTN I taught one cannot get such a prompt if he or she has not allowed the cash out option. So we dismissed that prompt. As if that was not enough they kept sending prompts. Can you believe they started disturbing her phone with calls. They even threatened to hack her phone if she tries turning off the call,” she added.
Meanwhile, MTN users have called for a more robust response from MTN to address these security concerns and prevent further unauthorized transactions.
MTN MOMO IS NOT SAFE AGAIN.
Fraudsters can now withdraw your cash without your authorization momo pin.
People are complaining but MTN has been quiet on the matter. Watch this
MTN Ghana has earned a profit of GH¢2.33 billion in the first half of 2024, marking a 36% increase compared to the previous year.
The company’s unaudited financial report reveals a 31.2% year-on-year rise in service revenue, driven by increased earnings from data, Mobile Money, and digital services, along with improved 4G connectivity and a 3.9% growth in its subscriber base.
MTN Ghana also allocated GH¢2.8 billion in capital expenditures to sustain network quality, broaden coverage and capacity, and upgrade its IT systems.
This investment supported a nationwide customer base of 28.4 million, with an additional 0.6 million customers added in the second quarter.
Voice revenue falls by 3.1%
Voice revenue fell by 3.1% year-on-year to GH¢1.7 billion as customers opted for more affordable plans. However, this decline was offset by a 13.7% increase in voice usage minutes, thanks to the company’s efforts to boost customer engagement through its value management programs. These measures also played a role in decreasing customer churn.
The share of voice revenue in total service revenue dropped from 29.1% to 21.5% year-on-year, shifting towards faster-growing products and services.
Data revenue grew strongly
Data revenue continued to grow strongly, up by 55.0% year-on-year to GH¢4.0 billion. This was supported by a 15.9% year-on-year increase in active data subscribers and a 7.2% year-on-year rise in megabytes consumed per active user per month which underpinned a 24.2% year-on-year growth in data traffic during the period.
The contribution of data revenue to total service revenue increased from 41.5% to 49.0% year-on-year.
Mobile money growth increased by 44.8%
Mobile Money revenue surged by 44.8% year-on-year to GH¢1.9 billion.
This growth was driven by a 16.2% year-on-year rise in the active user base, reflecting enhancements in digital financial solutions.
As a result, advanced services saw a 73.3% year-on-year increase, with cash-out services growing by 33.0% year-on-year and peer-to-peer transactions rising by 43.1% year-on-year.
Mobile Money’s share of total service revenue grew from 21.7% to 24.0% year-on-year.
Digital revenue grew strongly
Digital revenue saw a substantial increase of 59.4% year-on-year, reaching GH¢101.4 million.
This growth was mainly fueled by gains in video content, gaming, and ring-back tones.
Improvements in customer experience and a sustained emphasis on delivering both locally and globally relevant digital services played a key role in this expansion. The number of ayoba users grew by 14.8% year-on-year, totaling 2.9 million.
The MyMTN app also underwent several upgrades, amassing a user base of 1.6 million, with over 0.4 million active daily users. Plans are in place for additional enhancements and new features in the second half of the year to further improve the digital experience for users.
The share of digital revenue in total service revenue increased from 1.0% to 1.3% year-on-year.
Commenting, MTN Ghana Chief Executive Officer, Stephen Blewett, said “MTN Ghana delivered strong results in the first half of 2024, despite the difficult macroeconomic conditions. This reflects the resilience of the business and our ability to provide essential connectivity solutions to our customers. We have also been able to increase financial inclusion, supporting the further development of the country”.
Outlook
MTN Ghana said it will continue to invest to develop its platforms and improve its network and services to unlock value for stakeholders in line with our Ambition 2025 strategy.
“We continue to explore efficiency measures, preserve liquidity and strengthen the balance sheet against a backdrop of election-related and macroeconomic uncertainties. MTN Ghana maintains its medium-term guidance of high twenties (in percentage terms) growth in service revenue”, it explained.
MTN Ghana has announced a profit of GH¢2.33 billion for the first half of 2024, reflecting a significant 36% increase compared to the same period last year.
The company’s unaudited financial report reveals a 31.2% rise in service revenue year-on-year, driven by growth in data, Mobile Money, and digital services.
This increase was bolstered by improved 4G connectivity and a 3.9% expansion in the subscriber base, bringing the total to 28.4 million, with 0.6 million new subscribers added in Q2.
MTN Ghana invested GH¢2.8 billion in capital expenditures to enhance network quality, expand coverage, and upgrade IT systems.
Voice revenue decreased by 3.1% year-on-year to GH¢1.7 billion due to customers choosing more affordable plans.
However, there was a 13.7% increase in voice usage minutes, thanks to initiatives aimed at boosting customer engagement and reducing churn.
The proportion of voice revenue in total service revenue dropped from 29.1% to 21.5% year-on-year, as focus shifted towards faster-growing segments.
Data revenue saw a robust growth of 55.0% year-on-year, reaching GH¢4.0 billion.
This was supported by a 15.9% increase in active data subscribers and a 7.2% rise in data usage per user, leading to a 24.2% increase in data traffic.
The contribution of data revenue to total service revenue climbed from 41.5% to 49.0%.
Mobile Money revenue surged by 44.8% year-on-year to GH¢1.9 billion, driven by a 16.2% increase in active users and strong growth in advanced services, cash-out services, and peer-to-peer transactions. Mobile Money’s share of total service revenue rose from 21.7% to 24.0%.
Digital revenue grew by 59.4% year-on-year to GH¢101.4 million, primarily due to gains in video, gaming, and ring-back tones. The number of ayoba users increased by 14.8% to 2.9 million, while the MyMTN app expanded to 1.6 million users, with over 0.4 million using it daily.
The company plans further upgrades and new features for the app in the latter half of the year.
MTN Ghana’s CEO, Stephen Blewett, stated, “MTN Ghana delivered strong results in the first half of 2024, despite the difficult macroeconomic conditions. This reflects the resilience of the business and our ability to provide essential connectivity solutions to our customers. We have also been able to increase financial inclusion, supporting the further development of the country”.
Looking forward, MTN Ghana will continue to invest in platform development, network improvements, and service enhancements in line with its Ambition 2025 strategy.
The company aims to enhance efficiency, maintain liquidity, and strengthen its balance sheet amid ongoing economic and political uncertainties, with a medium-term revenue growth outlook in the high twenties percentage range.
MTN, a leading telecommunications provider, has pledged to maintain high-quality service and address the technical issues caused by recent fiber optic cable damage in the Ashanti Region.
Over the past seven months, the company has faced 471 attacks on its underground fiber network, impacting 38 cables and leading to access issues at multiple sites.
These disruptions, primarily caused by ongoing construction activities, have affected customers in the region.
Charles Osei Akoto, the Regional Technical Head for the Northern Sector, discussed these challenges during a media forum in Kumasi attended by local media representatives, Momo operators, SMEs, and banks.
He assured attendees that MTN is taking all possible technical measures to restore and maintain service quality.
At the forum, Mr. Nii Adotey Mingle, General Manager for the Northern District, shared MTN’s latest initiatives, including a restructured approach to better support small and medium enterprises, like those in the Kejetia market.
He also highlighted improvements in the company’s call center operations, aiming to make the Interactive Voice Response (IVR) system more user-friendly and reduce the need for in-person visits to MTN offices.
The goal is to streamline customer service and manage the high volume of incoming calls more effectively.
Additionally, Mingle reported that the MTN Ghana Foundation has invested GHS106.5 million in various social projects, benefiting 4.5 million people across the country. These initiatives focus on education, healthcare, economic empowerment, and general community welfare.
A woman in her twenties was apprehended in Nkawkaw after trying to steal GH¢40,000 from a mobile money vendor.
She pretended to withdraw money but secretly grabbed the cash, stashing it in her side bag.
Unaware she was caught on CCTV, she tried to flee but was quickly stopped by residents who recovered the stolen money.
Though dealt with fairly, she faced public humiliation and heckling from bystanders drawn by the commotion.
A young lady believed to be in her 20s was càught by some residents of Nkawkaw after CCTV footage revealed her making away with GHS40,000 from a mobile money vendor. pic.twitter.com/75EOMJHnZv
The Minister of Communication and Digitalisation, Ursula Owusu-Ekuful, has clarified that MTN, one of Ghana’s leading telecommunications companies, is not excluded from the 5G rollout plans.
When the government announced its plans to introduce 5G within the next six months on May 30, industry experts questioned why MTN was not part of the consortium – Next-Gen InfraCo (NGIC) – tasked with implementing the 5G network.
Addressing the issue on the Citi Breakfast Show on Monday, June 24, the Ablekuma West MP informed host Bernard Avle that MTN will be involved in the rollout at some point.
She refuted claims of MTN being deliberately excluded, calling them false alarms and far from the truth.
“I don’t know who created that impression. Somebody threw it out there, and nobody spoke to me or any of those involved in putting this consortium together before spreading this false alarm. It is not true,” she stated.
“…Discussions are ongoing. All network operators in the country are being offered the opportunity to take up equity in this Next-Gen InfraCo, all of them, including MTN.”
The companies that make up the 5G consortium are Ascend Digital, K-NET, Radisys, Nokia, Tech Mahindra, and two telcos, AT Ghana and Telecel Ghana.
The collapse of broadband service providers like Surfline has been attributed by the Minister for Communication and Digitalisation, Ursula Owusu-Ekuful, to the 2015 decision to auction the 4G spectrum primarily to mobile networks, particularly MTN.
Owusu-Ekuful highlighted that this auction significantly disadvantaged broadband operators while favoring mobile operators, leading directly to the demise of local broadband wireless companies.
In an exclusive interview with Bernard Avle on the Citi Breakfast Show on Citi FM, she emphasized the government’s recognition of the adverse impact on these operators and expressed ongoing efforts to support their sustainability.
“Decisions taken in 2015 led directly to the collapse of these companies, these local broadband wireless operators who didn’t stand the chance once the space was opened up to the mobile network operators.
“It is as if we gave with one hand and took with the other. I have had extensive conversations with them to see how we can support them and it is not just Surfline which exited the market but Blue Broadband was also in there.”
According to Owusu-Ekuful, the auctioning of the 4G spectrum began weakening broadband providers, despite earlier assurances of exclusivity in the broadband space for local operators.
“Government sold spectrum to local operators to do broadband on the understanding that they would be given exclusivity in that space, while mobile network operators did voice and procured data services from them [broadband operators] if they wanted to give those data services to their subscribers.
“After promising them exclusivity, we went ahead and auctioned the 4G to these same big players, who MTN then acquired the spectrum because it has so much more financial muscle than these local entities and so MTN cornered the market.
The minister underscored that the spectrum’s pricing at the time made it accessible only to MTN, consolidating its position and marginalizing smaller broadband operators.
“At the price, the spectrum was pegged at the time, it was only MTN that could buy it and that made it possible for them to corner the high-speed data market and blow the rest of the operators out of the market.”
The Minister of Communication and Digitalisation, Ursula Owusu-Ekuful, has clarified that MTN, one of Ghana’s leading telecommunications companies, has not been excluded from the country’s 5G rollout plans.
The announcement comes after concerns were raised by industry experts when the government revealed its intention to introduce 5G within the next six months, with MTN not initially included in the consortium – Next-Gen InfraCo (NGIC) – tasked with implementing the 5G network.
In an interview on the Citi Breakfast Show, Owusu-Ekuful addressed the issue, stating that MTN will be involved in the 5G rollout at some point.
She refuted claims that MTN was deliberately excluded, calling them a false alarm and far from the truth.
“I don’t know who created that impression. Somebody threw it out there, and nobody spoke to me or any of those involved in putting this consortium together before spreading this false alarm. It is not true,” she clarified.
Owusu-Ekuful further explained that discussions are ongoing, and all network operators in the country, including MTN, are being offered the opportunity to take up equity in the Next-Gen InfraCo.
The consortium responsible for the 5G rollout includes Ascend Digital, K-NET, Radisys, Nokia, and Tech Mahindra, along with two telcos, AT Ghana and Telecel Ghana.
The Minister for Communications and Digitalisation, @UrsulaOw was asked by @benkoku on the Citi Breakfast Show whether MTN will be involved in the consortium to build a 5G network in Ghana.
Chief Enterprises Business Officer at MTN Ghana,Angela Mensah-Poku, emphasized the importance of prioritizing financial and digital literacy within the financial inclusion ecosystem to foster industry growth.
Addressing stakeholders at MTN’s Business Executive Breakfast Series on the theme “Bridging the Credit Risk Gap for SMEs in Ghana,” Mensah-Poku stressed that while technology and innovation are essential drivers, financial and digital literacy serve as fundamental pillars.
She underscored that without adequate education in these areas, achieving financial wealth and bridging the financial inclusion gap remains a challenge.
“Financial Inclusion, technology is nothing when there is no education on financial and digital literacy. We will never be able to attain financial wealth,” she said.
Mensah-Poku called for consistent collaboration within the industry, leveraging technology to enhance transaction visibility, facilitate lending to suppliers, and create an inclusive ecosystem beneficial to all participants.
CEO of Mobile Money Limited, Shaibu Haruna, highlighted SMEs as pivotal to Ghana’s economy, noting MTN’s commitment to leveraging technology to assess credit risks and predict customer repayment capabilities.
He emphasized the success of microloan products based on customer transaction data and expressed optimism about tailored product offerings for SMEs.
“We are using our customer transaction data to predict their ability to pay and risks around default. The success story we have seen with our micro loan products is going to influence how we shape products for the future, and we are excited by the prospects of introducing products that address the specific needs of SMEs in Ghana.
“We can profile them for the levels of credit that we want to provide them in partnership with the banks or financial service providers and educate our customers constantly about the risks of financial transactions which are centered around social engineering,” he added.
Haruna further explained how digital footprints from merchant and agent transactions inform customer profiles, enabling strategic credit partnerships with banks and financial service providers. He stressed the importance of continuous customer education on transaction risks, particularly related to social engineering.
Kwame Anim-Somuah, CEO of A. S. Farms and a Poultry Farmer, shared insights into the unique credit needs of agricultural businesses. He highlighted technology’s role in showcasing these needs to financial institutions and advocated for tailored credit scoring methodologies that reflect the specificities of the agriculture sector.
Anim-Somuah emphasized the prolonged return cycles in agriculture compared to other industries and called for interest rates structured according to individual performance rather than generic scores.
In conclusion, the discussions underscored the critical role of financial and digital literacy in empowering SMEs, leveraging technology for credit assessment, and tailoring financial products to meet sector-specific needs, particularly in agriculture.
In a heartfelt outcry reflecting the sentiments of many, a Ghanaian woman has voiced her frustration over the escalating costs of data bundles provided by telecommunications provider MTN Ghana.
In a viral video, she urged MTN to consider the economic realities of their customers and called for more affordable data options.
The woman emphasized the hardship faced by business owners who rely on internet connectivity for their operations, noting that they are increasingly using their profits to purchase data bundles.
According to her, the increase in data prices has impacted everyday life for many in the country, forcing individuals to use their food money to buy data bundles.
Hello MTN,
You people are getting out of hand. The ordinary Ghanaian is not your target market we believe huh? pic.twitter.com/bPnWWucero
“MTN, why, you people doing too much. Data bundle is almost 70 GH which is not even up to 10 gig. We can’t buy data for 3gh no more. The lowest is 15 GH. Business owners are using their profits to purchase data bundles. You people are killing us. Ghana is hard, we use the little money that can be used for food to purchase data. Ghana is in a dire state. I am tired,” she added.
MTN Ghana’s price adjustment, implemented on Tuesday, November 28, 2023, affected various services, including voice, SMS, data, Fiber Broadband, and Fixed Wireless Access (4G Router/Turbonet) for customers.
Despite criticism from Ghanaians on social media expressing dissatisfaction with the significant price hike, MTN Ghana defended the move.
As a Significant Market Power (SMP) firm, MTN Ghana explained that the price increase was necessary to sustain its business operations.
Chief Commercial Officer for MTN Ghana, Mr. Noel Kojo-Ganson, explained that market pressures necessitated the increase.
“The review has become necessary due to increased operational costs. The review will allow MTN Ghana to continue to make the investments required to sustain its business going forward,” MTN said in a statement.
“We are very mindful of the challenging economic conditions and the increasing cost of inputs for our business. The price review is necessary to enable us to continue to sustain the business and make the needed investments in the network and new innovations to enhance customer experience,” Mr. Noel Kojo-Ganson added.
Effective June 30, 2024, MTN Ghana scratch cards introduced in 2020 will be gradually discontinued.
This means that from July 1, 2024, customers with unused MTN scratch cards will no longer be able to recharge them.
According to a statement issued by the company on May 23, 2024, Chief Sales and Distribution Officer, Samuel Addo, emphasized that customers can redeem the value of their scratch cards through Credit transfer at any MTN Customer Experience Centre.
The company’s decision aligns with MTN’s strategy to pioneer digital solutions in Ghana and beyond, while also supporting the Government of Ghana’s digitalization agenda.
Addo highlighted that phasing out scratch cards is part of their efforts to protect the environment, encourage digital usage among customers, and enhance customer service efficiency.
“The phasing out of the scratch cards is one of the avenues to help us protect the environment, empower customers to drive digital usage and make customer service delivery more efficient”.
MTN urged customers to utilize existing digital channels such as MoMo, Ayoba, and the myMTN app for recharging purposes.
Additionally, customers will receive a 50% bonus on all recharges made via Mobile Money as part of MTN’s commitment to environmental sustainability.
“As part of our commitment towards a clean environment, customers enjoy 50% bonus on all recharges done via Mobile Money.”
CEO of MTN Ghana, Stephen Blewett, emphasized that despite progress in digital technology across Africa, the continent still lags behind the global standard in mobile adoption and innovation.
He identified challenges such as limited infrastructure coverage, high costs of data and smartphones, and a lack of digital skills training as barriers to internet access, particularly for vulnerable groups like women.
Blewett made these remarks during the opening of the ongoing 3i Africa Summit at the Accra International Conference Center.
The summit, themed ‘Unleashing Africa’s FinTech and Digital Economic Potential,’ aims to foster collaboration among stakeholders to drive innovation throughout Africa.
It is a collaborative effort by the Bank of Ghana, Development Bank of Ghana, and the Monetary Authority of Singapore.
The 3i Africa Summit serves as a platform to showcase and stimulate Africa’s FinTech and digital potential, with a focus on transforming the continent’s economic landscape through sustainable capital allocation.
Blewett emphasized the significance of the African fintech ecosystem in propelling a digital revolution in his address.
He said, “Africa’s fintech ecosystem is the engine that will drive its digital revolution and economic development in the coming years.
Fintech can stimulate local economies and drive progress across the continent in several ways – financial inclusion, innovation and entrepreneurship, job creation, cross-border transactions and payments, digital identity and security, agriculture and rural development, government services, investment, and funding, as well as digital and financial literacy.
The success of services like MTN’s Mobile Money and Vodafone and Safaricom’s M-pesa provide sufficient evidence of the ability of fintech to revolutionize business on the continent and provide millions of people with access to essential financial services.”
He added, “Despite these gains, Africa lags far behind the world in mobile adoption and innovation. Constraints such as low infrastructure coverage, affordability of data and smartphones, and lack of digital skills training continue to inhibit access to the Internet among vulnerable groups, especially women.
We must therefore make every effort to remove these bottlenecks and close the usage gap by improving data coverage and lowering the cost of data and data-enabled devices especially in rural and low-income areas and enhance digital literacy.”
Stephen Blewett also addressed the topic of sustainability, urging business leaders and policymakers to prioritize the integration of Environmental, Social, and Governance (ESG) practices into their commercial endeavors. He emphasized the importance of maintaining a focus on sustainability in all aspects of business operations.
“We must not lose sight of the impact that our actions have on our environment and society and strive towards creating shared value in business outcomes. We must progressively reduce our carbon footprints by investing in renewable energy, and other energy-efficient tools and technologies that lead to efficiency.
We must take up the challenge of placing Environment, Social, and Governance (ESG) at the heart of our commercial activities and support the achievement of the UN’s Sustainable Development Goals. I believe that together, we can shape an Africa that not only thrives in the digital age but also serves as a shining example of inclusive and sustainable development.”
Additional speakers from MTN include Shaibu Haruna, CEO of Mobile Money Limited Ghana, and Eli Hini, CEO of MoMo PSB in Nigeria. Also present are Cedric Nguessan, representingMTN Group Finco Payments and E-Commerce, Angela Mensah-Poku, Chief Enterprise Business Officer for MTN Ghana, and Dario Bianchi, Chief Digital Officer at MTN Ghana.
In March 2024, the Ghana Stock Exchange (GSE) witnessed a surge in its equities market, with several companies recording significant gains.
Scancom Plc (MTN Ghana) and NewGold particularly stood out, achieving new all-time high share prices.
According to the March 2024 Summary of Market Activities, the top performers for the month were NewGold (20.83% increase), Scancom PLC or MTN Ghana (12.86% increase), Unilever Ghana PLC (10.13% increase), Access Bank Ghana PLC (9.88% increase), GCB Bank PLC (0.88% increase), and Ecobank Ghana PLC (0.83% increase).
The GSE Composite Index experienced a notable 7.07% increase in March 2024, bringing the year-to-date gains to 10.41%. Meanwhile, the Financial Stock Index showed a more moderate gain of 0.38%, with a year-to-date gain of 5.25%.
The Ghana Fixed Income Market also saw significant activity, with a total traded volume of 12.61 billion, marking a substantial 126.43% increase compared to the same period last year.
Long-term government securities accounted for 33.26% of the market activity, while short-term government instruments made up 65.84%, and corporate securities comprised the remaining 0.90%.
MTN Ghana‘s Board Chairman, Ishmael Yamson, revealed at the company’s annual general meeting (AGM) in Accra that in the previous year, MTN paid GH¢5.9 billion in direct and indirect taxes, along with an additional GH¢0.4 billion in fees, levies, and other payments to government agencies.
These payments represented 47.1 percent of MTN’s total revenue contributed to the government for the 2023 financial year.
Mr. Yamson reaffirmed MTN Ghana’s commitment to serving as a development partner to the government by contributing to the fiscal and socio-economic advancement of the country.
In his update on the company’s performance for the year 2023, Mr. Yamson highlighted MTN’s successful navigation of challenges in the business environment to achieve notable success during the period. He attributed this success to the company’s ongoing commitment to the disciplined execution of its strategic objectives.
“In the past year, the Ghanaian economy faced several challenges that impacted the business environment. These included elevated inflation and a tight monetary policy which led to an increase in the domestic cost of capital,” he said.
In response to economic challenges, the government launched a three-year fiscal adjustment and reform program, supported by a US$3 billion Extended Credit Facility from the International Monetary Fund (IMF).
As part of the IMF program requirements, the government initiated a Domestic Debt Exchange Program (DDEP) aimed at restoring the country’s debt sustainability. The initial phase of the DDEP, which primarily involved domestic creditors, resulted in reduced interest income on investments and prolonged the period required for bondholders, including financial institutions, to recover their invested capital in Treasury bonds.
As a consequence, the cost of credit increased, access to new capital became limited, and the domestic investment environment was hindered. However, the second phase involving external creditors has yet to be finalized and implemented.
“Despite these challenges, I am happy to report that our company has continued to demonstrate discipline in executing on its strategic goals for 2023. This success is a testament to the hard work, dedication and resilience of our employees, as well as the support of our valued partners,” the board chair added.
Chief Executive Officer of MTN Ghana, Selorm Adadevoh, offered additional details on the company’s performance in 2023, noting that service revenue saw a year-on-year (YoY) increase of 34.6 percent. This growth was fueled by significant contributions from voice, data, and mobile money revenue streams.
“This growth can be attributed to well-executed commercial strategies and our focused investment in maintaining high network quality, expanding coverage and delivering a good experience to our customers, as well as achieving progress in our pricing initiatives across the business,” he reported.
According him, the national SIM re-registration exercise posed a challenge in the company’s subscriber base, resulting in a 6.3 percent YoY decrease.
“Despite the challenges presented and the potential implications on the business, our unwavering commitment to providing high-quality services to attract new customers and retain existing ones helped partially mitigate the full impact of the national SIM re-registration exercise on the business,” he stated.
Financial performance
MTN Ghana’s financial report for 2023 shows a robust performance with a strong total revenue growth of 34.6 percent compared to the previous year.
According to its annual report, the growth was achieved through targeted business strategies that led to an increase in voice, data and mobile money revenues.
As part of the company’s commitment to disciplined execution, the management team executed the expense efficiency programme proactively to control costs, maintain profitability and ensure business growth.
As a result, earnings before interest, taxes, depreciation and amortisation (EBITDA) grew by an outstanding 40.2 percent year-on-vear (YoY), and EBITDA margin also increased by 23 percentage points from 56.1percent in 2022 to 58.4percent, portions of the report read.
Profit after tax also grew by 39.4 percent YoY and earnings per share increased by 29.5 percent YoY.
“These impressive results demonstrate the company’s commitment to driving sustainable business growth in challenging times,” the report further noted.
Telecommunications giant MTN has announced the reestablishment of internet network capacity, ensuring enhanced data services for users.
Disruptions in internet services have affected Ghanaians due to cuts in undersea fiber optic cables, impacting essential internet services since Thursday, March 14, 2024.
On March 24, 2024, MTN released a statement confirming the utilization of alternative cables to support customers and committed to providing updates on ongoing repair efforts.
The company anticipates that repairing the undersea cables may take approximately 5 to 7 weeks.
Additionally, MTN has promised to restore lost data bundles for customers affected by the service interruption.
“We are happy to inform you that MTN has restored normal internet network capacity to provide improved data services. We appreciate your patience during the recent service interruption.
“Please note that the repair works on the undersea cables are still ongoing and we expect this process to take about 5 to 7 weeks. We are therefore utilising alternative cables to support our customers. We will update you when meaningful progress has been made on the repair works.”
Read below the statement by MTN
Customer Update 6: MTN has restored normal data services
Dear Valued Customer,
We are happy to inform you that MTN has restored normal internet network capacity to provide improved data services. We appreciate your patience during the recent service interruption.
Please note that the repair works on the undersea cables are still ongoing and we expect this process to take about 5 to 7 weeks. We are therefore utilising alternative cables to support our customers. We will update you when meaningful progress has been made on the repair works.
For customers who may have lost special data bundles as a result of the disruption, we will restore them and notify you directly.
We thank you for your continued loyalty and support and look forward to providing you with the best possible services.
Director General of the National Communications Authority (NCA), Dr. Joe Anokye, has expressed his expectation that Mobile Network Operators (MNOs) will consider offering compensation to subscribers for any losses incurred during the recent internet disruptions.
However, he clarified that the decision to provide compensation rests with the MNOs, as they are independent entities, and the NCA will need to wait for their decision before taking any further action.
“That discussion is currently ongoing. In fact, the message that I received from Telecel this morning said they are looking into that. So, I expect that the MNOs will have to, but each MNO is independent.”
“They will have to make that decision. And then NCA will look at their decision and then, hopefully. It will depend on the decision that can come from them,” he told Citinews.
Since Thursday, March 14, 2024, there have been disruptions in Mobile Network Operations due to cuts in undersea fiber optic cables, which are crucial for internet connectivity in Ghana.
These disruptions have resulted in many Ghanaians being left without internet access.
Meanwhile, Mobile network operator Telecel Ghana has announced plans to refund customers for data bundles that expired without use during the recent internet outage crisis.
In a statement issued on Tuesday, March 19, Telecel informed subscribers that it has now secured 100% of its internet capacity and services have been fully restored.
The notice, which was shared on Telecel’s social media channels, acknowledged the patience and understanding of customers during the period of disruptions to internet services.
“Telecel Ghana is pleased to inform you that we secured 100% of our internet capacity and services are being restored. We appreciate your patience and understanding during this period. Please be assured that our team has started work on refunds of expired bundles and related issues,” it reads.
Telecommunication companies, MTN Ghana and Telecel, have informed their customers that they have successfully secured additional operational capacity from their international partners.
This measure aims to enhance internet connectivity amid the ongoing interruptions caused by cuts in undersea fiber optic cables.
In their latest update, MTN Ghana and Telecel assured their customers of exploring all options to ease the data challenges that they are currently experiencing.
Mobile network operations have been disrupted since Thursday, March 14, which has left many Ghanaians without internet connections.
According to the National Communications Authority (NCA), it will take at least five weeks for the current situation to be resolved.
MTN and Telecel Internet services have been successfully restored following an undersea cable fault.
The disruption occurred on 16th March 2024 at 12:00 midnight, affecting users’ ability to access various online platforms using MTN or Telecel.
The fault caused unexpected disruptions for MTN and Telecel internet users, impacting individuals and businesses reliant on internet connectivity for communication and commerce. The undersea cables, which are situated on the ocean floor, play a crucial role in transmitting vast amounts of data.
Despite the challenges posed by the undersea cable fault, MTN and Telecel managed to swiftly restore internet services. Their prompt response and efficient restoration efforts helped mitigate the inconvenience experienced by their users.
For those looking to purchase an MTN internet bundle in Ghana, there are several ways to do so.
USSD Code: This is the most common way to buy a bundle. Dial *138# on your phone and follow the prompts:
Choose option 1 (“Buy Data Bundle”).
Select option 1 (“Buy for yourself”) or 2 (“Buy for others”).
Choose your preferred data bundle from the listed options.
MyMTN App: Download the MyMTN App from the Google Play Store or Apple App Store. You can then browse and purchase data bundles directly from the app.
MTN Website: Visit the MTN website https://mtn.com.gh/ and navigate to their bundle offers section. You may be able to purchase bundles directly from the website.
How To Buy Telecel Internet Bundle
Telecel data bundles in Ghana can be purchased through various methods, including the Telecel Play App, using the USSD Menu, using Mobile Money services like MTN Momo or AirtelTigo Money, or purchasing scratch cards with data bundle codes from partnered shops and vendors.
MTN Group and Huawei have formalized a strategic partnership by signing a Memorandum of Understanding (MoU) at MWC Barcelona, Spain.
The agreement establishes a Joint Innovation Technology Lab, located at MTN Group’s headquarters in South Africa, with the aim of enhancing collaboration in technological innovation.
This lab will function as a neutral platform for fostering cooperation within Africa’s digital ecosystem, expediting the development and adoption of innovative digital solutions across the continent.
The partnership focuses on key areas such as 5G and beyond, Artificial Intelligence, Big Data analytics, cloud computing, and digital financial services.
Both companies are committed to addressing Africa’s unique challenges, including rural network coverage, energy efficiency, and affordability, and accelerating the time-to-market of MTN’s products and services.
The collaboration emphasizes active participation from MTN’s operational teams to ensure solutions directly address real-world challenges, fostering digital transformation and sustainable development in Africa.
MTN’s Group Chief Technology and Information Officer, Mazen Mroué, expressed optimism about the partnership, emphasizing its significance in nurturing Africa’s digital ecosystem.
Huawei’s Corporate Senior Vice President, Li Peng, underscored their commitment to innovating with MTN, aiming to provide tailored products and solutions for Africa’s distinctive market needs.
The partnership exemplifies MTN and Huawei’s shared dedication to shaping Africa’s digital landscape, fostering innovation, digital inclusion, and economic growth.
Huawei will showcase its latest products and solutions at MWC Barcelona 2024, continuing its collaboration with operators worldwide for exciting innovations in networks, cloud, and intelligence, driving 5G business and facilitating intelligent digital transformation.
In adherence to a directive from the National Communications Authority (NCA), MTN Ghana has taken action to block 4.8 million subscribers who did not re-register their SIM cards with a Ghana card.
As a result, there has been a 6.3% decline in the telecom giant’s subscriber base, now totaling 26.8 million as of the conclusion of 2023.
Earlier, by May 31, 2023, MTN Ghana had initially blocked 5.4 million SIMs not registered with the Ghana card; however, 600,000 of them were successfully re-registered.
The comprehensive re-registration of all SIM cards using the Ghana National ID card was carried out nationwide by the NCA and telecom operators, completing the process by May 2023.
In accordance with a directive from the National Communications Authority (NCA), MTN Ghana has blocked 4.8 million subscribers who failed to re-register their SIM cards with the Ghana card.
As a result, the telecom giant reported a decrease in its subscriber base by 6.3%, amounting to 26.8 million subscribers by the end of 2023.
MTN Ghana had initially blocked 5.4 million SIMs that were not registered with the Ghana card as of May 31, 2023. However, 600,000 SIMs from this group were successfully re-registered.
The nationwide re-registration of all SIM cards using the Ghana National ID card was initiated by the NCA through telecom operators in October 2021. The exercise was concluded at the end of May 2023.
Selorm Adadevoh, the outgoing Chief Executive of MTN Ghana, has emphasized that the company currently has no immediate plans to establish a bank through its mobile money business.
He further stated that MTN’s focus is on collaborating with commercial banks to provide financial services to its subscribers.
“I get this question a lot, but as at today, I want to assure you that this is not on the table. MTN is committed to working with the commercial banks to expand the fintech eco system,” he said on JoyNews’ PM EXPRESS BUSINESS EDITION on February 15, 2024.
When asked about the possibility of MTN establishing a bank upon assuming his new role as Chief Commercial Officer of the group, Mr. Adadevoh stated that he did not have an answer to that question.
Speculation about MTN Ghana’s intention to become a bank has circulated for some time. The telecom operator was observed by some to be installing machines resembling ATMs in strategic locations, but these were later removed.
MTN’s dominance in the mobile money sector has seen significant growth. The Bank of Ghana, in regulating the mobile money sector, mandated telecom operators to separate mobile money operations from their core telecommunications activities. This led to the establishment of MTN Mobile Money Limited to oversee its operations.
Bank of Ghana data indicates that the total value of mobile money transactions in 2023 exceeded GH¢1 trillion, with the MTN platform accounting for more than half of these transactions. The total number of registered mobile money accounts reached 817,000 by the end of 2023.
These developments have fueled speculation that MTN is laying the groundwork to become a fully-fledged financial institution. However, Mr. Adadevoh reiterated that MTN remains committed to collaborating with banks to expand financial services to the public.
Regarding concerns about the potential impact of Artificial Intelligence (AI) on jobs at MTN, Mr. Adadevoh argued against this notion, suggesting that the situation would be different in Ghana’s case. He emphasized the importance of considering the benefits of AI in improving service quality and expanding network coverage.
“We all have a responsibility to work hard to adapt to the situation to ensure that we stay in business and not lose out and that is what it is” He added
Mr. Adadevoh added that even though AI will affect some kinds of jobs, the point must be made that it will equally create more jobs.
“Artificial Intelligence will affect some types of Jobs, but it will also create some kinds of jobs”.
First National Bank Ghana has announced a strategic partnership with Mobile Money Limited to introduce MoMo services across all channels.
This collaboration is in line with the bank’s reinvigorated brand and our dedication to delivering convenient, straightforward, and secure banking solutions to the people of Ghana.
Through the MoMo services offered by First National Bank Ghana, customers will have the ability to effortlessly send and receive money, settle bills, purchase airtime, and access various financial services using their mobile devices.
The service is designed to be user-friendly, and the associated fees are kept at an affordable level, ensuring accessibility for all.
Engaging the media, Executive Director of First National Bank, Sylvia Inkoom said, “We are committed to providing innovative and convenient banking solutions to our customers, and the partnership with Mobile Money Limited allows us to do just that.”
This service is available to all First National Bank customers and MTN MoMo merchants nationwide from February 05, 2024.
The MoMo service will be accessible to all current customers of First National Bank Ghana through multiple channels, including the Mobile Money App, branches, MTN MoMo agents, and via the short code *170#.
This convenient service can be accessed at all First National Bank branches and at all accredited Agency Plus Partner points nationwide.
Executive Director of the Economic and Organised Crimes Office (EOCO), Maame Yaa Tiwaa Addo-Danquah, has disclosed a surprising incident involving someone she knows attempting to deceive MTN, a prominent telecom company in Ghana.
During an interview with 3News on the prevalent issue of corruption in the country, Madam Tiwaa shared the story as an illustration of the need for collective efforts to combat corruption.
Madam Tiwaa narrated that she once offered assistance to a person in need of money for school fees. After agreeing to help, the individual requested that the money not be transferred via mobile money (MoMo) because of an outstanding debt to MTN.
“The moment I said I could help, she called me back to say that I should not put it on her MoMo because she is owing MTN, can you imagine? And I did. So, these are small things that we think they don’t matter, but they do. It starts from small-small things and become big,” she stated.
She emphasized the necessity for a change in attitude and mindset, urging everyone to play a role in the fight against corruption.
“So, everybody must have a change of attitude, mindset, that this is where we are and this is where we want to go. And we must all play a role in the fight against corruption. One person cannot do it. And it’s not about leadership. It’s about everybody playing a role. Whatever is expected of you, you do it, whatever is expected of me, I do it. Whatever is expected of institutions, they do it,” she explained.
Madam Tiwaa also revealed that EOCO has initiated investigations into the case of Cecilia Dapaah, a former Minister of Sanitation and Water Resources, who is accused of corruption. The case was referred to EOCO by the Office of the Special Prosecutor (OSP), which indicated that it could involve money laundering, beyond the OSP’s investigative and prosecutorial mandate.
“I have that, and we are now reviewing it, at the appropriate time, we will speak about it. I am not well briefed about the docket, so I don’t want to make any comment on it until we review it. The most important thing is that he has handed over, I don’t have any more thing to add,” she noted.
In an age dominated by technological wonders, a 24-year-old Computer Science student at the University of Benin in Nigeria has unexpectedly garnered attention.
Recent reports circulating on social media claim that this IT student, acclaimed for an audacious achievement – clearing the debts of all MTN users, has been taken into custody.
The young prodigy, who gained online fame for his coding skills, allegedly accomplished the remarkable feat of eliminating the financial debts of MTN users in Nigeria.
According to initial reports, he navigated the intricate databases of MTN, a major telecommunications company, to miraculously erase the debts owed by numerous users.
His technological prowess, met with awe and admiration, took an unexpected turn when reports surfaced on social media, claiming the arrest of the student. Shared by @AkpraiseMedia, now X, this new development adds a layer of mystery to the unfolding saga.
The public is left pondering whether this IT prodigy, with shades of a modern-day Robin Hood, aimed to alleviate the financial burdens of the masses.
Some social media users, intrigued by the story, even suggest that MTN should consider employing him, recognizing his remarkable skills as a valuable addition to their IT team.
@iykephilip for instance commented -If the people running MTN is wise, what they should do is hire the guy… anyway, the people running the country na mumu if not they won’t be arresting him… I hope the people running MTN is wise!
@KingingMs – Employ him and learn from him, everything isn’t crime
MTN Nigeria Plc’s market valuation has remained stagnant, falling below N5 trillion after the telecom company reported lackluster earnings in the first nine months of the financial year 2023, according to data from the Nigerian Exchange.
The company’s earnings were negatively impacted by losses from foreign currency liabilities, leading to a decline in profitability due to increased leverage. MTN Nigeria’s borrowings contributed to higher net finance costs, coupled with foreign exchange losses, significantly affecting its financial performance.
Following these challenges, the share price of MTN Nigeria has stopped its upward trajectory, reflecting investor uncertainty that has resulted in limited trading activity. The telecom giant is now characterized as a ‘fallen angel,’ displacing Airtel Africa, which has recently seen robust market revaluation.
In the first nine months of the financial year 2023, MTN Nigeria’s profit before tax payment plummeted by 42% to N232.47 billion from N400.67 billion in the same period in 2022.
The company recorded a year-on-year decline of 45.2% in net profit, settling at N147.36 billion at the end of 9M-2023, down from N181.62 billion 12 months earlier. This lackluster performance translated to a significant decline in earnings per share (EPS) to N7.06 from N12.89 over the 12-month period.
Despite a 21.8% year-on-year increase, MTN Nigeria’s revenue reached N1.77 trillion from N1.46 trillion in 9M 2022. Analysts noted that data revenue remained robust during this period, rising by 36.4% to N749.53 billion from N549.66 billion in the comparable period.
Interestingly, data revenue surpassed voice revenue as the largest contributor to total revenue, underscoring MTN Nigeria’s strategic focus on maximizing value from the data segment.
“We expect this resilience to be sustained for the remainder of the year and thus project a 29.7% year-on-year growth in data revenue”, Cordros Capital said in an equity review. On voice revenue, analysts project a 13.6% year-on-year growth with most of the support still coming from an expected increase in subscriber base and sustained usage of MTNN’s voice propositions.
“We maintain our estimate of a 5.0% year-on-year increase in MTNN’s subscriber base to 79.30 million by year-end 2023 from 75.60 million in 2022. Cordros Capital analysts expect the company’s revenue to grow by 20.3% year on year for 2023 and model an average growth of 15.7% in 2024-2027E.
“We project a 325bps decrease in MTNN’s 2023 EBITDA margin, reflecting heightened cost pressures from the higher FX pricing on tower costs, the impact of the new VAT on tower leases and the highly inflationary environment”, the investment firm projected.
As a result, analysts predict that in 2022, MTNN EPS will drop from N17.63 to N11.61, underscoring the one-time effect of the sharp FX depreciation in H1-2023.
“Key profitability ratios dwindle: Following our expectations of higher cost pressures on margins, we expect a dip – albeit temporarily – in key profitability ratios”, Cordros Capital said in its update.
The investment firm established a target price of N295.05 for the telecom company and maintained a buy rating on the stock. The company increased its capital investment to enhance market fundamentals, with MTNN’s CAPEX expenditure rising by 6.9% year on year to N405 billion amidst macroeconomic challenges.
A significant challenge faced by the company was a sharp increase in net finance costs. According to its unaudited financials, net finance costs surged by 174.41% to N375.96 billion in the third quarter of 2023.
This increase was attributed to higher leverage and a forex loss of N232.8 billion on the company’s net foreign currency liabilities following the significant devaluation of the naira in June.
MTN Group has announced the appointment of Selorm Adadevoh, the CEO of MTN Ghana, to the new role of MTN Group Chief Commercial Officer.
Mr Adadevoh, a Ghanaian, will take over from Jens Schulte-Bockum, who is stepping down as Group Chief Operating Officer at the end of his contract term in March 2024.
Simultaneously, Stephen Blewett, currently MTN Operations Executive, Markets, will assume the role of CEO of MTN Ghana. Selorm Adadevoh will become a member of the MTN Group Executive Committee.
Jens Schulte-Bockum will step down from his executive role on March 31, 2024, but will remain a non-executive director on the boards of major subsidiaries – MTN South Africa, MTN Nigeria, and Bayobab.
“We congratulate Selorm on his new appointment and thank him for successfully leading the company and steering it through challenging times, and for his hard work and commitment to MTN Ghana over the past five and a half years. We have no doubt that he will excel in his new role,” said MTN Ghana Board Chairman, Dr. Ishmael Yamson.
Selorm Adadevoh, the newly appointed MTN Group Chief Commercial Officer, joined MTN in 2018 as the CEO of MTN Ghana. Before his role at MTN, he held key positions at Digicel, a Caribbean mobile network operator, and Millicom in Africa. Throughout his career, he has also worked in various roles in the USA, UK, and Latin America.
Since joining MTN, Adadevoh played a crucial role in transforming the MTN Ghana business and driving the Ambition 2025 strategy for MTN Ghana, aiming to become a platform player in the industry.
Stephen Blewett, the new CEO of MTN Ghana, rejoined MTN in July 2023 as the Operations Executive for Markets, overseeing the Group’s smaller West and Central Africa markets and providing broader operations support in that region. Prior to this, he served as the Chief Operating Officer of Digicel and spent seven years at MTN as the CEO for MTN Benin and then MTN Cameroon.
“We welcome Stephen into the MTN Ghana family and look forward to working with him to move the company forward to achieve our Ambition 2025 strategy and beyond,” Chairman Yamson added.
Telecommunications giant MTN Ghana has provided justification for a 15% increase in the prices of its offerings for both prepaid and postpaid customers.
The price adjustment, implemented on Tuesday, November 28, 2023, impacted various services, including voice, SMS, data, Fiber Broadband, and Fixed Wireless Access (4G Router/Turbonet) for customers.
Despite facing criticism from some Ghanaians on social media expressing dissatisfaction with the significant price hike, MTN Ghana defended the move.
The company, identified as a Significant Market Power (SMP) firm, explained that the price increase was deemed necessary to sustain its business operations.
Explaining the reason for the increase, the Chief Commercial Officer for MTN Ghana, Mr. Noel Kojo-Ganson, indicated that it was due to market pressures
“The review has become necessary due to increased operational costs. The review will allow MTN Ghana to continue to make the investments required to sustain its business going forward,” MTN said in a statement.
“We are very mindful of the challenging economic conditions and the increasing cost of inputs for our business. The price review is necessary to enable us to continue to sustain the business and make the needed investments in the network and new innovations to enhance customer experience,” Mr. Noel Kojo-Ganson added.
Telecommunications giant MTN Ghana has revealed its intention to raise prices on all its products and services, effective November 28, 2023.
This adjustment may lead to a minimum increase of 15 percent across MTN Ghana’s offerings.
The company cited escalating operational costs as the reason for the price hike in a circular issued to customers on November 24, 2023.
“Dear Valued Customer, kindly be informed that effective 28th November 2023, prices of MTN products will be revised upwards due to increased operational costs,” the telco said.
The anticipated price hike is set to affect MTN Ghana’s substantial customer base, which experienced a 12.8% year-over-year (YoY) growth in mobile subscribers in 2022, reaching 28.6 million.
The telco faced challenges related to the government’s SIM re-registration exercise, leading to the disconnection of over 5 million users in December 2022.
This action was taken as these users failed to complete the correct registration of their SIM cards and link them to their Ghana cards.
Antoinette Kwofie, Chief Finance Officer (CFO) at MTN Ghana, has urged corporate Ghana and stakeholders to invest in creating opportunities for young girls and women in Science, Technology, Engineering, and Mathematics (STEM).
Mrs. Kwofie made this call during a panel discussion on the topic ‘Leveraging Technology to Create Inclusive Prosperity in Africa – A Shift in Perspective’ at the 2023 Executive Women’s Network (EWN) Conference.
MTN Ghana, the headline sponsor of the conference held under the theme ‘Be Intentional about Transformation, Growth, Resilience, and Agility,’ highlighted the crucial role of women and discussed ways to enhance their contributions for greater capital gains across sectors.
“Technological advancement and digital innovation remain key drivers of economies globally. STEM remains a critical tool for driving socio-economic and inclusive growth. We need to be intentional about pushing STEM and encouraging more young women to explore careers in the field. In order to achieve this, we have to show them that their dreams are possible, provide mentoring opportunities for them and get them to engage with women who have excelled in the world of STEM.”
Contributing to a panel discussion, MTN’s CFO, in reiterating the importance of STEM education, said, “Technological advancement and digital innovation remain key drivers of economies globally. STEM remains a critical tool for driving socio-economic and inclusive growth. We need to be intentional about pushing STEM and encouraging more young women to explore careers in the field. In order to achieve this, we have to show them that their dreams are possible, provide mentoring opportunities for them and get them to engage with women who have excelled in the world of STEM.”
The MTN CFO, who is a member of the Executive Women’s Network also highlighted what MTN is doing to promote STEM education in the country. She said, “at MTN, providing digital solutions is at the heart of what we stand for. This is why we continue to partner with other institutions to ensure access to STEM education. In line with this, we have partnered with the Ministry of Communication and Digitalization in the “Girls in ICT” initiative to train about 13,000 girls nationwide. We believe this will help bridge the gender disparity gap and spur inclusive growth”.
As he concluded his role as co-chairman of the conference, Selorm Adadevoh, the CEO of MTN Ghana, emphasized the importance of courage and curiosity in embracing technology. He urged participants, especially women, to take a proactive stance and work towards achieving equity at the table.
Conference attendees were acquainted with MTN’s diverse technology solutions, including SME Plus, Messenger and Business Manager, Microsoft 365 suite, and Business Website. These services are designed to enhance the efficiency of businesses in the country, with a particular focus on empowering ‘Women-led’ businesses.
The Executive Women Network, a non-profit organization, comprises women in senior management and executive roles in both private and public sector organizations, as well as women entrepreneurs in Ghana.
MTN Ghana has reported a GH¢2.77 billion profit for the first nine months of 2023, marking a 32% year-on-year growth, as per its financial performance update until the end of September.
The growth was primarily attributed to a 36.0% year-on-year increase in service revenue, driven by the expansion of voice, data, and mobile money services.
The company emphasized that this growth was supported by ongoing execution of Ambition 2025 and continuous investments in capital expenditure to enhance service quality and expand network capacity and coverage.
Mobile voice revenue grew by 14.5% year-on-year to ¢2.7 billion. However, the National Communications Authority’s (NCA) directive on SIM disconnections resulted in a 9.3% year-on-year decrease in the subscriber base to 25.8 million, causing a 28.1% decrease in revenue from voice services.
Revenue from data services surged by 47.6% year-on-year to ¢4.1 billion, driven by an increase in the number of active users and higher data consumption per active user. Data traffic increased by 39.6% year-on-year, with the contribution of data revenue to service revenue rising from 39.5% to 42.8% year-on-year.
In the mobile money sector, revenue increased by 51.6% year-on-year to GH¢2.1 billion, supported by substantial growth in cash-out revenue, advanced services revenue, and peer-to-peer (P2P) revenue. The contribution of MoMo revenue to service revenue increased from 19.1% to 21.3% year-on-year.
Nevertheless, digital revenue decreased by 15.0% year-on-year to ¢96.3 million.
MTN Ghana reported a positive turnaround in the third quarter, with a 3.5% quarter-on-quarter growth, and anticipates this trend to continue into the fourth quarter and beyond.
The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 32.6% year-on-year to ¢5.4 billion, although there was a 1.5 percentage point margin decline to 56.0% due to the effects of elevated inflation.
“We remain committed to executing our expense efficiency programme, the impact of which continues to reduce the full exposure of the current macroeconomic challenges on the business”, the company said.
For its outlook, the company said it will continue to invest to develop its platforms and improve its network and services to unlock value for stakeholders in line with our Ambition 2025 strategy.
“We will also keep exploring efficiency measures, preserving liquidity, and take steps to strengthen the balance sheet further against a background of uncertainties within the operating environment. Taking into consideration the macroeconomic uncertainties, MTN Ghana maintains its guidance of high-twenties (in percentage terms) growth in service revenue”.
Telecommunications company MTN Ghana has joined forces with the Ministry of Communications to provide training and essential ICT skills to over a thousand girls.
This mentoring initiative is a component of the Communications Ministry’s Girls-in-ICT program.
Since its initiation, MTN Ghana has contributed ¢12.6 million to cover project expenses from 2021 to 2023.
During a ceremony marking the culmination of the Girls-in-ICT program in Koforidua, Adwoa Wiafe, the Chief Corporate Services and Sustainability Officer of MTN Ghana, expressed her satisfaction with the enthusiastic participation of young girls in the program.
Speaking at a ceremony to climax the celebration of the Girls-in-ICT program in Koforidua, the Chief Corporate Services and Sustainability officer of MTN Ghana, Adwoa Wiafe said “It is very gratifying to see young girls fully engaged in this programme.”
“In a world where technology drives innovation, empowerment, and progress, it is important to celebrate and encourage the participation of girls and women in the ICT sector. So, we are here today to acknowledge the incredible potential we see in you with the aim to inspire, educate, and empower you, the future generation of women in technology”.
She claims that the event’s theme, Digital Skills for Life, perfectly encapsulates the goals of the company and has great resonance in the quickly changing world.
“Our ambition at MTN is to lead digital solutions for Africa’s progress and deliver a bold new digital world. ICT is the future. It offers limitless opportunities for creativity, innovation, and career growth. It is possibly the answer to many of our developmental challenges.
By exposing you to ICT, we hope that you will indeed provide the solutions required for Africa’s progress,” she stated.
She clarified that MTN supports and encourages girls to explore and embrace the world of technology fearlessly in order to create an inclusive environment where everyone will have the chance to succeed and innovate.
“Supporting girls to explore and embrace technology not only unlocks their potential but also contributes to a more diverse and inclusive technological landscape”. She said.
While acknowledging the positive aspects of technology, Miss Wiafe cautioned the participants to exercise caution regarding their online postings, emphasizing that “the internet does not forget.”
In a grand finale, the ministry presented 100 brand new laptop computers to the top 100 girls who excelled in this year’s Girls-in-ICT training, encompassing Upper primary and junior high schools in the Eastern Region.
A total of 1000 girls from basic schools participated in the competition, with each of them receiving certificates of participation.
Additionally, the top ten girls will have ICT labs established in their schools or have existing ones refurbished. The top 3 achievers were recognized with cash prizes and plaques.
The telecommunications company MTN has issued an apology for the intermittent difficulties users have encountered when attempting to access mobile money services.
In a post on Twitter on September 29, the company acknowledged that these issues have arisen due to technical challenges.
Telecommunications company MTN has declared the practice of splitting cash transactions as illegal, and it encourages its customers to report any Mobile Money (MoMo) agent involved in such unlawful activities for appropriate action.
MTN charges a fixed rate of GH¢10 for mobile money cash transactions on amounts of GH¢1000 and above for cash withdrawals at its service centers.
However, some unscrupulous agents and merchants engage in split cash transactions, where every GH¢1000 withdrawal incurs a GH¢10 charge. This results in clients paying higher fees.
According to the company, when a customer wishes to withdraw GH¢3000, they are advised to split it into three separate transactions, each incurring a GH¢10 fee, rather than a single GH¢10 fee for the entire GH¢3000 withdrawal.
Mr. Mawuena Agogo, the Retail Experience Manager for the Eastern, Volta, and Oti regions, emphasized that this practice is illegal and urged customers to report any instances of it to any MTN office or dial 100 to file a complaint.
He noted that both agents and merchants are aware that their actions are unlawful but, unfortunately, engage in these illicit practices on behalf of the company.
“Because such transactions are personal encounters, the system could not capture them, which is why we are urging clients to report them, so the necessary action is taken,” he said.
He said that a few agents who had been complained about had been prohibited and ordered to refund the extra fees to the owners quickly after the complaints were made.
Mr. Agogo was discussing fraud prevention and other unpleasant situations MTN consumers have during a meeting with informal sector clients at Akyem Tafo.
The conference was held in response to complaints that transaction costs were excessive and that it was common practice to split cash transactions in order to increase transaction fees.
“I had to pay GH¢40.00 charges on GH¢4,000.00 withdrawal because I was asked by the agent to split and withdraw GH¢1000 at every transaction,” a trader said.
During the forum, various complaints and concerns were raised, including issues related to poor network and internet connectivity and fraudulent activities on the Momo platforms, among others.
Mrs. Georgina Asare-Fiagbenu, Senior Corporate Communications Manager at MTN, urged customers to remain vigilant and avoid responding to any offers or requests that they did not initiate or apply for. She also dispelled speculations that some MTN agents were involved in fraudulent activities, emphasizing that “we have more customers than all others, so our customers are easily targeted.”
Customers were advised to exercise caution because fraudsters could only succeed when customers complied with their demands and instructions.
The forum also covered topics such as mobile money education, Ayo insurance, network challenges, and other MTN services aimed at enhancing customers’ understanding and addressing their concerns.
The MTN Ghana Foundation’s Enterprise Support Programme has selected a total of 47 Small and Medium Enterprises (SMEs) from the Western Region as beneficiaries.
These 47 SMEs are part of the initial group of 140 businesses chosen from the Western, Greater Accra, and Ashanti regions for the first year of this five-year initiative.
The selected beneficiaries will participate in a month-long business development training program, after which they will each receive seed funds amounting to GHC10,000 to facilitate the expansion of their enterprises.
Implemented in collaboration with Innohub, the Enterprise Support Programme aims to assist approximately 500 Micro, Small, and Medium Enterprises (MSMEs) across Ghana over the next five years. It specifically targets businesses led by youth, women, and Persons with Disabilities (PWDs).
Mr. Robert Kuzoe, the Acting Chief Corporate Services and Sustainability Officer of MTN Ghana Foundation, announced the first group of beneficiaries during a ceremony held in Takoradi. He explained that the inaugural year of the programme serves as a pilot phase to assess its sustainability and provide insights for policy directions over the subsequent years.
Mr. Kuzoe emphasized MTN Ghana Foundation’s commitment to the project, citing economic empowerment as a key driver of development. He pointed out that SMEs play a significant role in job creation and contribute substantially to Ghana’s economic growth. However, SMEs face challenges such as limited access to credit facilities, technology, and managerial expertise. To address these challenges, MTN Ghana Foundation launched the Enterprise Support Programme.
Regarding the selection procedure, Mr. Kuzoe stated that they received applications from a number of SMEs, and that candidates were then shortlisted after being reviewed and invited to present their case to a panel.
“In line with our diversity and inclusion drive, we made a conscious effort to select businesses that have clear social and environmental impact and aligned with our sustainability objectives and the United Nations Sustainable Development Goals (SDGs).
“We are also interested in businesses with digital components since we are now pushing for digital inclusion,” he added.
He asked the beneficiaries to ensure that they put the support they would receive to good use, saying; “We hope that you will work hard to build sustainable businesses that provide opportunities for our rapidly growing labour force, especially women and youth so that others will also benefit from the opportunity offered to you.”
Mr David Woasey, Acting South-Western Regional Sales Manager of MTN, said: “We understand the everyday challenge of funding businesses, no matter how small, in Ghana and this is why the Enterprise Support Programme is timely and useful.”
Speaking on behalf of her coworkers, a beneficiary named Madam Hannah Boakye Asiamah thanked the MTN Ghana Foundation and its partners for their support and pledged that they would use the program to grow their businesses and provide long-term employment for others in their communities.
MTN Ghana has handed over a cheque amounting to GH₵34,581,713.52 to the Social Security and National Insurance Trust (SSNIT) as the interim dividend for 2022 and 2023.
The dividend for 2023 amounted to GH₵9.9 million, while that for 2022 stood at GH₵24 million. SSNIT holds the position of the largest Ghanaian shareholder in MTN Ghana.
During the presentation ceremony in Accra, Mrs. Antoinette Kwofie, the Chief Financial Officer of MTN, highlighted that “the final dividend for 2022 was 12.4 pesewas per share, bringing the total dividend for 2022 to 16.4 pesewas for every share held by a shareholder in MTN Ghana. Additionally, we are paying 5 pesewas per share as the interim dividend for 2023.”
She noted that this engagement between MTN and their key investor aimed to encourage them to retain their investments within the MTN family and potentially increase their investment to further enhance localization efforts.
“For our final dividend for 2022, MTN Ghana gave all shareholders an option to opt for scrip dividend which was to take their dividend in shares all in cash,” she added.
It was implied that it was only for institutional investors when she added that they had individual investors who agreed to receive their dividend in shares, so increasing their interest in the company.
MTN Ghana, according to Mrs. Kwofie, is dedicated to creating a sustainable business and offering stakeholders and customers sustainable solutions.
“Shareholders should expect its pledge by growing investor communication to the market, grow revenues and protect its margins to maintain our dividend payout ratio above 60 per cent.
She emphasized, “This is our commitment to the market, and we will strive to fulfill it.”
Dr. John Ofori-Tenkorang, the Director-General of SSNIT, praised MTN Ghana for this achievement and expressed expectations of even higher dividends in the years to come. He stressed that “for us as investors, returns are one of the vital tools we rely on to ensure lifelong pension payments to our stakeholders.”
Dr. Ofori-Tenkorang affirmed SSNIT’s commitment to its mandate of collecting contributions from workers and prudently investing to ensure the sustained payment of benefits. He emphasized the importance of companies registering their employees with SSNIT to enhance their operations and secure adequate contributions for the benefit of their customers.
He further conveyed his organization’s eagerness to foster a mutually beneficial relationship with MTN.
The advent of Mobile Money platforms has significantly enhanced the convenience and efficiency of cash transactions in the digital payment landscape.
Over time, mobile service providers have implemented various security measures and transactional protocols to ensure accurate identification of cash transfers and other important customer details during registration.
While some Mobile Money users may not readily provide information about their chosen ‘Next of Kin’ during the registration process, it is crucial for individuals to be aware of this information.
The term ‘Next of Kin’ typically refers to a person’s closest living relative(s). This can include immediate family members with a blood relation, such as children, or individuals with a legal status, such as spouses or adopted children.
In recent times, it has become imperative to know this status as many subscribers at the time of registry could not readily provide one, while there are some who relied on the telco agents to provide them with one.
GhanaWeb Business in this article provides some three easy steps in checking one’s ‘Next of Kin’ status via MTN’s Mobile Money.
How to check:
1. Dial *170# 2. Select option 6 for My Wallet 3. Select option 10 for Next of Kin and wait for the prompt
It is important to note that should one find a different name for this prompt, a change can be effected manually on the platform.
Acting Chief Enterprise Business Officer of MTN Ghana, Mr Daniel Asare, has revealed that the company has expanded its network coverage to 374 rural areas during the first half of the year. This initiative aligns with MTN’s objective to enhance its market presence and increase its market share.
He said the company was also on course to achieving one billion dollars in network expansion by the end of 2023, with upgrading coverage for 2G and 3G respectively at 99.5 per cent and that of 4G to 99.3 per cent.
Speaking at a media and stakeholders forum, organised by MTN, Mr Asare said the investment in rural telephony amounted to USD 210 million.
He said the company had also injected USD 25 million in Ghana’s digital agenda to help empower the youth in Information and Communication Technology (ICT).
MTN Ghana contributed GHC 4 billion to government revenue in 2022, he added.
The forum was on the theme: “Leveraging Technology to Serve Customers through media Excellence.”
The stakeholders were enlightened about the successes chalked by the company in previous years and the inclusion of new service policies to the existing ones.
Mr Asare said MTN currently operated in 19 markets and served about 289 million customers.
MTN Foundation had enhanced its focus on digital areas and donated 6440 blood unit this year alone from staff and their customers, he said.
He, however, said fibre cuts, mobile money fraud and network fluctuations had been some of the major challenges affecting the effective operations of the company.
Chief Enterprise Business Officer at MTN Ghana, Daniel Asare, has asked all users of the various telecommunication networks to keep their personal pin numbers private in order to protect themselves from scammers.
He stated that despite numerous attempts by MTN and other networks to crack down on these fraudsters in coordination with security services, they continue to advance daily with new technology in their modes of operation.
Under no circumstances, he said, should anyone reveal his data or pin code to anyone, even if they identify themselves as MTN employees.
“These days fraudsters have upgraded themselves, be very vigilante with them. They are high grade fraudsters who are coming with the advance technologies. Some have even set up call centers where they use artificial intelligence and they are able to predict based on maybe some of the transactions you’ve done online. They are even able to steal your information. That’s what we call identity fraud, and they try to use that to come onto your network”, he said.
He claims that these people used to just target mobile money wallets, but now that MTN service providers are aware of this, they have switched their activities to bank accounts.
In a brief interview with media after 2023 Media and Stakeholders Forum in Kumasi, he made all of these remarks.
This year’s programme which was themed; “Leveraging Technology to Serve Customers through Media Excellence, was meant to educate both the media and the general public on how they can adapt to new technologies and take advantage of it in their daily activities. It was also meant to explore these technologies by the service providers in their quest to serve their customers better and to clamp down on fraudsters.
In order to establish a united front against these fraudsters, he mentioned that MTN has worked with cyber security and other security authorities in their efforts to deal with such fraudulent activities.
“But in all that case, like I said that the identity text is more important. You need to protect your identity so that you don’t leak information to them”, he added.
He said, another measure the telecommunication network has put in place is an API that MTN has brought up to check SIM swap.
He stated: “We check SIM swap because most of these start with SIM swap and on one front, we stop all third party point from these SIM swap. In the past, you can go to an agent point and do a SIM swap. Now we’ve realised that most of the fraud is coming from there. Once they do the swap they try to go into your bank account and then to withdraw money, and that is where the SIM swap API comes in. So, we work with some of the bank’s who are currently using it. They put in a parameter to do that check”.
He continued by saying that the bank is able to freeze transactions until you physically visit their office so they can verify your genuine identification based on the recentness of the SIM swap or how recently it was completed.
Both regional and national MTN officers, as well as media editors from all categories, attended the 2023 media (editors) and stakeholder forum, which was hosted at the Greenwood Event Center in Asokwa, Kumasi. Some chiefs were among the other dignitaries who attended the event.
The Chief of Akyem Tafo, Osabarima Adusei Peasah IV, has praised MTN Ghana for its significant contributions to the preservation of Ghanaian culture and heritage.
He specifically commended MTN for their consistent support of festivals, such as the Ohum Kan festival, which plays a vital role in showcasing Ghana’s identity, culture, heritage, and tradition while fostering unity and peace.
During a presentation at his palace, MTN Ghana presented a cheque worth Ghc10,000.00, a hamper, and Ghc1000.00 worth of airtime to support this year’s Ohum Kan festival.
Ransford Gyan, the Area Sales Manager for the Eastern, Volta, and Oti Regions, emphasized the importance of festivals in preserving and promoting cultural heritage, traditions, and unity, as well as driving development and tourism.
Gyan further stated that MTN actively supports 22 festivals annually across the country, including the Ohum Kan festival.
Additionally, during the Ohum festival, MTN will provide on-site customer services, such as SIM card re-registration and MTN mobile money registration, directly to the people of Akyem Tafo, enhancing convenience and accessibility throughout the festivities.
