Following the recent drama over registration of SIM cards, MTN Nigeria have officially announced their casualty in numbers. The firm reportedly lost 5.1 million subscribers in the last quarter. This was said to be caused by two major factors – stiff competition and tougher regulations in the Nigerian market.
This has affected the company’s target of hitting 16.75 million new subscribers this year. The company is hoping to restore about 3.4 million of these subscribers – this is will be after normalizing their SIM card registration details.
The spokesperson for the MTN Group, Nik Kershaw, said,
“MTN, which operates in more than 20 countries across the Middle East and Africa, had 5.1 million subscribers cut off in Nigeria, its biggest market, at the end following checks on personal documents.”
Chief Executive Sifiso Dabengwa added:
“Aggressive price competition, weakening macroeconomic conditions in most of our markets and unfavourable exchange rate movements continued to impact financial performance for the quarter,”