MTN Group has decided to withdraw from two West and Central African markets, as outlined in its recent 2023 report. The telecom giant has agreed to sell its equity interests in Guinea-Bissau and Guinea-Conakry to Telecel. According to the statement in MTN's financial report for 2023, MTN reached this agreement in December 2023.
"Assets and liabilities of both MTN Guinea-Bissau and MTN Guinea-Conakry have been presented as held for sale," MTN said in the report.
This move will enable MTN to strengthen its presence and address the telecom's challenges in key regional markets such as Nigeria, Ghana, Cameroon, and Cote d'Ivoire, which accounted for over 18% of the group's revenue in 2023.
MTN believes Telecel, an established telecoms operator with a significant presence in Africa, is well-positioned to drive these operations' growth and further development and contribute to technological and economic progress in these markets.
"As we advance through this transition, MTN is focused on ensuring a smooth and seamless transition for our customers, employees and all other stakeholders," the report read in part.
MTN is committed to smoothly managing this transition for all parties, including customers, employees, and stakeholders. The group is confident in Telecel's capabilities to foster growth and expansion in these markets.
