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MTN’s Investment In Nigeria Hits N2trillion

MTN Nigeria Communications Plc., Africa’s largest provider of communications services, connecting over 58 million people in communities across the country with each other and the world, has invested over N2trillion into the Nigerian economy.

The Company disclosed this while reacting to recent issues regarding taxes in Nigeria, stressing that since incorporation in (Nigeria) 2011, the Company has paid more than NGN 1.7 trillion in taxes, levies and other regulatory fees.

MTN Nigeria is part of the MTN Group – a leading emerging market operator, connecting more than 200 million subscribers in 21 countries in Africa and the Middle East.

The Company, in May 2019 successfully listed on the premium board of the Nigerian Stock Exchange (“NSE”).

MTN Nigeria’s listing on the NSE, is believed, will create a new telecoms and technology asset class for investors and provide an opportunity for a wider group of Nigerians to participate in the MTN investment story.

This listing is a major milestone that deepens Nigeria’s equity capital markets while attracting new portfolio investment over time.

The Company has taken further steps to solidify its position as the leading telecommunication operator in Nigeria with the announcement of new Chairman of the Board (designate) in the person of the former Executive Vice Chairman of the Nigerian Communications Commission (NCC), Dr. Ernest Ndukwe.

Dr. Ndukwe who steps into the role fully by September 2, 2019 shall be joined in the Board by corporate gurus with vast knowledge in finance/taxation, corporate governance, administration including the first Minister of Communication Technology, Dr. Omobola Johnson.

Today, MTN has obtained Super-Agent Network license from the Central Bank of Nigeria (CBN) which bequeaths it with the status of flexing muscles in the Fintech Space through its subsidiary – Yello Digital Financial Services Limited (“YDFS”).

YDFS received approval in principle for its Super-Agent Licence in December 2018 and has been conducting a pilot project since then to meet the conditions of a full licence. The successful pilot has now led to the granting of a full licence under which YDFS will distribute financial services to all Nigerians.

Commenting on the licence, MTN CEO Ferdi Moolman said: “We are very pleased that YDFS has been granted a Super-Agent Licence, which enables us to extend access to financial services to a much broader group of Nigerians. This forms part of our commitment to contribute towards the achievement of Nigeria’s financial inclusion goals.

“Through the network established by YDFS MTN is in a position to broaden the availability of financial services for the under-served across the country. This marks a very important first step in leveraging our infrastructure to scale our Fintech initiatives. We have also applied for a Payment Service Bank Licence, which will enable us in time to offer a broader and deeper range of financial services to those communities and we remain hopeful we will receive approval shortly.”

Guided by a vision to lead the delivery of a bold new digital world, MTN Nigeria’s leadership position in coverage, capacity and innovation has remained constant, since its launch in (Nigeria) 2001.


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