MoMo pushes MTN’s Q1 profit by 62% to GHC349 million despite COVID-19

MoMo pushes MTN’s Q1 profit by 62% to GHC349 million despite COVID-19

- In the First Quarter of 2020, MTN Ghana recorded a profit of GHC349 million, which is a 62% increase

- The increase was recorded at a time when macro-economic challenges as well the COVID-19 affected business operations

- The company's Mobile Money Service was recognized as the highest contributor to the profit for the Quarter

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Information available to shows that telecommunications company, MTN Ghana, recorded a 62% increase in profit in the First Quarter of the year 2020 with regard to their mobile money operations.

The GHC349 million revenue recorded comes at a time when the company faces macro-economic challenges as well as the effect of COVID-19 on business operations.

The company revealed that the strong performance was as a result of cash management initiatives.

READ ALSO: MTN increases charges for data on Fibre broadband and TurboNet

Per a report by, it added that revenue from its Mobile Money services grew by 30.4% resulting from an increase of 2.1% in the number of active subscribers.

It was also traced to higher transactional activity of person-to-person and growth in more advanced services such as retail merchant payments and international remittances.

MTN revealed that Mobile Money revenue’s contribution to service revenue increased from 17.9% to 19.4%.

Mobile phone subscribers also increased by 6.2% to 23.9 million, whilst data subscribers increased by 5.4% to 21.2 million, the financial statement revealed. earlier reported that MTN Ghana, recorded a profit of GHC1 billion for the year 2019.

The profit level is 33.56% higher as compared to GHC754.67 million recorded for the year 2018.

The company also made a total revenue of GHC5.18 billion for the same period which is an increase from GHC4.2 billion a year earlier, representing a 22.82% increase.

READ ALSO: COVID-19: MTN Ghana CEO reveals why it is hard to reduce cost of data

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