MTN fintech and data products drive boost service revenue to $335 million in Uganda 🇺🇬

MTN fintech and data products drive boost service revenue to $335 million in Uganda 🇺🇬

MTN has reported service revenue strides to $335 million. Its fintech product, among other services such as data and voice, substantially contributed to this growth. MTN Uganda has recorded a 15% jump in service revenue, reaching Ush 1,250 billion ($335 million), driven by strong voice, data, and fintech performance.

MTN Uganda has experienced a substantial boost in service revenue, reaching $335 million, with significant contributions from fintech, data, and voice services. The 15% growth was reported for H1 2023, reflecting strong performance in various sectors. Voice revenue rose by 9.4% due to customer base expansion, while data revenue increased by 22.1%, driven by a 21.4% growth in active data subscribers and efforts to promote smartphone adoption. MTN's fintech revenue grew by 18.6%, with 10.9 million fintech users benefiting from payment and international remittance services. MTN's CEO highlighted the company's initiatives in digitalizing customer value chains and enhancing international remittances. These figures underscore the significance of fintech services in MTN Uganda's revenue strategy, aligning with similar efforts in other markets across the continent. Recently, Mastercard announced its intention to acquire a minority stake in MTN Group's fintech business, particularly focusing on the mobile money service MoMo. The valuation for this business stands at $5.2 billion.

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