MTN Nigeria (MTNN) ended the first half of 2023 with a commendable topline performance as revenue grew by 21.96% YoY to NGN1.16trn (vs 0.95trn in H1:2022). The Telco giant recorded topline expansion across all its revenue segments. Data revenue expanded by 34.87%YoY, supported by the increase in active data users (+11.41% YoY to 41.00mn), data usage (+28.57% YoY), and 4G and 5G network coverage. Voice revenue also advanced by 12.12% YoY on the back of higher subscriber base (+4.05% YoY to 77.10mn from 74.10mn in H1:2022). Likewise, Fintech revenue expanded by 7.83% YoY despite the substantial decline in active fintech users (-53.69% to 6.90mn from 14.90m as of 2022FY) due to the negative impact of the cash crunch on OTC transactions in Q1:2023.
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