MTN reported a 12% increase in group service revenue to 170 billion South African rand (11.7 billion US dollars) for 2020. Revenue in Nigeria rose almost 15% and in Ghana almost 17%, while growth in MTN's home market of South Africa was 1.6%. The group saw a 28.8 million increase in subscribers to 279.6 million.
Fintech revenue rose by almost 24% as the number of active mobile money users increased by 11.7 million to 46.4 million, generating a monthly ARPU of 1.2 dollars. The total value of mobile money transactions in 2020 was 152 billion dollars, as MTN processed 12,400 transactions per minute (up 35% from 2019). "While COVID-19 accelerated the adoption of mobile financial services, growth in fintech revenue was moderated by reductions in transaction fees to support our customers, lockdown restrictions on agents and a slowdown in economic activity," MTN said. It also reported that its new aYo insurance joint venture had 11 million registered policy holders and 6 million active policies by the end of 2020. In total, aYo generated 10.5 million dollars in premium income.
Digital revenue increased by 27% in 2020. "We expanded our instant messaging platform ayoba making good strides in the year, to record 5.5 million monthly active users, an addition of 3.5 million. It has now been integrated into 16 MTN markets and can be downloaded across many other markets on the Google Play store, Apple App Store and via the ayoba website as an OTT offering. In the year, ayoba expanded its services to include music, gaming, channels and money transfer. Streaming service MusicTime! is now live in nine MTN markets, and 15 opcos live with MusicTime in the ayoba app."
MTN said it is aiming to have 100 million mobile money users and 100 million ayoba users by 2025. Source: MTN report