Annual mobile money (MoMo) revenue of Scancom PLC (MTN Ghana) 2019-2023

In 2023, MTN Ghana (Scancom PLC) recorded revenue from mobile money (MoMo) amounting to over 2.8 billion Ghanaian cedis (GHS), corresponding to around 181 million U.S. dollars. Since 2019, the company’s income from this mobile service has steadily and considerably increased, registering a growth of more than 200 percent. MTN Ghana is the largest company in Ghana by market capitalization.

Data and voice revenue exceed that of mobile money

Besides mobile service revenue, MTN Ghana obtains income from data and voice. Each of these last two services accounts for a greater percentage of the company's earnings compared to mobile money. In 2023, data revenue added up to over 5.8 billion GHS (374 million U.S. dollars), while revenue from voice reached around 3.6 billion GHS (232 million U.S. dollars). Overall, in the said year, MTN Ghana registered more than 13.3 billion GHS in total revenue, an annual increase attributed to working commercial strategies as well as network and coverage expansion.  

Increasing subscriptions

MTN Ghana has retained its position as the operator with the largest share in mobile subscriptions in Ghana since 2015. The telecommunications provider ranks fourth in the MTN Group subscriber base, after Nigeria, Iran, and South Africa. Specifically, as of 2023, voice services had the highest number of subscribers, followed by data, mobile money, and digital service subscriptions.