{"id":1241979,"date":"2022-11-02T15:07:27","date_gmt":"2022-11-02T15:07:27","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/11\/02\/mtn-ghana-service-revenue-increases-to-gh%e2%82%b57-1billion-cedi-takes-hit-from-e-levy\/"},"modified":"2022-11-02T15:07:27","modified_gmt":"2022-11-02T15:07:27","slug":"mtn-ghana-service-revenue-increases-to-gh%e2%82%b57-1billion-cedi-takes-hit-from-e-levy","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/11\/02\/mtn-ghana-service-revenue-increases-to-gh%e2%82%b57-1billion-cedi-takes-hit-from-e-levy\/","title":{"rendered":"MTN Ghana service revenue increases to GH\u20b57.1billion cedi, takes hit from E-Levy"},"content":{"rendered":"

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\n\"MTN<\/p>\n

\nMTN Ghana service revenue increases to GH\u20b57.1billion cedi, takes hit from E-Levy <\/p>\n<\/div>\n

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Revenue from MTN’s Mobile Money person-to-person (P2P) transactions declined by 13.3 per cent post implmentation of the Electronic Transactions Levy (E-Levy) in May 2022.<\/h2>\n

The government has imposed a 1.5 per cent levy on the value of all electronic transfers, including banks, specialised deposit-taking institutions, payment service providers and electronic money issuers, as a means to earn revenue from digital services. The levy is in addition to other applicable charges.<\/p>\n

MTN Ghana in its performance report for the nine-month period ended September 30, 2022, said revenue from P2P transactions declined by 13.3% year-on-year in the three quarters to end September, with the contribution of MoMo to service revenue falling to 19.1% from 22.8 per cent previously.<\/p>\n

The firm also took a decision to reduce P2P transaction fees by 25% to cushion the effect on its customers.<\/p>\n

Despite the challenges, active MoMo users increased by 16.3% to 12.4 million, the firm said, and overall, MTN Ghana’s service revenue grew by 27.9% to GH\u20b57.1 billion.<\/p>\n

Data revenue saw the biggest year-on-year jump at 43.7% to GH\u20b52.8 billion, with data usage jumping by just over half, and the group growing its data subscribers by just over a fifth. Voice revenue increased by 23.4% to GH\u20b52.4 billion.<\/p>\n

“MoMo revenue increased by 7.5% YoY to GHS1.4 billion. A slower growth was observed post implementation of the e-levy from May 2022 and our decision to reduce P2P transaction fees by 25% to cushion the impact on our customers,” the report said.<\/p>\n

“Revenue from P2P transactions declined by 13.3% YoY during the period. Overall, there was a 16.3% YoY increase in the number of active MoMo users, 15.9% YoY growth in cash-out services as well as a 17.7% increase in advanced service offerings such as microloans and other general payment services.<\/p>\n

“The contribution of Mobile Money to service revenue subsequently decreased from 22.8% to 19.1% YoY. We recorded strong growth in total MoMo transaction volume (+57.0% QoQ) and value (+53.4% QoQ) during the period, driven by higher levels of P2P activity over the prior quarter and strong cash-out transactional activity”.<\/p>\n

MTN said it had successfully registered 15.2 million subscribers using the Ghana National ID at the end of September 2022, with approximately 5.6 million yet to complete their registration.<\/p>\n

MTN Ghana said it spent GH\u20b51.4 billion during the period to improve the quality of its service and expand its network, and it rolled out 339 2G; 339 3G; 1 081 4G sites; as well as modernised 805 others. This supported the increase in its 4G coverage to 99.3 per cent of the population.<\/p>\n<\/div>\n