MTN Nigeria Communications saw a rise in its service revenue by 35 per cent to N3.3tn in 2024, but the telecom company saw a drastic drop in its active fintech platform – MoMo and Ayoba – subscribers.
The company also saw a drop in the number of its employees from 1,854 in 2023 to 1,847, representing seven fewer employees.
Out of the remaining workers, 1,810 are permanent, 32 are interns, and five are foreign nationals.
The developments were revealed in the firm’s sustainability report, seen by NewsNGR.
Although the telco saw a rise in active mobile subscribers from 79.7 million to 80.9 million and a rise in data subscribers from 44.6 million to 47.7 million, its MoMo wallet, a fintech and mobile money platform, and Ayoba, a communication platform, saw a plunge in subscriptions.
According to the telco’s report, active MoMo wallets dropped 46.6 per cent from 5.3 million users in 2023 to 2.8 million users in 2024.
Fintech revenue, however, grew 23.2 per cent from N86.4bn to N106.5bn, which may be linked to an increase in service charges.
Ayoba subscribers also dropped 26.7 per cent from 8.6 million in 2023 to 6.3 million in 2024.
In the report, MTN disclosed that it contributed N764.2bn in taxes and levies to support national development.
The company said it invested ₦3.5bn in corporate social investment last year, making a total investment of ₦31.9bn since inception.
“Our efforts have made a tangible impact, benefitting over 663,300 individuals, supporting 628 small businesses, and improving educational outcomes in 62 schools across Nigeria.
MTN also said it has increased female representation in its workforce to 41.4 per cent.
It said 59.6 per cent of its spending was made to local suppliers.
On climate, it said, “From expanding our network footprint to achieve 93 per cent coverage to reducing our Scope 1 and 2 emissions by 11 per cent compared to the 2021 baseline, we are making tangible progress.
“We also expanded our renewable energy adoption by adding 194 solar-powered rural telephony sites and became the first telecommunications organisation in West Africa to launch eco-friendly SIM cards.”
The company said the efforts reflect its dedication to long-term value creation and
building a more connected, sustainable future.
