Nigeria's mobile money operations begin; positive for MTNN
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MTN Nigeria and Airtel Nigeria have announced the start of mobile money operations, a few weeks after final approval
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MTNN has big competitive advantages: there is no restriction on its addressable market and it has a huge agent network
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We upgrade our target price for MTNN from NGN240 to NGN299 and reiterate our Buy recommendation on the stock
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").
The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.