“Over and above reduced economic activity in South Africa, MTN South Africa’s network availability remained under pressure due to ongoing power outages across the country: there were approximately 90 days of load shedding in Q1 2023 compared to 14 days in Q1 2022.”
“In addition to higher inflation and interest rates as well as challenges with the availability of hard currency liquidity, the Nigerian economy was also impacted by the Central Bank of Nigeria’s redesign and introduction of new naira notes from 15 December 2022. The limited availability of new notes resulted in cash shortages, which impacted customers’ ability to recharge through physical channels and transact within the MoMo agent network.
The company is also in the process of exiting Afghanistan through the sale of MTN’s entire shareholding to a wholly-owned subsidiary of M1.
Source: Financial Digest (financialdigest.net)
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