MTNN started the year on an impressive note, as the telco giant recorded a 22.23% YoY revenue growth
(to NGN470.98bn) in Q1:2022. The growth in revenue was driven by an increase across its revenue
segments. Most notable was the increase in data (+53.96% YoY), voice (+5.78% YoY) and fintech
(46.46%YoY) revenues. The growth in voice revenue was due to higher usage from the firm’s active voice
subscribers. Meanwhile data revenue thrived on the increased data traffic (+84.80% YoY), caused by the
firm’s continuous 4G network expansion (which now covers 71.70% of the population, from 70.30% last
year).
