MTN Group Limited (Incorporated in the Republic of South Africa) (Registration number 1994/009584/06) (Share code MTN) (ISIN: ZAE000042164) (MTN or the Company or the Group) Quarterly update for the period ended 30 September 2023 MTN is a pan-African mobile operator with the strategic intent of ‘Leading digital solutions for Africa’s progress’. We have 290 million customers in 19 markets and are inspired by our belief that everyone deserves the benefits of a modern, connected life. Highlights ■ Group service revenue grew by 9.0% (14.2%*) – voice revenue declined by 0.6% (up 4.3%*) – data revenue growth of 15.3% (23.1%*) – Fintech revenue growth of 20.0% (22.1%*) ■ Total subscribers increased by 1.8% to 290.1 million ■ Active data subscribers up by 6.7% to 144.6 million ■ Active Mobile Money (MoMo) monthly active users (MAU) up by 0.7% to 63.5 million ■ Data traffic increased by 20.1% to 10 612 PB ■ Fintech transaction volumes increased by 33.9% to 12.7 billion * Constant currency information after accounting for the impact of the pro forma adjustments as defined and included throughout this Stock Exchange News Service (SENS) of the JSE Limited (JSE) announcement. YTD 3Q 23 YTD % change 3Q 23 % change YTDˆ YTDˆ % change constant % change constant Rm 3Q 23 3Q 22 reported currency reported currency Group service revenue 156 311 143 453 9.0 14.2 (4.8) 12.3 - South Africa 30 993 30 192 2.6 2.6 4.1 4.1 - Nigeria 58 255 55 145 5.6 21.4 (26.7) 20.9 Group EBITDA~ (before once-off items) 70 308 68 398 2.8 11.2 (13.8) 6.2 - South Africa# 13 866 14 706 (5.7) (5.7) (3.6) (3.6) - Nigeria 30 314 29 636 2.3 17.6 (34.4) 8.2 Group EBITDA margin 42.8% 45.3% (2.5 pp) (1.0 pp) (4.3 pp) (2.0 pp) - South Africa# 36.4% 39.5% (3.1 pp) (3.1 pp) (1.9 pp) (1.9 pp) - Nigeria 51.7% 53.6% (1.9 pp) (1.9 pp) (5.8 pp) (5.8 pp) Capital expenditure (capex, IFRS 16) 43 921 38 716 - Capex (ex-leases) 26 166 23 837 - Capex intensity (ex-leases) 15.9% 15.8% ~ Group earnings before interest, tax, depreciation and amortisation ^ Year-to-date # Excludes tower sale gain Unless otherwise stated, financial and non-financial growth rates are presented on a constant currency basis and are year-on-year (YoY, 9M to March 2023 versus 9M to March 2022). Service revenue excludes device and SIM card revenue. Data revenue is mobile and fixed access data, and excludes roaming and wholesale. Fintech includes MoMo, insurance, airtime lending and e-commerce. Active data users are a count of all subscribers at a point in time which had a revenue generating event in the specified period (90 days) prior to that point in time and during the past 30 days had data usage greater than or equal to five megabytes. MoMo users are 30-day active users. Quarterly update for the period ended 30 September 2023 1 MTN Group Limited Quarterly update for the period ended 30 September 2023 Group President and CEO Ralph Mupita comments: Navigating a challenging Q3; Improved network availability in South Africa “MTN maintained a resilient performance in the first nine months of 2023, as inflation remained elevated across our markets, with an average blended rate of 17.3% year-to-date (YTD) compared to 14.2% in 2022. Encouragingly, in Q3, inflation has started to show some signs of subsiding across our footprint, led by markets such as South Africa, Ghana and Uganda. Foreign exchange (forex) markets remained volatile in the period, with local currencies under pressure against the US dollar and the availability of forex constrained particularly in Nigeria. The rand closed September 2023 at R18.90 (December 2022: R17.05) and the naira closed at N777/US$ (December 2022: N461). Naira devaluation had a material impact on our results, particularly in Q3. Power outages in South Africa continued to be a challenge in the period, however, the significant progress made in our network resilience programme – which is tracking slightly ahead of plan – combined with lower loadshedding in Q3 (compared to H1), has supported average network availability of above 95%. Solid operational execution and performance We remained focused on the execution of our Ambition 2025 strategy to navigate the ongoing macro challenges in our operating environment. We invested capex of R26.2 billion YTD in our networks and platforms and sustained the growth in our business. As at the end of the period, 11 of our markets have leading network NPS measures including Nigeria, Ghana and Uganda. South Africa’s NPS remains #2, with a narrowing gap to #1. The capex intensity of 15.9% achieved in the period is within our medium-term target range of 15-18%. We drove data traffic and fintech transaction volumes growth of 20.1% (up 35.0% excluding JVs) and 33.9% respectively. The Group delivered an increase in service revenue of 14.2%*, driven by steady growth of 2.6% from MTN South Africa (MTN SA) as well as strong growth in MTN Nigeria (up 21.4%*) and MTN Ghana (up 36.6%*). The slowdown in Q3 service revenue growth (up 12.3%*) was impacted by the conflict in Sudan. Excluding MTN Sudan, the Group service revenue growth in Q3 would have been 13.9%*. Our subscriber base increased by 1.8% to 290.1 million. This was affected by subscriber registration regulations in Ghana and Nigeria, as well as a decline in subscribers in Sudan amid the ongoing conflict. Active data subscribers were up by 6.7% (to 144.6 million), supporting increased traffic and data revenue growth. Quarterly update for the period ended 30 September 2023 2 MTN Group Limited Quarterly update for the period ended 30 September 2023 MoMo active users increased by 0.7% YoY to 63.5 million impacted by a strategic focus shift from agent banking to wallet in Nigeria as well as the implementation of a change in definition of activity across the group that impacted Côte d’Ivoire and South Africa adversely. Transaction volume and value increased by 33.9% and 57.1% respectively delivering service revenue growth of 22.1%* YoY (up 23.0%* in Q3 2023) with advance services contributing 25.7% (2022: 20.7%). Overall, we are pleased with the continued acceleration in fintech. Overall Group EBITDA increased by 11.2%*. The EBITDA margin was 43.2%* YTD (Q3 2022: 44.2%*), impacted by upward pressure on costs due to inflation and forex depreciation, network resilience costs in MTN SA and the impact on operations from the conflict in Sudan. These impacts were partially mitigated through our expense efficiency programme, which achieved sustainable cost savings of R1.5 billion YTD – achieving our target for 2023. Balance sheet and liquidity positions The Group net-debt-to-EBITDA ratio of 0.5x, as at 30 September 2023 (30 June 2023: 0.4x), remained well within our loan covenant limit of 2.5x. Holding company (Holdco) leverage held firm at 1.5x (30 June 2023: 1.5x), supported by cash upstreamed from operations. We also issued local rand bonds amounting to R1 billion under the DMTN programme to bolster liquidity at the Holdco. We maintained a healthy liquidity position, with headroom of R45.6 billion as at 30 September 2023. We upstreamed cash totalling R3.8 billion from our operating companies (Opcos) in Q3, bringing the total cash upstreamed YTD to R 8.0 billion. Medium-term guidance, strategic priorities and FY 23 dividend We are focused on delivering on our medium-term guidance and executing on our strategic objectives. The momentum in MTN SA is encouraging and is on a steady path of improving top-line growth and profitability. Post the period end, MTN Nigeria has streamlined its data bundle mix and launched new offerings that should help to optimise pricing in Q4 and beyond. The business remains engaged with authorities to secure tariff increases. We are on track to deploy capex broadly in line with our FY2023 guidance of R40.1 billion, based on current currency assumptions, with an anticipated capex intensity within our medium-term target range of 15-18%. In building on our financial resilience, we delivered on our target of R1.5 billion in expense efficiencies for FY2023 and are targeting an additional R7-8 billion in savings over three years, from 2024 onwards. We continue with focus on our strategic priorities of exiting selected markets in our current portfolio, completing the minority investment in Group Fintech with Mastercard, and liability management of Holdco debt. The Group board continue to anticipate paying a minimum ordinary dividend for FY2023 of 330cps”. Quarterly update for the period ended 30 September 2023 3 MTN Group Limited Quarterly update for the period ended 30 September 2023 Any forward looking financial information disclosed in this results announcement, including the dividend guidance, has not been reviewed or audited or otherwise reported on by our external auditor. Certain information presented in this quarterly update constitutes pro forma financial information and constant currency information. This pro forma financial information and constant currency information has not been audited or reviewed or otherwise reported on by MTN’s external auditor. The responsibility for preparing and presenting the pro forma financial information and constant currency information for the completeness and accuracy of the pro forma financial information and constant currency information is that of the directors of MTN. This is presented for illustrative purposes only. Because of its nature, the pro forma financial information and constant currency financial information may not fairly present MTN’s financial position, changes in equity, and results of operations or cash flows. Constant currency information has been presented to remove the impact of movement in currency rates on the Group’s results and has been calculated by translating the prior financial reporting period’s results at the current period’s average rates. The measurement has been performed for each of the Group’s currencies, materially being that of the US dollar and Nigerian naira. The constant currency growth percentage has been calculated based on the prior period constant currency results compared to the current year results. In addition, in respect of MTN Irancell, MTN Sudan and MTN South Sudan the constant currency information has been prepared excluding the impact of hyperinflation. The economies of Sudan, South Sudan and Iran were assessed to be hyperinflationary for the period under review and hyperinflation accounting was applied. The Group’s results and segmental report are presented in line with the Group’s operational structure. The Group’s underlying operations are clustered as follows: South Africa (SA), Nigeria, the Southern and East Africa (SEA) region, the West and Central Africa (WECA) region and the Middle East and North Africa (MENA) region and their respective underlying operations. The SEA region includes Uganda, Zambia, Rwanda, South Sudan, Botswana (joint venture-equity accounted), eSwatini (joint venture-equity accounted) and Business Group. The WECA region includes Ghana, Cameroon, Côte d’Ivoire, Benin, Congo-Brazzaville, Liberia, Guinea-Conakry and Guinea-Bissau. The MENA region includes Iran (joint venture-equity accounted), Sudan and Afghanistan. Although Iran, Botswana and eSwatini form part of their respective regions geographically and operationally, they are excluded from their respective regional results because they are equity accounted for by the Group. Operational review Operational review Listed Opcos’ published Q3 2023 results The published Q3 results of our listed Opcos can be viewed at: • MTN Nigeria: https://www.mtn.ng/investors/financial-reporting/?report_cat=quarterly-results • MTN Ghana: https://mtn.com.gh/investors/ • MTN Uganda: https://www.mtn.co.ug/investors/financial-reports/ • MTN Rwanda: https://www.mtn.co.rw/investors-financial-reporting/ Quarterly update for the period ended 30 September 2023 4 MTN Group Limited Quarterly update for the period ended 30 September 2023 MTN South Africa Improved growth momentum on higher network availability MTN SA’s delivered a solid performance against the backdrop of a difficult operating environment, with total service revenue up by 2.6% YoY. We are particularly pleased with the growth of 4.1% YoY in Q3, which demonstrated a further sequential improvement in momentum when compared to Q2 (up 2.5%) and Q1 (up 1.3%). The macroeconomic environment in South Africa remained challenging with the consumer under pressure. Inflation in South Africa averaged 6.2% in the period (2022: 5.5%), although it showed encouraging signs of abating with CPI slightly lower at 5.4% in September 2023. The extent of loadshedding also started to abate in the period, although this was materially higher YoY with 273 days (2022: 117 days). For Q3 specifically, loadshedding days amounted to 92 compared to 55 days in 2022. Comprehensive network resilience programme yielding benefits In the above context, MTN SA’s performance was supported by the investment and significant progress made to enhance its network resilience. Coupled with the lessening intensity of loadshedding YTD, our resilience plan has increased availability and enabled the business to provide customers with a substantially better network experience. The improved network availability has translated into a substantial rise in customer satisfaction, as measured by customer feedback obtained through the Net Promoter Score (NPS) measurement. Solid operating and financial performance MTN SA’s commitment to enhancing and optimising the customer experience journey, underpinned by better network performance, supported a 2.6% increase in subscribers to 36.8 million; with net additions of 59k in Q3 and 260k YTD. Postpaid subscriber grew by 8.3% to 4.1 million (excluding telemetry) and prepaid customers were flat to prior year, at 27.8 million. Outgoing voice revenue declined 12.8% YoY. However, performance maintained an improving trajectory, with a decrease of 10.7% in Q3 showing a slowdown in decline from the decreases of 11.7% and 16.0% recorded in Q2 and Q1, respectively. In addition to enhanced network availability, the better performance in voice revenue was also supported by increased Xtratime penetration. Xtratime penetration rose to 26.2% in Q3 (2022: 25.3%). Overall voice revenue (including incoming voice) declined by 12.4% YoY. Data remained the primary catalyst of growth in the business, as mobile data revenue has increased by 8.3% YoY, accounting for 47.9% of MTN SA’s service revenue YTD. This achievement was made possible by a 3.4% increase in active data subscribers, totalling 19.5 million, and a 25.5% YoY growth in network traffic. MTN SA continued to drive data access, affordability and usage with a 13.9% reduction in the effective data rate. MTN SA saw further upside in usage trends, with an active prepaid data subscriber consuming an average of 3.0GB of data a month (up 20.3% YoY); while an active postpaid data subscriber used on average 15.2GB per month (up 24.3% YoY). Consumer postpaid service revenue increased by 3.6%, supported by growth in subscribers, the sustained uplift in data consumption and price-up initiatives implemented in H1. A bouquet of online propositions, designed to give flexibility to our customers, were launched in Q3 to stimulate growth in voice traffic and users. MTN SA delivered steady growth in the residential business, with the successful introduction of new home propositions, including MTN Fibre, coupled with investment into the sales channel. This has yielded higher growth in customer numbers and revenue. Quarterly update for the period ended 30 September 2023 5 MTN Group Limited Quarterly update for the period ended 30 September 2023 Consumer prepaid service revenue declined by 3.1% YoY, demonstrating a continued sequential improvement on a quarterly basis. The decline in Q3 abated to 2.0%, compared to the 2.3% and 5.0% declines in Q2 and Q1 respectively. This positive momentum was supported by better network availability and a streamlined focus on bundled offerings as well as simplification of products and services. MTN SA’s CVM initiatives continued to gain traction with personalised bundle offerings now available on eight platforms. CVM bundle penetration rose to 26% up from 25% in Q2, and 23% in Q1. In the fintech business, MTN SA developed its digital retail application in H1 and officially launched MoMo 2.0 in September 2023, which has led to a meaningful uplift in ARPU. This focuses on driving advanced services in the ecosystem, encompassing international remittances and funeral cover services. The focus on the acceleration of the airtime advance (Xtratime) business is progressing as planned with the successful onboarding of a new technology partner completed in H1 already yielding positive results. The enterprise business continued to achieve double-digit service revenue growth of 11.1%, with an acceleration in Q3 (up 14.5%). This was largely driven by the ICT business, while the digital mobile advertising and core mobile businesses continued to benefit from strong data product propositions as well as distribution channel expansion. The wholesale business sustained double-digit revenue growth, with an increase of 16.3%, building further on a strong base. MTN SA’s national roaming revenue was up 33.4% YoY driven by Cell C revenues as well as the steady scaling of the multi-year national roaming agreement with Telkom. We are pleased with the successful completion of the planned transition of Cell C traffic on to the MTN SA network. MTN SA’s EBITDA was 6.9% lower YoY, including the once-off gain on disposal of SA towers; excluding this effect, EBITDA declined by 5.7%. The EBITDA margin of 36.6% YTD was 3.6pp lower YoY (3.1pp lower to 36.4%, excluding the gain on disposal of SA towers). This was impacted by topline pressures, the revised management fee as well as higher power and other network resilience related costs. MTN SA continues to execute on its aggressive cost drive to safeguard profitability and cash flows, underpinned by the expense efficiency programme. The continued expansion in EBITDA margin to 37.1%, excluding the once-off gain on disposal of SA towers, in Q3 (from 36.1% in Q1 23), was encouraging and substantiates MTN SA’s efforts. MTN SA deployed capex of R6.6 billion, excluding leases, at an intensity of 17.4%, which enabled the investment in network resilience and capacity. Including leases, capex was R10.6 billion. MTN SA remains steadfast in its commitment to ESG priorities, taking substantial strides towards achieving its net-zero targets by 2040. This commitment has driven substantial investments in renewable sources, leading to the launch of a comprehensive four-phase green energy programme. This ongoing programme includes the installation of solar panels and battery backup solutions across numerous facilities. It also involves the procurement of renewable energy from external sources, as well as the implementation of combined cooling, heat, and power technology. Focus on execution to navigate challenging trading outlook The trading environment in South Africa remains very challenging, which will continue to pose headwinds to MTN SA’s topline and EBITDA margin development. To mitigate these effects, the business will continue to enhance its customer experience, expand CVM offers, scale the fintech business and drive further expense efficiencies. As part of this, we anticipate that MTN SA’s newly introduced post-paid propositions will help to drive market share gains, complemented by the focus on accelerating daily recharge activity and driving further Xtratime penetration. Quarterly update for the period ended 30 September 2023 6 MTN Group Limited Quarterly update for the period ended 30 September 2023 To support these initiatives MTN SA will consolidate the momentum of the network resilience programme, which is tracking slightly ahead of plan. The business has made the outstanding payment of R1.9 billion for low-band spectrum acquired in the 2022 auction, which will enable the efficient deployment of capex going forward. Overall we are pleased with the steady progress MTN SA is making in improving its service revenue and EBITDA margin trajectory. We expect this to underpin MTN SA’s attractive cash flow generation profile over the medium term, guided by our disciplined capital allocation framework. MTN Nigeria MTN Nigeria’s Q3 results – published on 27 October 2023 – were delivered in a challenging environment characterised by ongoing volatility in global macroeconomics and geopolitics. Service revenue grew by 21.4%*, in line with medium-term guidance of “at least 20%”. This was attributable to double-digit growth in voice, data and digital services. The mobile subscriber base increased to 77.6 million, adding 2.0 million subscribers YTD. Voice revenue grew by 11.0%*, underpinned by a larger base and increased usage of our revamped voice propositions due to enhanced customer value management (CVM) initiatives. Data revenue rose by 35.9%* on increased coverage and usage. As a consequence of investments in the network to expand coverage and capacity, data traffic grew by 46.3% YoY, with 4G making up 83.7% of overall traffic, up 5.2pp YoY. Data usage (GB per user) grew by 29.1% to 8.1GB, and the number of smartphones on our network increased by 7.6%, bringing smartphone penetration to 53.4%, from 53.1% in Q2. Our 5G network now covers 7.5% of the population, and we are on track to reach our 10% target by year-end. Fintech revenue grew by 6.3%*, supported by the increased adoption of our core fintech services (wallet and MoMo agent business). The active user base declined by 20.4% YoY to 8.9 million due to the cash shortages experienced in Q1 which affected activity levels in OTC transactions. Active MoMo PSB wallets closed Q3 at approximately 3.6 million, representing additions of 500 000 since H1. Digital revenue grew by 54.5%*, due to the increased adoption of digital products supported by expanded digital offerings and the growth of the active base, which was up by 67% to 16.1 million. ayoba continued to gain traction, with monthly active users increasing by approximately 2.9 million YTD to 8.0 million at the end of Q3. Service revenue from the enterprise business rose by 44.8%*, led by the mobile and fixed connectivity services and underpinned by onboarding new customers across all segments. MTN Nigeria recorded EBITDA growth of 17.6%*, while the EBITDA margin declined by 1.9pp* to 51.7%*. This was the result of higher CPI adjustments on lease rental costs, rising energy costs and naira depreciation. Southern and East Africa (SEA) region The SEA region delivered service revenue growth of 18.1%* YoY, supported by sustained growth in data (+25.0%*), fintech (+22.2%*) and voice revenue (+12.6%*) as well as an increase in subscriber numbers by 7.8%*YoY to 38.7 million. The blended inflation in SEA averaged 11.0% YTD, compared to 10.2% in 2022. Quarterly update for the period ended 30 September 2023 7 MTN Group Limited Quarterly update for the period ended 30 September 2023 MTN Uganda published its Q3 results on 2 November 2023 and reported service revenue growth of 15.3%* YoY, underpinned by strong momentum in data (+21.9%*) and fintech (+18.1%*) and solid voice growth (+10.4%*). The subscriber base grew by 13.9% to 19.0 million. Voice revenue benefited from strong subscriber growth and enhanced CVM initiatives. Data revenue was supported by YoY increases of 23.0% and 21.4% in active data users and data usage respectively. Fintech revenue growth was driven by customer adoption to our MoMo Pay platform, supported by merchant growth of 222% to 290 000. MTN Uganda’s EBITDA increased by 15.5%*. The EBITDA margin contracted by 0.2pp* to 50.5%* due to high network operating costs as a result of CPI-pegged contracts. MTN Rwanda, which published Q3 results on 3 November 2023, reported 5.6% YoY growth in the subscriber base to 7.2 million despite a difficult operating environment. Service revenue grew by 13.7%*, which was largely attributable to double-digit top-line growth in the fintech (+31.5%*), data (+22.6%*) and enterprise (+15.5%*) businesses. Data revenue sustained its positive momentum, driven by 8.4% growth in active data users as well as an 9.4% YoY increase in data usage. Fintech revenue maintained strong YoY growth driven by a 11.5% growth in active MoMo subscribers as well as increased engagement and usage of advanced and basic services. MTN Rwanda reported EBITDA growth of 4.7%* and an EBITDA margin of 44.9%* (down 3.9pp* YoY). This was mainly the result of a higher cost of sales due to the higher uptake of 4G services from the wholesale service provider in the first eight months of 2023 before MTN Rwanda launched its own 4G network. Overall, the SEA portfolio reported a 1.6pp* decline in the blended EBITDA margin to 44.3%* due to increased network and commissions and distribution costs. West and Central Africa (WECA) region The WECA region delivered double-digit service revenue growth of 14.9%* largely driven by data and fintech revenues, delivering growth of 24.3%* and 31.3%* respectively. Active data subscribers increased by 4.8% to 34.1 million and active MoMo users increased by 7.1% to 33.7 million. The average blended inflation for the region rose to 18.9% over the period from 10.9% in 2022. Excluding Ghana, WECA inflation was stable at 5.0% for the period. MTN Ghana, which published Q3 results on 31 October 2023, delivered service revenue growth of 36.6%* supported by growth in voice (+14.6%*), data (+48.2%*) and fintech (49.9%*). The impact of the National Communications Authority’s (NCA) directive on SIM disconnections continued to impact the subscriber base, resulting in a 9.3% YoY decrease to 25.8 million. MTN Ghana continued to invest in the expansion of its network capacity and coverage, and increased 4G coverage to 99.3%. EBITDA increased by 31.9%* YoY, however the margin declined by 2.1pp* to 56.0%*, due to the impact of elevated inflation on costs. MTN Côte d’Ivoire’s service revenue increased by 2.6%*, largely underpinned by 13.7%* growth in data revenue, despite the impact of new regulation allowing the extension of unused data volume to roll-over to the following month. Fintech revenue is up 1.5%* and was affected by lower MAU but delivered encouraging growth in the overall ecosystem with transaction volumes up by 25.0%. The regulatory environment remains challenging, exacerbated by increased price-based competition in the market. Price repair initiatives in the sector remain the key focus, with engagements underway with relevant authorities in the country. Quarterly update for the period ended 30 September 2023 8 MTN Group Limited Quarterly update for the period ended 30 September 2023 The EBITDA margin declined by 3.5pp* to 31.3%*, impacted by pricing pressures as well as macro challenges including local currency devaluation and higher inflation. MTN Cameroon reported service revenue growth of 10.3%* and maintained leading market share in a challenging and highly competitive environment. CVM initiatives continued to drive solid growth in data (+19.0%*) and fintech (+24.4%*) revenue, despite increased pricing competition in the market. The EBITDA margin for MTN Cameroon improved by 3.1pp* to 37.6%* due to strong topline growth and expense efficiency. WECA reported a 16.0%* increase in EBITDA and a blended EBITDA margin of 39.3%*, up by 0.4pp* Excluding MTN Ghana, the WECA markets reported a 0.6pp* decline in the blended EBITDA margin to 30.1%*. Middle East and North Africa (MENA) region The MENA region delivered service revenue growth of 1.6%* YoY under challenging trading conditions. The total number of subscribers (excluding MTN Irancell) decreased 21.4% to 11.7 million, with active data subscribers decreasing by 24.5% to 3.7 million. MTN Sudan increased service revenue by 1.3%* YoY, while the situation in-country remains volatile. The EBITDA margin declined by 18.6pp* to 32.1%*, impacted by the ongoing conflict and inflationary pressure on costs. These effects were mitigated through revenue recovery initiatives underpinned by restoration of the network where it was safe to do so, as well as expense efficiencies. MENA reported a blended EBITDA margin of 31.9%*, down by 8.8pp*, due to increases in network costs, commissions and distributions. MTN Irancell, our equity-accounted JV, delivered service revenue growth of 28.8%*, supported by increased data usage. Data revenue was impacted by the restrictions on international traffic related to civil protests, offset by strong growth in voice revenue. The EBITDA margin declined by 2.1pp* to 41.3%* due to higher network maintenance costs and currency devaluation. The Iran Internet Group continued its strong performance in the nine months to September 2023. Ride-hailing app Snapp remained the market leader, ranking among the top ride-hailing apps globally and reaching 4.3 million daily rides compared to 3.4 million rides in 2022. Last-mile delivery service Snappbox also remained the market leader with revenue up 90% YoY and daily orders increasing by 19% YoY to almost 359k. Food delivery app Snappfood grew revenue by 84% YoY and remained the largest player in the country. Scaling our platforms Building the largest and most valuable fintech platform Overall fintech revenue sustained its growth trajectory and increased by 22.1%* YoY (Q3 2023: 23.0%* YoY), with strong growth in advanced services (up 61.8%*) relative to basic services (up 21.4%*). The contribution of advanced services to total fintech revenue rose to 19.8% (up 4.9pp). Active MoMo users increased by 0.7% to 63.5 million; largely driven by Ghana, Uganda, Benin, Cameroon and Rwanda. Agents and merchants grew by 10.8% and 78.8%, to 1.3 million and 1.8 million respectively; with Nigeria a key driver of merchant additions, particularly in Q3. The development of our overall fintech ecosystem remained robust with a 33.9% increase in transaction volumes to 12.7 billion transactions, and transaction value up by 57.1%* to US$203.7 billion. Quarterly update for the period ended 30 September 2023 9 MTN Group Limited Quarterly update for the period ended 30 September 2023 Key fintech markets MTN Ghana continued its recovery from the impact of the introduction of the e-levy. Fintech revenue increased by 49.9%* YoY, underpinned by strong growth in advanced services. Active Mobile Money (MoMo) users increased by 16.3% to 14.4 million. MTN Uganda’s fintech revenue grew by 18.1%*, with strong growth in basic revenues (P2P and money transfers) as MoMo adoption continued to scale, especially MoMo Pay. Fintech subscribers increased by 9.7% to 11.6 million (net additions of 709k in Q3), while merchants increased by 222% to 290k. The value of transactions increased by 57.7% to USh96.5 trillion (2022: USh61.2 trillion). Advanced service revenue grew steadily as we introduced new international money transfer corridors in Asia and Europe to support our remittances portfolio. In Côte d’Ivoire, the operating environment remained challenging with fintech revenue growing marginally by 1.5%* YoY. Monthly active MoMo users were down by 22.6% YoY to 5.3 million as a result of a change in definition of active users. Despite this, transaction volume and value increased by 25.0% and 19.9% YoY, respectively. In Nigeria, fintech revenue increased by 6.3%* notwithstanding the 20.4% decline in the fintech user base to 8.9 million due to the effects of the cash shortages in the country and a refocus towards wallet customers. Efforts to accelerate active wallet users continues to yield results, with a 25.5% growth in OTC users since Q1 2023. Key fintech verticals Our payments and e-commerce ecosystem grew strongly, as we leveraged our consumer and merchant footprint. The total value of merchant payments made through MoMo rose by 49.8%* YoY to US$11.8 billion. In BankTech, we facilitated a total loan value of US$2.0 billion, up 169.6%*, as we capitalised on our scaled mobile wallet business, rich data and customer footprint. Uganda and Ghana were the key drivers of the performance with strong growth in loan users. The total value of remittances grew by 63.5%* YoY to US$2.4 billion. This was driven by growth in the number of active corridors as well as focused marketing awareness efforts and improved customer experience. Outbound corridors grew by 59% to 124 and inbound corridors rose to 492 (up 15%). In Q3, international remittance services were launched in South Africa and Nigeria, providing a low-cost service that enables our customers to share in the benefits of formal financial services. Our InsurTech platform aYo, within our strategic alliance, reported 12.7%* YoY growth in revenue. This was driven by our higher-average-revenue-per-policy focus and new revenue streams. In South Africa, we rolled out an embedded product called MTN Free4U Funeral Khava, and additional features are planned for release in Q4. Ayoba In Q3, our super app platform ayoba grew its user base by 84% YoY to 30.9 million MAU. Nigeria, one of our largest markets for ayoba with MAU of 8.0 million, grew users 58% YoY. In the quarter, “Explore” mode was launched in all our territories which allows users to browse and explore content and features without requiring registration. Ayoba continues with early-monetisation and proof-of-concept projects, including display ads and premium sales. In terms of our broader strategy and growth ambitions, we have built an MAU base of 8.6 million in countries where MTN does not have GSM operations, demonstrating the scope of the messaging platform to scale as an OTT. Quarterly update for the period ended 30 September 2023 10 MTN Group Limited Quarterly update for the period ended 30 September 2023 Bayobab (MTN GlobalConnect) Bayobab delivered external revenue growth of 5.4% YoY to US$265.6 million. The Communication Platform segment reported external revenue growth of 4.7% YoY, underpinned by a five-year messaging deal with a global hyper scaler, expansion of Application-to-Person SMS reach list through strategic partnerships and a resilient performance from international voice despite a negative global trend. Bayobab partnered with key global mobile networks and launched over 6 300 roaming services during the year extending the footprint worldwide while making international roaming more affordable for MTN subscribers across Africa. The Fixed Connectivity segment increased its external revenue by 11.4% YoY, supported by new fixed connectivity infrastructure deals valued at US$10.0 million. We rolled out approximately 7,000 km of new fibre in 2023, bringing our total proprietary fibre inventory to 112 000km as at 30 September 2023. Updates on significant regulatory and legal considerations MTN Nigeria to appeal VAT Tax assessment As previously reported in a SENS announcement on 30 October 2023, the Tax Appeal Tribunal (TAT) in Nigeria upheld a principal VAT liability of US$47.8 million. This pertains to a VAT assessment for the periods covering 2007 and 2010-2017, as issued by the Federal Inland Revenue Service (FIRS) to MTN Nigeria. Having reviewed this outcome and considering input from tax and legal consultants, MTN Nigeria has resolved to appeal the decision of the TAT. Update on Anti-terrorism Act (ATA) litigation On 28 September 2023, a judge in the US District Court for the Eastern District of New York denied in part a motion by MTN to dismiss the ATA claims against the Company in Zobay v. MTN. This means that the case will proceed to the next phases, which include discovery (the exchange of information in the parties’ possession), summary judgment motions (requests that the court grant judgment on the law, without a trial, because there are no factual disputes for a jury to resolve), and, if necessary, a trial. The court, however, did uphold the motion to dismiss the case against MTN Dubai on the grounds that the plaintiffs did not attribute any specific conduct to MTN Dubai. Accordingly, MTN Dubai is no longer a party to the proceedings. The court’s dismissal order does not mean that MTN has lost the case, nor does it suggest that MTN violated the law or otherwise engaged in wrongdoing. Under US law and procedures, MTN (and the other defendants in the case) could not challenge the factual allegations made against the company at the motion-to-dismiss phase. In the next phases of the litigation, MTN will have an opportunity to produce and solicit evidence to disprove plaintiffs’ allegations. In terms of next potential steps after discovery concludes, the parties will have an opportunity to submit summary judgment motions (requests that the court award judgment as a matter of law based on the evidence produced during discovery). Should the parties decline to move for summary judgment, or if the court denies the motions, then the case will proceed. The court has granted MTN permission to file full arguments in support of an application for leave to appeal. If the court grants MTN’s application for leave to appeal then the case will proceed to the Court of Appeal. MTN has deep sympathy for those who have been injured or lost loved ones as result of the tragic conflicts in Iraq and Afghanistan. MTN firmly believes that the plaintiffs have sued the wrong defendants in the wrong court, based on insufficient allegations. Quarterly update for the period ended 30 September 2023 11 MTN Group Limited Quarterly update for the period ended 30 September 2023 Impact of revision of unrealised forex losses in MTN Nigeria Included within MTN Nigeria’s Q3 results release, was an update relating to the revision of unrealised forex losses. In order to manage the forex paucity prevalent in the Nigerian market, MTN Nigeria utilises trade lines to fund the establishment of confirmed irrevocable letters of credit for its largely US dollar-denominated network capex investments that sustain revenue growth. MTN Nigeria holds naira-denominated cash cover with banks, to support these facilities. The significant depreciation of the naira against the US dollar, following liberalisation in June 2023, therefore, gave rise to unrealised forex losses relating to these trade obligations. Further analysis and review, conducted after the release of H1 2023 results, determined that in measuring forex losses for H1 2023, MTN Nigeria incorrectly remeasured all its trade lines after offsetting the naira-denominated cash cover that was provided to the banks. Measuring the forex losses, to correctly exclude the naira-denominated cash cover, resulted in the recognition of additional unrealised forex losses on outstanding matured trade obligations at 30 September 2023 of N87.5 billion. Similarly, MTN Nigeria’s net finance costs for H1 2023 would have increased by N73.9 billion to approximately N295.1 billion. In terms of the key impacts for MTN Group, the abovementioned revision would have had the effect of reducing the earnings per share (EPS) reported in H1 2023 by 65 cents to 446 cents and headline earnings per share (HEPS) by 66 cents to 476 cents. It would have further reduced each of fully diluted EPS and fully diluted HEPS by 64 cents to 437 cents and 467 cents, respectively. Outlook The operating environment in the period ahead is expected to remain challenging, with inflation remaining elevated, and currencies under pressure. While these effects are anticipated to continue in Q4, we are positioned well to weather the uncertainty through strong operational execution in line with our Ambition 2025 strategy. We will continue to implement our previously reported measures to curb the effects of inflation and other macro shocks on our business. These are focused on our commercial, supply chain, network and financial resilience initiatives. We remain constructively engaged with our stakeholders, including relevant authorities, to support these priorities – including securing tariff increases in key markets – and resolve the matters in our regulatory environment. South Africa The pressure on the prepaid market in South Africa is anticipated to remain in Q4, while base effects are expected to impact growth in the wholesale segment. In this context, MTN SA will focus on consolidating the gains driven by its network resilience plan as well as ongoing implementation of its commercial initiatives, price optimisation and CVM to enhance customer engagement. Post the period end, MTN SA made the outstanding payment of R1.9 billion for low-band spectrum acquired in 2022. MTN SA is well positioned to continue its trajectory of steady top-line growth and EBITDA margin improvement which support an improving cash flow generation and return profile. Quarterly update for the period ended 30 September 2023 12 MTN Group Limited Quarterly update for the period ended 30 September 2023 Nigeria Exchange rate movements, VAT on leases and inflationary pressures are expected to impact MTN Nigeria’s FY2023 margins to be within the range of 47-49%, with service revenue in line with guidance. As previously announced by MTN Nigeria, we will provide an update to the market on its medium-term guidance in Q1 2024. The business will continue to invest efficiently to further expand network coverage, boosted by the recent acquisition of additional spectrum, to sustain strong data growth and improving earnings and cash flow generation. Efficiency initiatives related to cost of sales and operating expenses will be the key focus of the ongoing expense efficiency programme in Nigeria. Post the end of Q3, MTN Nigeria has optimised its bundle mix within data and introduced new plans that should benefit effective pricing going forward. The business also remains engaged in ongoing discussions with authorities on tariff revisions. These initiatives are essential for industry sustainability and headroom required for future capital investment. With regards to fintech, the structures are being put in place to accelerate the scaling of MoMo PSB with a focus on wallet adoption and expanding the merchant ecosystem. The investment case for Nigeria remains intact, underpinned by the structural demand for data over the medium-term. The financial framework that underpins this investment case remains driven by service revenue growing above inflation, underpinned by tariff increases and ongoing price optimisation initiatives, and operating leverage supporting EBITDA margin expansion. MTN Nigeria will continue to deploy capital judiciously to maintain its leading network position and aims to deliver capex intensity within the 15-18% range. Ghana As disclosed in MTN Ghana’s Q3 release, the International Accounting Standard (IAS 29) classifies hyper-inflation economies, among other factors, as countries whose cumulative inflation rate over three years is approaching, or exceeds, 100%. As Ghana is forecast to pass that threshold for 2023 and 2024, MTN Ghana is actively engaging the key institutions responsible for administering IAS 29 and will update the market on any developments in due course. Notwithstanding the challenging macro backdrop in the country, MTN Ghana is focused on preserving liquidity, strengthening the balance sheet and exploring cost mitigating initiatives enabled by the expense efficiency programme. The business will continue to deploy prudent commercial initiatives to sustain growth and meet its medium-term guidance. Further strengthening our financial resilience In supporting our commercial initiatives aimed at gaining market share and optimising prices to drive topline growth, we are pleased to have delivered on our FY2023 target of R1.5 billion in expense efficiencies. We are committed to realising further gains over the medium term with a target of R7-8 billion in expense efficiencies targeted over three years from FY2024. Our consolidated and Holdco leverage metrics remain well-managed, which is a key focus of our disciplined capital allocation framework. In particular, we are on course with our plans to improve the currency mix of our debt in line with our strategy. Quarterly update for the period ended 30 September 2023 13 MTN Group Limited Quarterly update for the period ended 30 September 2023 Driving our strategic priorities We continue to focus on building out our fintech ecosystem, which is critical to accelerating our platform strategy – a key pillar of Ambition 2025. Concluding on the agreements with Mastercard for a strategic minority equity investment into the Group Fintech structure is a focus in Q4 2023. Importantly the commercial agreements signed with Mastercard in August 2023, underscores our approach to partnering with key players to accelerate the growth of our fintech business. The processes to exit select markets within the portfolio remains on track. The process to exit Afghanistan is in the regulatory approval stages and remains on track to be finalised by year-end. Discussions are also ongoing regarding the potential orderly exit of three of our smaller operations in West Africa – MTN Guinea-Bissau, MTN Guinea-Conakry and MTN Liberia – and we will continue to update our stakeholders, as appropriate, on material developments in this regard Medium-term guidance We are on track to deploy capex broadly in line with our FY2023 guidance of R40.1 billion, based on current currency assumptions, with an anticipated capex intensity within our medium-term target range of 15-18%. We are focused on delivering on our medium-term guidance and executing on our strategic objectives. The Group’s board continues to anticipate paying a minimum ordinary dividend for FY2023 of 330cps. Q3 2023 trading update teleconference MTN will be hosting a teleconference on Tuesday, 7 November 2023 where we will be unpacking the Group’s trading update for the nine months ended 30 September 2023. To participate, please register here: https://www.corpcam.com/MTN07112023. 7 November 2023 Fairland Lead sponsor J.P. Morgan Equities (SA) Proprietary Limited Joint sponsor Tamela Holdings Proprietary Limited Quarterly update for the period ended 30 September 2023 14 MTN Group Limited Quarterly update for the period ended 30 September 2023 Abbreviations Business Group: Consist of internet service providers in Namibia, Kenya and Botswana CPI: Consumer Price Index CVM: Customer value management GB: Gigabyte GSM: Global system for mobile communication Holdco leverage: Holdco net debt (including MTN GC)/SA EBITDA + cash upstreaming MB: Megabyte NPS: Net Promoter Score OTC: Over-the-counter OTT: Over-the-top P2P: Peer-to-peer PB: Petabyte PSB: Payment service bank SIM: Subscriber Identity/Identification Module Towerco: Tower companies Quarterly update for the period ended 30 September 2023 15 MTN Group Limited Quarterly update for the period ended 30 September 2023 SUBSCRIBERS (’000) Country 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 South Africa 34 509 35 346 35 878 36 538 35 924 36 739 36 798 Postpaid 7 526 7 808 7 971 8 277 8 460 8 641 8 997 Prepaid 26 982 27 537 27 908 28 261 27 464 28 098 27 801 Nigeria 70 185 74 156 74 099 75 635 76 751 77 122 77 645 SEA 34 769 34 831 35 897 36 499 37 210 37 708 38 715 Uganda 15 920 16 255 16 701 17 170 17 769 18 080 19 017 Rwanda 6 468 6 585 6 792 6 816 6 919 6 977 7 170 Zambia 7 297 6 812 7 117 7 112 7 031 7 085 6 950 South Sudan 2 198 2 309 2 387 2 484 2 540 2 565 2 580 Botswana (joint venture) 1 831 1 831 1 834 1 836 1 862 1 908 1 936 eSwatini (joint venture) 1 055 1 039 1 067 1 081 1 089 1 092 1 062 WECA 70 202 70 423 72 033 72 619 72 133 72 737 71 304 Ghana 27 081 27 759 28 499 28 603 27 447 27 302 25 840 Cameroon 10 288 10 607 10 596 10 681 10 817 11 069 11 051 Côte d’Ivoire 15 346 15 488 16 173 16 356 16 641 16 699 16 981 Benin 7 051 7 104 7 277 7 565 7 843 8 116 7 780 Guinea-Conakry 4 546 3 427 3 338 3 189 3 179 3 297 3 281 Congo-Brazzaville 3 204 3 288 3 336 3 308 3 278 3 376 3 507 Liberia 1 875 1 928 1 975 2 047 2 056 2 061 2 106 Guinea-Bissau 811 821 838 870 871 816 758 MENA 66 541 66 864 66 992 67 821 68 615 67 353 65 636 Iran (joint venture)^ 51 353 51 814 52 114 52 747 53 268 53 191 53 945 Sudan 9 215 9 109 8 839 9 042 9 313 8 183 5 778 Afghanistan 5 973 5 941 6 040 6 033 6 034 5 979 5 913 Total subscribers 276 206 281 620 284 900 289 112 290 633 291 657 290 097 ^ Includes Wimax Quarterly update for the period ended 30 September 2023 16 MTN Group Limited Quarterly update for the period ended 30 September 2023 ARPU (Local currency) Country 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 South Africa 93.26 93.79 91.84 94.20 88.65 90.04 89.25 Postpaid 133.46 132.63 129.86 128.30 125.57 124.92 122.37 Postpaid (excluding telemetry) 267.75 265.89 260.97 260.90 258.83 260.43 259.25 Prepaid 70.35 70.56 68.93 71.31 64.67 65.63 64.78 Nigeria 2 080.55 2 094.90 2 158.60 2 352.80 2 319.20 2 404.80 2 497.80 SEA Uganda 10 841.00 11 027.00 11 280.00 11 537.00 11 504.00 11 273.00 11 640.00 Rwanda 2 474.87 2 603.60 2 756.86 2 656.00 2 676.06 2 790.22 2 970.67 Zambia 31.59 35.74 38.92 38.73 37.26 40.53 44.22 South Sudan 2 514.13 2 421.96 2 414.51 3 221.95 3 395.93 3 486.93 3 929.99 Botswana (joint venture) 65.00 67.00 68.79 70.00 73.87 68.63 68.00 eSwatini (joint venture) 108.78 111.02 111.79 112.45 103.09 102.00 105.76 WECA Ghana 29.08 28.04 27.86 32.05 33.16 38.04 41.85 Cameroon 2 209.00 2 209.00 2 221.61 2 346.39 2 286.73 2 360.42 2 393.59 Côte d’Ivoire 1 797.27 1 789.24 1 753.89 1 745.25 1 587.74 1 582.43 1 500.85 Benin 2 974.19 2 998.52 3 113.17 2 921.05 2 927.70 2 794.35 2 772.66 Guinea-Conakry 17 382.42 18 181.79 22 337.09 21 181.23 21 418.38 18 811.47 17 835.57 Congo-Brazzaville 3 158.30 2 985.23 3 210.28 3 204.97 3 123.89 3 241.63 3 318.65 Liberia 3.67 3.89 3.91 4.07 3.91 4.00 3.88 Guinea-Bissau 1 011.21 1 100.04 995.12 1 024.87 925.94 1 003.80 870.55 MENA Iran (joint venture) 379 010.89 432 089.91 477 165.10 406 324.57 485 376.07 536 406.00 586 336.00 Sudan 802.86 1 070.64 1 353.30 1 673.01 1 866.96 1 351.98 1 046.99 Afghanistan 156.86 165.66 169.08 164.48 162.33 165.78 171.39 Quarterly update for the period ended 30 September 2023 17 MTN Group Limited Quarterly update for the period ended 30 September 2023 ARPU (US dollar) Country 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 South Africa 6.06 6.01 5.41 5.34 5.00 4.79 4.82 Nigeria 4.99 5.01 5.04 5.28 5.03 4.69 3.24 SEA Uganda 3.06 2.97 2.94 2.94 3.09 3.03 3.15 Rwanda 2.40 2.53 2.64 2.49 2.44 2.45 2.49 Zambia 1.78 2.07 2.40 2.31 1.91 2.15 2.27 South Sudan 5.82 5.33 3.94 5.07 4.48 3.78 3.92 Botswana (joint venture) 5.74 5.51 5.41 5.49 5.63 5.03 5.11 eSwatini (joint venture) 7.07 7.11 6.58 6.38 5.82 5.43 5.71 WECA Ghana 4.27 3.54 2.95 2.40 2.69 3.24 3.61 Cameroon 4.00 3.60 3.45 3.63 3.75 3.90 3.96 Côte d’Ivoire 3.07 2.91 2.71 2.70 2.60 2.61 2.48 Benin 5.09 4.88 4.80 4.52 4.80 4.62 4.59 Guinea-Conakry 1.94 2.09 2.59 2.47 2.51 2.21 2.10 Congo-Brazzaville 5.40 4.86 4.95 4.95 5.12 5.36 5.49 Liberia 3.67 3.89 3.91 4.07 3.91 4.00 3.88 Guinea-Bissau 1.73 1.79 1.54 1.58 1.52 1.66 1.44 MENA Iran (joint venture) 1.55 1.75 1.81 1.47 1.62 1.41 1.56 Sudan 1.67 1.88 2.36 2.89 3.16 2.32 1.84 Afghanistan 1.63 1.89 1.90 1.86 1.83 1.91 2.14 Quarterly update for the period ended 30 September 2023 18 MTN Group Limited Quarterly update for the period ended 30 September 2023 FINTECH KPIs SUMMARY 9M 9M Constant Reported currency 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 % change % change Transactions (Tx) Tx volume (bn) 2.9 3.1 3.5 3.9 4.1 4.2 4.4 33.9 33.9 Value of tx (US$bn) 59.9 56.4 50.4 54.6 65.7 69.5 68.5 22.2 57.1 Wallet Active MoMo users (m) 58.7 60.7 63.0 69.1 61.7 60.5 63.5 0.7 0.7 Active MoMo agents (m) 1.05 1.09 1.16 1.27 1.33 1.28 1.29 10.8 10.8 Payments and e-commerce Active merchants 0.77 0.95 1.03 1.46 1.56 1.54 1.84 78.8 78.8 GMV (US$bn) 4.3 3.6 2.9 3.0 3.7 3.9 4.3 9.4 49.8 Banktech Loan value (US$m) 280.4 341.7 416.5 377.9 336.9 668.0 1 019.1 94.9 169.6 Remittance Total value (US$m) 573.9 540.1 536.4 568.2 550.4 931.9 935.7 46.5 63.5 Insurtech Active aYo policies (m) 4.3 4.4 4.0 4.3 4.2 4.5 4.3 6.9 6.9 Registered aYo policies (m) 17.4 17.9 18.0 20.5 21.3 22.1 22.8 26.7 26.7 AVERAGE EXCHANGE RATES ZAR:LC strengthening/ YTD YTD (weakening) ZAR: Local currency 3Q 23 3Q 22 % Nigerian naira 29.95 26.34 13.7 Iranian rial 19 083.30 15 722.58 21.4 Ghanaian cedi 0.64 0.50 28.0 Cameroonian franc 32.94 38.53 (14.5) Ugandan shilling 202.33 229.91 (12.0) South Sudanese pound 47.83 30.54 56.6 Sudanese pound 34.07 33.81 0.8 LC:US$ strengthening/ YTD YTD (weakening) US$: Local currency 3Q 23 3Q 22 % South African rand 18.31 15.98 (14.6) Nigerian naira 547.64 421.43 (29.9) Iranian rial 350 050.89 252 408.83 (38.7) Ghanaian cedi 11.84 7.88 (50.3) Quarterly update for the period ended 30 September 2023 19 MTN Group Limited Quarterly update for the period ended 30 September 2023 REVENUE Rm 9M 9M Constant Reported currency Country 1Q 22 2Q 22 3Q 22 4Q 22 1Q 23 2Q 23 3Q 23 % change % change South Africa 12 243 12 536 12 480 13 381 12 624 12 793 12 664 2.2 2.2 Nigeria 17 351 17 880 20 054 21 975 21 829 21 984 14 768 6.0 21.8 SEA 4 416 4 498 5 013 5 415 5 345 5 743 6 003 22.7 18.2 Uganda 2 341 2 357 2 605 2 823 2 991 3 209 3 429 31.8 16.0 Rwanda 771 824 966 966 955 1 036 1 033 18.1 13.7 Zambia 689 745 938 944 763 923 955 11.3 10.1 South Sudan 585 579 492 669 623 562 572 6.1 66.2 Business Group 30 (7) 12 13 13 13 14 14.3 8.1 WECA 12 603 11 715 12 023 11 938 12 708 14 515 14 877 15.8 14.8 Ghana 5 335 4 553 4 418 3 725 4 187 5 240 5 600 5.0 36.7 Cameroon 1 864 1 827 1 918 2 118 2 219 2 470 2 521 19.5 2.5 Côte d'Ivoire 2 137 2 131 2 209 2 441 2 475 2 690 2 575 28.5 10.3 Benin 1 650 1 624 1 695 1 799 1 953 2 100 2 158 25.0 7.2 Guinea-Conakry 420 365 447 ...