MTN Nigeria (MTNN) ended the year on a strong note, delivering an impressive topline performance, slightly above our forecast (+1.61%). Service revenue grew by 14.69% YoY to NGN1,339.03bn, led by growth in data (+51.49% YoY) and voice (+5.64% YoY), further complemented by a surge in fintech revenue (+27.18% YoY). The company shrugged off the early impact of the suspension of new SIM registration in late December, as it added 12.2 million customers in 2020, bringing its total customer base to 76.5 million.
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