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Saturday, June 22, 2024

MTN TO EXIT LIBERIA, TWO OTHER AFRICAN COUNTRIES

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African telecommunication giant, MTN, is considering exiting three markets on the continent. This is according to a report by Business Insider Africa. The pan-African mobile…

By Seun Adeuyi

African telecommunication giant, MTN, is considering exiting three markets on the continent.This is according to a report by Business Insider Africa.The pan-African mobile operator, which currently has a presence in 19 countries on the continent and the Middle East, said that discussions are also ongoing regarding the potential “orderly exit” of its operations in Guinea-Bissau, Guinea-Conakry and Liberia.

The report said these changes will reduce the tally to five operating countries in the group’s West and Central Africa (Weca) segment of its portfolio.

While reasons for the market exit have not been revealed, its financial reports show that it’s facing numerous challenges across the West and Central Africa region.

CEO Ralph Mupita pointed to signs of inflation and currency devaluation across several markets.

At the end of the 2022 financial year, the company’s EBITDA margin declined by 1.7 percentage points year on year to 33.1% due to pricing pressures, fintech channel subsidies and macroeconomic challenges, including local currency devaluations and higher inflation.

Quoting Bloomberg, the publication said these three countries are not major contributors to MTN’s revenue, accounting for only 1.6% of its total revenue in 2022.

Across these countries, the telecom controls a secondary chunk of the market share, about 30% in Guinea-Bissau and Guinea-Conakry. In Liberia, Lonestar MTN is the second-largest telecom in the country. Source: dailytrust.com

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