Flash Equity Report /
Nigeria

An early blow for MTN Nigeria's mobile money business

  • MTN Nigeria's mobile money operation has reportedly lost NGN22bn (US$53.7mn) to fraud or an operational error

  • Whatever the details of the loss, we view fraud as a significant threat to the success of digital banking in Nigeria

  • The loss represents c7.3% of MTN Nigeria's FY 21 profit but we maintain our Buy recommendation on the stock

An early blow for MTN Nigeria's mobile money business
Ayobami Omole
Ayobami Omole

Research Analyst

Tellimer Research
28 June 2022
Published byTellimer Research

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