MTN Group Limited (MTN.JO) Earnings Call Transcript & Summary

Good day to everyone, and thank you for joining us once again to discuss the MTN Group trading update for the 9 months ended September 2025. Apologies for starting 5 minutes late, but we'll give you the full hour in terms of the call. My name is Thato Motlanthe, I look after Investor Relations at the MTN Group. And on the call with me this afternoon, I've got Ralph Mupita, who is our Group President and CEO; as well as Tsholofelo Molefe, who's our Group CFO. Our trading update was published this morning on the JSE and is posted on our website. If you haven't had a chance to look as yet, you'll find it on the Investor Relations page. I trust that you've also seen the Q3 releases from our listed opcos. They published their results over the past few weeks. And hopefully, you were able to join their respective investor calls as well. In terms of the agenda for the day, the running order of the call will be as usual. Ralph will get us underway with an overview of the operational performance that will be followed by Tsholo with an overview of our financial highlights and then Ralph will come back to wrap up with a few key focus areas as well as outlook comments. We'll then move into the Q&A section, and I encourage you to send through your questions on the webcast platform and I'll read those out towards the end of the call. Finally, as I said, just a reminder that this call is scheduled for about an hour at which point we'll close the call and with that, let me hand over to Ralph.

Thank you, Thato, and a very good afternoon to you all from me as well. In terms of our Q3 trading update, we are pleased with the strong momentum coming through in the results. It reflects the improvements in our macroeconomic context as well as the excellence in the execution of our teams across the markets. As mentioned, we'll cover 3 overall areas in our commentary this afternoon. I'll start with an operational overview, covering our commercial highlights. I'll then ask Tsholo to cover our financial highlights. And then I will in the end finish off with some outlook and priority comments. Before we get into the detail, let me outline the 6 key messages of our performance in the period. The first point, as I mentioned, is that we are really pleased with the strong growth delivered in our business. MTN Nigeria and MTN Ghana led this performance, but it was also very encouraging to see the momentum in some of the other opcos, particularly those we've been driving turnarounds. The second highlight is that as a group, we passed the 300 million customers mark in the last quarter. As you will recall, this is a key strategic milestone for our Ambition 2025 strategy. However, it's especially important in the context of our commitment to connecting communities across Africa. As MTN, this milestone embodies our mission to spearhead the socioeconomic and digital progress of our markets, and this starts with connectivity. Thirdly, we continue to expand our Fintech ecosystem with a transaction of more than ZAR 340 billion year-to-date, which was up 38% year-on-year in constant currency terms. This was underpinned by the execution of our commercial strategies and how we leverage partners to scale the business. The fourth point to amplify is the trajectory of our EBITDA and margin, which increased by 6.7% to 45% on a constant currency basis. And this came on the back of a very strong top line growth reported, supported by our continuous efforts to drive expense efficiencies. The fifth highlight is the strength of our balance sheet, and we are really pleased to have maintained healthy ratios, which underpin the execution of our strategy. Tsholo will talk a bit more about these, but we improved our consolidated net debt to EBITDA to 0.4x as of the end of Q3. This was down from 0.7x at the end of last year whilst our holdco leverage stayed flat at 1.4x. Of course, this was supported by the work we do to upstream cash from the opcos. And linked to our final message is that MTN Nigeria has restored its retained income and net equity into positive positions in the time lines we previously guided. This was announced with MTN Nigeria's Q3 results, along with the resumption in dividend declaration. These are major milestones in the recovery journey of the business, and we commend the hard work of Carl and the team in Nigeria. MTN Nigeria has emerged strongly from a very challenging 18 to 24-month period. In terms of our overall performance, we delivered strong overall service revenue growth of 22.6% for the 9 months in constant currency terms. This top line outcome was underpinned by data revenue, which increased by 35.4% along with Fintech revenue, which grew 23.1%. And looking at our commercial KPIs, you'll see that we expanded our customer base to 301 million, as I noted earlier, reflecting growth of 5.8% year-on-year. Our active data subscribers were up 9.1% to close the period at just under 166 million. And traffic was again up strongly, increasing by 26.6% year-on-year. This gives us confidence in the ongoing structural demand and momentum within our data offering, and we believe that the headroom for growth remains substantial. Within our Fintech ecosystem, our monthly active users rose by 5.3% year-on-year to 64.3 million. Again, the underlying momentum is robust with fintech transaction volumes and value up 13.9% and 38%, respectively. If we turn to the overall operational level, the performance of MTN SA continued to be impacted by the competitive pressures in the prepaid market. You would note that this has been an ongoing theme, especially within voice. And with the decline in prepaid [indiscernible] overall service revenue growth for the period was 2%. Notwithstanding the prepaid headwinds, it's worth noting the important positives in the SA performance. It was pleasing to see the growth in MTN SA's aggregate data revenue, which was up 5% in the 9 months with an acceleration in growth to 6.4% in Q3. This was driven by strong growth in usage and traffic, including progress in our [ FWA ] and Home initiatives. We're also encouraged by the solid performance in postpaid and enterprise, which helped the overall performance of MTN SA. These segments grew revenue by 4% and 12.3%, respectively, and both also accelerated in the third quarter. And I think this is an important message to leave with you. Firstly, we are super focused on addressing the challenges in prepaid. I've spoken before about the investment we are making in our commercial offerings and distribution to recover prepaid performance. Secondly, we actually have some very positive momentum in some key segments where growth has accelerated in Q3 like data, postpaid, enterprise. For MTN Nigeria, they reported a strong set of results at the end of September. In terms of the headline, they grew Service revenue by 57.1% within Q3, up 62.9%. This outcome reflected a strong showing across the board. Data revenue increased by 72.7%, Voice by 41.6%. We also had digital and fintech revenues up 42.9% and 72.3%, respectively, in the 9 months. The momentum we see in MTN Nigeria was supported by resilient demand, disciplined execution and price adjustments. And as part of this, we accelerated CapEx in the market to ensure the capacity to meet the growing demand as well as quality of service obligations. To give you a sense, data traffic grew by 36.6% in the 9 months, which demonstrates the structural demand even in the context of price increase. The strong performance from MTN Nigeria which was also supported by improved macro conditions, underpins its return to positive retained earnings and dividend payments. You'd have seen this from the announcement that MTN Nigeria board approved an interim dividend of NGN 5 per share. For the group, this will amount to a gross dividend of about ZAR 975 million, which we anticipate to receive in the course of Q4. In our markets portfolio, the SEA and WECA regions are growing the service revenue by 22% and 17.1%, respectively. Key market performance is that both regions delivered top line growth well ahead of their blended inflation on an overall basis. MTN Ghana continued to lead growth with top line expansion of 35.9% and MTN Uganda was also a solid contributor to the overall result. What is quite important to call out in the market context is that we're seeing good traction in a number of other operations. MTN Cameroon sustained a solid trajectory in the period. We also saw the likes of Côte d'Ivoire, Zambia, Rwanda and Sudan as markets that are showing encouraging traction in their commercial momentum. In terms of Fintech, Service revenue increased by 23.1% on a constant currency basis, with the growth being spearheaded by Ghana, Nigeria and Rwanda. We noted earlier in the year that we're seeing increased competitive intensity and pricing pressures in some markets, which are currently -- we are currently navigating. This is presenting some headwinds to our overall growth trends. Importantly, however, we continue to drive up the contribution of advanced services, which was 33.4% in the period, excluding extra time. This contribution increased by 3.8 percentage points on a year-on-year basis. In that regard, we are pleased with the progress we're making with our Mastercard commercial partnerships. We have now added Cote d'Ivoire to the list of markets where we've launched virtual cards. This brings the total to 3 markets over 300,000 cards issued year-to-date so far. We also launched a money market product in Uganda and a mutual fund offering in Rwanda, where we have seen early good adoption. These products enable our customers to save and invest involving our financial inclusion imperative to financial empowerment. So to summarize, I would say we've executed well against the backdrop of improving macro conditions in some of our key markets. Whilst the challenges, we continue to address these, and we've been able to drive some good momentum in the growth of our business. Let me pause at this point and hand over to Tsholo, who will provide an overview of our financial results.

Thank you very much, Ralph, and a very good afternoon to everybody on the call. Thank you for joining us. And it is my pleasure to walk you through the financial overview of our performance over the first 9 months of the year. As a headline, I would reiterate that we are pleased to present a strong set of financial results. These have been delivered against the backdrop of improved conditions and good execution by the various teams across MTN. In terms of the overall performance, we've seen group service revenue for the 9-month period under review, growing by 22.6% in constant currency. We sustained good momentum with growth in September of 23%. On the connectivity side, we saw data revenue increased by 35.4% with strong growth of 37.2% maintained in quarter 3. Voice is not on this slide, but you would have seen from the sense that we delivered resilient voice revenue growth of 10.8% for the period. In Fintech, we reported top line growth of 23.1% in the 9 months which reflected a little bit of a slowdown in the momentum in quarter 3 to 20.1%. Ralph talked about some of the competitive and pricing pressures coming through there in some of our markets and the work we are doing to accelerate the business. Advanced services within fintech continued to be strong, in line with our strategic forecast for the business and grew by 39.5%. Constant currency EBITDA margin for the 9 months was up by a pleasing 6.7 percentage points to 45%, really reflecting the turnaround in the profitability of our business with Q3 margins up now at 46.6%. Over and above the strong overall top line growth, we continue to implement our expense efficiency initiatives to support the profit growth. EBITDA in the reporting period expanded by 41.1% year-on-year. Turning to the performance of MTN South Africa. In the period under review, Service revenue increased by 2% with some slowdown in quarter 3 specifically. As Ralph covered some of the drivers behind this, which is largely due to ongoing pressures in prepaid and prepaid voice. Of course, we are encouraged by the improving trends in segments like Data and Enterprise overall along with consumer postpaid, which have mitigated the downside. MTN SA's EBITDA reported margin was 0.6 percentage points at 5.8%, which included the impact for gains and losses from tower disposals. Excluding these, the underlying margin was lower by 0.4 percentage points to 35.9%. The trend you see in quarter 3, which was 34.5%, reflects the top line pressures we have spoken about and the investments we are making in optimizing pricing and our distribution. We also talked about these interventions in our Q1 and half year-end reporting. Touching on MTN Nigeria's performance, we see very strong top line growth with Service revenue growth of 57.1% for the 9 months and 62.9% in the quarter, very much a reflection of good execution in the market, with growth across all the key segments and supported by improved macros and price revisions. The EBITDA margin in Nigeria of 51.3% was up by 15 percentage points on the back of robust revenue development as well as expense efficiencies. We continue to see the benefits of the renegotiated tower lease contracts in Nigeria, along with relative stability in the macroeconomic drivers like inflation and FX. Now moving to the market portfolio. The markets continued to perform very well overall, with SEA and WECA growing their service revenue by 22% and 17.1%, respectively, both quite comfortably ahead of blended inflation rates. For SEA, there was a tick up in service revenue growth momentum, which was 22.2% in quarter 3. The overall margin also trended in a positive direction, and this was up 3.2 percentage points for the 9 months to 48.4%. The margin of 48.9% in quarter 3 was also quite pleasing. If you look at MTN Uganda, they delivered another strong performance growing Service revenue by 13.6% with a 2.1 percentage point improvement in EBITDA margin to 53.8%. Good momentum in that business despite the effects of the mobile termination rate cut implemented in Q4 last year. You will also see from this slide the trend in EBITDA margin, which held quite firm at 54.1% in quarter 3. MTN Uganda continued to sustain its margin comfortably ahead of its medium-term target threshold of above 50%. The WECA region delivered a margin of 46.6%, which was up by 4 percentage points. Again, we are pleased with the trajectory of EBITDA margin, which came in at 48.1%. It reflects some of the momentum and turnaround we are seeing in markets like Cameroon as well as Côte d'Ivoire. MTN Ghana within WECA grew its top line by 35.9% for the 9-month period, which was very strong, albeit with an abating trend to 29.9% in quarter 3. A couple of factors informing this. Firstly, the telco industry in Ghana gave back 15% to customers in data offerings from July in cooperation with the regulator there. This impacted data revenue development. Secondly, there is the ongoing shift from traditional voice calls to voice over IP services. In fact, this was actually somewhat exacerbated by the additional value given to customers in data bundles. MTN Ghana has once again delivered an attractive margin of 58.4% in the period under review, reflecting an expansion of 2.3 percentage points. As a final point here, just a reminder, this will be the last time you see the structure that you see on the slide. From the full year reporting, you can expect to see our operations as disclosed in line with our new structure that was implemented 1st of November -- announced 1st of November. Finally, just a few remarks on our financial profile. I will start with CapEx. We disclosed in the sense that we deployed CapEx of ZAR 27.9 billion, excluding leases, with CapEx intensity of 16.8%. And this is around the midpoint of the range we target over the medium term. Overall, we remain on track to exit the current financial year within the guidance range of between ZAR 33 billion to ZAR 38 billion, probably towards the upper end of that as we invest to sustain our growth momentum. This is supported by our balance sheet, which is in good shape, consolidated net debt to EBITDA improved to 0.4x as of September compared to 0.7x as of December 2024. In the meantime, our holdco over the same period held steady at 1.4x. So it does remain within 1.5x medium-term target level. Supporting this was the upstreaming from opcos of cash, which is tracking well and came in at ZAR 11.9 billion year-to-date. This indicates upstreaming of ZAR 3.7 billion in this quarter 3. In this context, we've maintained a very healthy liquidity position with headroom of ZAR 36.9 billion as at the end of September 2025. Post the period end in October, we raised about ZAR 2.3 billion from our DMTN program to refinance existing maturities and further bolster holdco liquidity. So overall, we remain -- we retain to implement -- we continue to implement our disciplined capital allocation to sustain our growth ambitions and safeguard the health and flexibility of our balance sheet. As we regularly highlight, this is a crucial enabler for strategy execution and growth outlook. Thank you very much, ladies and gentlemen. I will now hand over to Ralph.

Thank you, Tsholo. And as I turn to concluding remarks, let me just amplify some of the strategic work we're doing, in particular, some of the partnerships we've made in terms of our own execution of our strategy. Starting with LEO satellite partnerships, we've concluded some principal agreements already in the course of 2023 and 2024, which we announced at that time. In this last period, we've launched a collaboration with Starlink, firstly, in Zambia to expand enterprise connectivity and ensure fast and reliable Internet access for businesses. Secondly, in South Sudan, we've launched an initiative to bolster penetration and access via satellite technology through a distribution agreement with Starlink. Both are focused on expansion in rural and underserved regions in line with our strategy. We've also made progress with our Mastercard commercial partnerships. I mentioned this earlier, but bears reiterating, we've added Côte d'Ivoire to the list of markets where virtual and physical card issuance has been launched, bringing this to 3 markets, Uganda, Rwanda and the other 2. Then, as you would have seen from this morning's [ SEN's ] and in the press that we've launched first of its kind collaboration with Microsoft to expand AI-powered learning and productivity tools for students and our customers, this will be rolled out in select markets from the beginning of 2026. It will allow eligible customers to leverage these AI-enabled solutions through Microsoft applications such as copilot, in order to support their work in research, writing communications and collaborations across the various markets. It will also enable them to stay safer online through built-in protections against evolving cyber threats. So as I said, we're making good strides in a number of strategic areas to accelerate the digital features of our markets. Turning then to our priorities for the year. You will have seen these a couple of times now, and we remain focused on finishing the year strongly in this regard. Our major focus is for MTN SA remains to recover better overall growth profile. We've spoken about some of the headwinds, particularly consumer prepaid and the initiatives are well in flow to address these. The network is in good shape, and we are making the investments in our commercial offerings and distribution to accelerate performance. You would have seen that we indicated in the [ SEN's ] that you can expect MTN SA to track towards the lower end of medium-term target ranges for the next few quarters. We then expect to see progress towards the upper end as the commercial initiatives gain traction. MTN Nigeria has set a strong foundation with balance sheet metrics now back in positive territory. The focus with this market, as you've heard before, will be to continue to execute with discipline to capture growth opportunities that we see in the market. You would recall our guidance for MTN Nigeria, we anticipate that both Service revenue growth and EBITDA margins would be at least in the low 50s for FY 2025. Just a reminder, as you do your modeling that we disclosed at this time in quarter 4, some base effects from USSD recognition from last year. This bolstered last year's Q4 service revenue growth. So just something to pay attention to as you look at the forecast for the remainder of the year. In our Markets portfolio, we've noted the encouraging trajectory we're seeing there, so our focus will be on sustaining that positive momentum, which will support the overall growth of the group. In Fintech, we are navigating increasingly competitive and pricing pressures. We are intensifying our CVM campaigns to bolster adoption, retention and sustained engagements. We're also accelerating the investment in our technology platform to ensure the customer experience and activity that is enhanced within the ecosystem. With such intervention, we're safeguarding the quality and stickiness within our fintech ecosystem as well as accelerating MoMo PSB Nigeria. We also focus on sustaining the strong growth in our advanced services in support of the medium-term growth and profitability of the business. You would have heard Tsholo talk about the healthy financial profile of the business. We will maintain this through continued discipline in our capital allocation and focus on efficiencies. In this regard, we are on track to achieve our 2024 to 2026 EEP targets ZAR 7 billion to ZAR 8 billion. For this year, we maintain our ZAR 33 billion to ZAR 38 billion target for CapEx ex leases. Through this work, which complements our commercial push, we will continue to drive attractive returns for our shareholders, underpinned by a solid balance sheet. We're very happy to achieve the milestones of positive reserves and net equity in Nigeria. The resumption in dividend payments once again reflects a critical turnaround in the business and the commitment to returning value to shareholders. As mentioned, the group share of the NGN 5 dividend per share amounts to ZAR 975 million gross, which we anticipate to receive within this quarter. Finally, we've maintained our medium-term guidance, which reflects our growth ambitions and investment case. As I mentioned before, those KPIs can expect MTN SA to track at the lower end of the medium-term ranges. Within Fintech, we also track slightly below the guidance range for a few quarters as we manage the competitive and pricing pressures coming through in some markets. I think the important note is that given the work we're doing in the business, we expect to see them recover their growth trajectories towards the upper end of targets over the medium term. With that, thank you very much, and let me hand over to Thato for the Q&A.

Thank you very much for that overview. We can jump straight into the Q&A. There is a number of them. Some of them are overlapping, so we'll try not to repeat. Let's just start with a few questions here. Dividends, with Nigeria paying a dividend earlier than expected, how is management thinking about the group dividend in FY 2025?

Maybe just to answer that question, I think as we've communicated previously, we have communicated a minimum of ZAR 3.70 per share. That is still on the cuts. We will obviously do some work and we'll communicate with our results next year, whether there's any room for additional dividend.

So there's a couple of questions on the MTN SA trajectory in Q3. So MTN SA, can you give some color on the prepaid voice and data revenue trends in the third quarter? What gives you confidence that you can get SA to grow at the upper end of medium-term targets?

Yes. Look, I mean, we've been in the last couple of quarters talking about the prepaid performance and the detractors to meeting our guidance numbers. What we're doing right now, as we've said before, is investing in our commercial activities. So we're putting some investment in commercial activities that impacted the margin. You see the margin is in the quarter below guidance, and we anticipated it would be given the investments that we're making. And these will take time to bear fruit. We think we need a couple of quarters as these initiatives start to take root across the various regions. I do think what has been pleasing has been actually the data trajectory. So sequential quarter also even on the prepaid side, we're seeing an improving trend. Voice is still under pressure. So we still see Voice under pressure. So the combined effect is that we're still in the growth in the Prepaid sector. And it's largely to do with Voice. Data trends have been encouraging, and we're going to continue and sustain kind of our commercial strategy, looking at regional offers and looking to get more and more of our customers in bundle. That's the process we have to take now. And we've also done some work towards looking at slightly pulling back on the extra time as a channel so that our customers, we try and get a bit more of the recharge coming through other channels going forward. So our belief is we just sustain the commercial activity that we have started in Q3 into Q4, and we should start seeing the results coming through in a couple of quarters' time.

So just linked to that, over and above the performance of the top line, what was the biggest driver of the decline in EBITDA margin? Did high commissions to channels drive the majority of the decline?

I think we had a bit of both. We had a bit of investment in trade and there was also a little bit of an uptick also on bad debt that is in that number. And I think you'll see that in the full year. But the voice -- sorry, the investment in the channel was something that is part of our strategy. As we said, it would impact margins early on in terms of the actions that we've taken through. And I think we'll see relatively softer also Q4 before we start seeing an improvement there.

Staying with South Africa. Are your contract with Cell C open for amendments, especially with regard to how they resell to MVNOs? Is there regulatory relief possible such as price flows?

I mean on the Cell C side, we do have an existing contract. We're actually in the middle of what we call the 180-day review. So that 180-day review ends at the end of December. So that's the process that Ferdi and team will have to assess and engage Cell C in terms of the longer-term pricing and other elements within the contract. So we are kind of in that process right now and I can't say too much further. But that window closes at the end of December. And subject to where we end there, the terms we would agree would be sustained all the way up to 2032. So that process is underway at the moment.

Maybe just a more general question from a commercial standpoint, maybe regulatory. On the pricing outlook, which markets are you comfortable about positive pricing environment? And which markets do you see challenges in raising prices going forward?

Yes. Look, I mean, South Africa, we don't have the challenges of pricing. We can price up. I do think that South Africa may well be a market where we have price floors like you find in other jurisdictions, particularly when you look at the pricing dynamics between MVNOs and mobile operators. But that's not really a function within South Africa. Nigeria, we've got the 50% tariff increase. We'll continue to engage the authorities around that. We did say to yourselves as investors that one of the key issues in Nigeria was overall improvement of quality of service, quality of experience more broadly. That remains a focus for us. You saw the recent awards that we received as the best network in Nigeria. The regulator, the NCC would like to do a review of the quality of service. And I think only after that has been completed, would we envisage that there could be discussions about further price increase. But that discussion that has been ongoing for some time about ultimately deregulating pricing in Nigeria, creating price floors as you have in other jurisdictions. Ghana, the nature of the market with S&P and there is Telesol that's come into the marketplace. We anticipate over time that there would be the type of pricing that we have seen. I'm not too concerned about Uganda. The markets where I think for us, there are some concerns is really kind of been in. It's a much smaller opco, but there's some pressures out there. So those will be the ones that I would signal out as the ones from a pricing point of view, we're focused on over the medium term.

A number of questions on legal cases in the DoJ before capital allocation, just capturing them all together. Can you give any color on the potential U.S. DoJ investigation? Have there been any further requests for information or questions being asked? I think that covers probably most of the questions on DoJ.

Yes. I mean, as we said with our results and on the road show that we have decided to voluntary cooperate with the DoJ. And create a frame of information exchange that they're comfortable with and that we are comfortable and that's been established. And so there has been an exchange of information since we disclosed, but there's no further updates to that at this particular point in time.

So there's actually one slightly different in terms of the update in the [ SEN's ], the update on the legal cases in the U.S. The Syria case has been dismissed. What ways was that case different from the other cases?

Yes. I mean what happens with these cases, the ATA cases, as we've said before, you've got to go through the jurisdictional arguments before you go into the merits of the cases. And whilst you're still arguing in jurisdiction, you can actually amend your case. So in this instance, the Syria-related claims were struck down or at least the court ruled in our favor. So we'll continue having the discussions towards having the case dismissed from a jurisdictional argument point of view. So it's a change, but it's not a big, big change to be clear. I mean these are cases that would ultimately want to be -- as we've said, that we believe that the jurisdictional arguments and the position that we've taken are the right ones. And so this case is -- there is a bit of a progress, but it's -- there's still elements of the case more broadly that we'll still need to engage on.

There are some questions on capital allocation. So I think you answered part of it. But given the strong cash flow generation upstreaming of Nigeria, first part of the question you touched on, is there room for higher dividends? And how do you think about share buybacks?

Yes. So I think as we said to first investors, maybe just to reiterate the point, our capital allocation framework as we have it remains very suitable for us. It gives us opportunity to invest in high-growth areas, networks and platforms. And as we've already said as well that having a healthy balance sheet is important. So we are looking at obviously reduce -- settling the dollar debt. As we indicated, it has become current, so we'll be looking to that. Dividends or rather, let me say, shareholder returns are a key component of our capital allocation framework. As I said, we've committed to the ZAR 3.70, and we are on track to be able to pay that next year. We are doing some work currently to look at a more sustainable dividend policy that looks at shareholder returns, that looks at overall the dividend payout over a longer term, including any additional returns, which would also look at criteria we need to look at for share buybacks. I think at this stage, we will come back to investors when we report the results in terms of how we think about it going forward. But we do believe that when we look at the share buyback, it has to be obviously meaningful over a sustained period, it needs to look at whether our stock is undervalued and we need to make sure that there's sufficient liquidity for us over the long term to be able to do a meaningful buyback. So those are the points I would add here.

If we shift over to fintech. Could you specify a couple -- again asking around the pricing pressures. Could you specify which markets experienced pricing pressure in fintech? You noted that Ghana's remittance inflows were channeled through alternative routes this year. Could you elaborate on which channels or platforms are gaining share relative to normal? And then within MTN Ghana's Advanced Services, could you indicate what proportion of revenue [indiscernible] remittances. I don't think we have disclosed that.

I don't think we disclose.