MTN set to invest $215 million in Benin

Africa’s telecom giant, MTN Group, has pledged a $215 million investment in Benin over the next three years.

The investment will first see the MTN Benin subsidiary, which has been in business for 25 years, get a brand-new office.

Additionally, MTN Group has successfully tested its 5G services in Benin and sees potential in the country, so the investment is also a strategic move to leverage this opportunity for mutual benefit between the telecom and the host country.

Again, MTN will partner with the government and other stakeholders, to invest in education and skills development for the youths.

President and CEO Ralph Mupita, made the announcement in a meeting with Benin’s President, Patrice Talon, during a visit to Cotonou by an MTN Group delegation.

MTN has also made similar investments in Nigeria, Cameroon and Ghana. In July 2023, the telco revealed a $3.5 billion investment plan for Nigeria’s economy over the next five years. In Cameroon, the group invested $225 million, over three years, to strengthen its operations in the country. In Ghana, MTN has earmarked a $1 billion investment over a five year period.

MTN recently revealed its planned exit from three smaller markets—Liberia, Guinea-Bissau and Guinea-Conakry—in November 2023, with their 1.6% revenue contribution and subscriber counts below 10 million. Benin, a country with just 8 million subscribers is getting a royal treatment from MTN. Numbers tell one story, but Benin’s got something else going on—and it’s worth $215 million.

Source:techfocus24