Stephen Blewett, MTN Ghana CEO.

MTN Ghana has made financial inclusion a key component of its growth strategy; as a result, the telco is enhancing its platforms, including myMTN and the Mobile Money (MoMo) applications, to deliver better services.

“Our dedication to expanding partnerships with financial institutions, agents, and merchants is essential for the growth of the MoMo ecosystem and the advancement of innovative MoMo service,” said MTN Ghana CEO, Stephen Blewett.

On Friday, MTN Ghana published its financial performance for the financial year ending December 31, 2024.

During the year, the telco's mobile subscriber base expanded by 6.5% to 28.5 million, active data subscribers by 13.7% to 17.5 million, and active MoMo users by 12.8% to 17.2 million.

In other key metrics, service revenue climbed by 34.5% to GHS17.9 billion, while earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 31.3% to GHS10.2 billion.

Blewett commented on the performance: “As we reflect on our journey through 2024, I am pleased to report that our commitment to excellence in commercial execution and service delivery has yielded remarkable results. By prioritising customer experience and service integration, we have successfully enhanced service delivery across all MTN platforms”

He continued: “Each improvement we made this year — whether it was in upgrading our network infrastructure, implementing innovative solutions, or providing responsive and engaging customer service — has not only strengthened our existing relationships but also attracted 1.7 million new subscribers to the Y’ello family, all seeking reliable connectivity and fintech solutions.”

Despite ongoing macroeconomic challenges, Blewett said: “our strategic initiatives and the unwavering dedication of our team have resulted in significant growth in our MoMo, data, and digital services.”

On regulatory updates, Blewett said during 2024, the company reached a significant milestone in our localisation journey for Scancom PLC (MTN Ghana).

He elaborated: “We exceeded the regulatory requirement of 25% localisation and achieved 30% localisation for Scancom PLC. As a result, the National Communications Authority has confirmed that Scancom PLC has met the localisation requirement for its 4G license.”

Furthermore, he said the Central Bank issued a Dedicated Electronic Money Issuer to Mobile Money Ltd and MTN remains committed to meeting all agreed license conditions of the Central Bank.

Looking ahead, Blewett said: “There is cautious optimism around the macroeconomic outlook for Ghana in 2025 and the medium term, with an expected improvement over time. However, risks persist, particularly regarding inflationary pressures from fluctuations in food prices and the exchange rate, which may arise from potential challenges in the energy sector.

“These factors could undermine the anticipated improvements in the economy and continue to negatively impact economic growth, consumer spending and the overall cost of doing business. The government has outlined measures to mitigate these risks, however, these measures could lead to a tougher operating environment.”