MTN Cameroon’s revenue up 14.2% in 2024, driven by network services ⁰

MTN Cameroon continues its upward trend. For 2024, the parent company, MTN, reported a 14.2% increase in the branch’s operations, reaching CFA 366.6 billion, based on an average exchange rate of 33.13 CFA to the South African rand. In 2023, the Cameroonian branch had already posted a 9.2% growth compared to 2022. While the company did not fully explain its method for consolidating its subsidiary activities, it’s clear that fluctuations in the exchange rate between the CFA and the rand played a role in these results.

Despite challenges in other markets, such as a 14.9% decline in overall revenue due to the situation in Nigeria, Cameroon remains a key growth driver for MTN. The country showed the best performance in the West and Central Africa region.

The growth in Cameroon was mainly driven by network services, including calls and internet, which accounted for the largest share of revenue in 2024. However, the growth rate for this segment (11.3%) was lower than in 2023 (+25.8%). Digital and fintech services, such as credit loans and MoMo, saw the highest growth (+14.1%).

Thanks to these strong revenues, MTN’s earnings before tax, depreciation, and interest rose by 17.23%, reaching CFA 144.6 billion, compared to CFA 121.5 billion in 2023.

Looking ahead, 2025 will be crucial for MTN Cameroon. The company’s 4G license, granted in 2010, expires this year. Since 2021, MTN has been seeking approval from the Cameroonian authorities to operate a 5G network.

Source: Business in Cameroon