Leading digital solutions for Africa’s progress

Build the largest most valuable platforms

1

2

Fintech and digital services

MTN digital & fintech vision

3

The leading digital platform of Africa; unlocking economic growth through financial and digital solutions for consumers and businesses

Kafui lives in Takoradi (Ghana). She uses MoMo tomanage her business and payments; she also sellsher products online with MoMoMarket.

She took a business loan with MoMoAdvance andinvested it in buying new products to support her community.

She used aYo to insure her inventory and reduceher business risks.

She sends money and often shares “wisewords”(a local ayoba content channel) to her son who isstudying in Cape Coast.

She is the leader of an ayoba group chat wherelocal small shop owners coordinate to buy productsin bulk at reduced prices.

She enjoys listening to one of ayoba’s church channels on weekends and watches live Sunday functions on ayoba when she travels to Accra for business.

Meet Kafui

Building on a scaled wallet platform and network

4

Integrated messaging, fintech, e-commerce and digital content platform

Free

messaging

Deposit, withdraw

Payment and e-commerce

Nano loan and insurance

Digital content

Local P2P and

international remittance

Wallet & paymentData scoring & analytics

InsurtechE-commerce & loan

Subscription & Content distribution

API & managed services

Integrated Platforms

Integrated ecosystem partners

Banks & InsurersMoney transfer operator

Agent & logistics networksDevelopers & Fintechs

Payment networksContent providers

Payment acceptance and ecosystem payments

Customer engagement

and messaging

Micro loans & insurance

Distribute content

BusinessesConsumers

Online store front management

API

Delivering through a BOLD strategy

5

Accelerate the growth in MTN territories through excellent delivery and evolve to a full OTT play

B o L DBiggest Fintech & Digital platformin Africa

• Launch in key markets

• Increase in MTN base

• Accelerate payment

• Compliance focus

• MVNO model

• Rapid growth through partnerships

Operate like an OTT

• Create TopCo to expose value

• Evolved technology

• OTT operating model

• Acquire new talents

• Acquire non MTN customers

Leverage MTN’s core business and assets

• Digitize distribution

• Enable device lending

• Accelerate prepaid airtime payments

• Airtime as a reward

• Rapid OTT adoption with free data

Deliver6 unicorns

Wallet

Payment &E-commerce

Banktech

Insurtech

Remittance

ayoba

Delivery level

Securing several partnerships to ensure success

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Accelerate delivery to the market and scale rapidly through our partners

Insurance technologylicenses

Insurance expertisenetwork

Payment Gateway technology

e-commerce technologye-commerce expertise

Merchant tool technology

Banking licencesCapital

Risk Sharing

Remittance licensesRemittance operation

Remittance technologyNetwork

InsurTech Banktech RemittancePayment & e-commerce

Partnership scope

Unique assets to leverage the opportunity

7

Competitive advantage due to scaled fintech platform, GSM customer base and Africa’s most valuable brand

PEOPLE & EXECUTIVE

EXPERIENCE

BROAD DISTRIBUTION

NETWORK

SCALED FINTECH

ECOSYSTEM

AFRICA DNA & USER

KNOWLEDGE

Comprehensive understanding of user

needs in Africa

EXTENSIVE REACH & TRUSTED

BRAND

Multi-channel access to large userbase

Established agent presence in key

markets

Already scaled in several key markets

Unique experience combination in key

industries

Leveraging Africa’s largest mobile network operator enabling fintech and ayoba to have unique propositions

Five MTN differentiators in the African market

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Fintech

9

The opportunity &market growth

Ambition2025

Fintechtoday

9

Leveraging our assets, building Africa’s largest & most valuable fintech player

100monthly active MoMo users to

million

20%Fintech contribution to MTN service revenue

47 active MoMo users in16 markets

million

R13.6 revenue in 2020, growth of 23.9%*. Contributes 8% to MTN Group service revenue

billion

US$25^billion

Opportunity

Market opportunity

95% of payments remain cash based with 90% of economies driven by small business

75% of Mobile Money users still do not have access to loans, Nano loans for business remain untapped

US$150 value of transactions in 2020, up 86.6% in Q1 2021

billion

16 567 transactions per minute, up 46.7%in Q1 2021 2.6% Insurance penetration in

Sub Saharan Africa

750Annual transaction value US$

billion

^R350 billion - key value poolsSource: Market sizing: internal desktop research, delta partners market sizing

On track to be the largest fintech player in Africa

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Our ambition is to go beyond traditional telco-led Mobile Money play

Number of markets (#)

Number of MAU (#m) 46 to 50m 21m 22m 47m

9 14 18 16

2020 Overview

vv

Ambition is to move beyond the traditional telco-led MoMo with the OTT super app ayoba

Payment focused and OTT players

Social media payments &super apps

Ecommerce and lifestyle platform

We expect to be #1 telco-led wallet before end of 2021

Source: Competitor benchmark: desktop research and MTN internal

Unpacking MTN fintech markets

MTN has scaled user and transaction penetration, secured licences and deployed local operation

Financialservice account %^^

Credit card penetration %^^

Region Country

Insurance penetration %^^

29%

60%

25%

36%

25%

16%

3%0.4%

3%

1%2%

1%

Southern Africa

Central Africa

Western Africa

Eastern Africa

South Africa

Zambia

eSwatini

Nigeria

Ghana

Cote d'Ivoire

Guinea C. + B.

Benin

Liberia

Cameroon

Congo

Uganda

South Sudan

Rwanda

Population #m

59

18

1

200

30

27

15

13

5

26

5

44

11

13

42

Active MTN wallet #m

0.3

3.6

0.5

5.0

10.5

5.0

1.3

2.8

0.7

4.0

1.7

8.4

-

3.5

0.0Sudan

MTN Tnx value / GDP

0%

20%

16%

0%

120%

23%

10%

64%

38%

25%

5%

40%

0%

67%

0%

Western

Central

Eastern

Southern

Fintech licence status

Bank led

Telco led

Telco led

Super Agents

Telco led

Telco led

Telco led

Telco led

Telco led

Telco led^

Telco led^

Telco led

Telco led

Telco led

Telco led

^In application

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^^ Data.worldbank.or, internal MTN desktop research, DELTA partners

Blueprint to reach 100m active wallets by 2025 | Opportunity US$4.3bn

Continue penetration within existing MTN base | Access to non-MTN subscribers in existing markets | New markets

• Move penetration from 40% → 70% within MTN GSM base

• Win in Nigeria with the right approach on PSB set up; anddeploy full MoMo product offeringand ecosystem

• Grow and expand in new markets

• Advance service growth by enabling recurring usages

• Open MoMo to non MTN users with MoMoApp and ayoba

MoMo Monthly Active Users (MAU)

Strategy overview and focus

47 million

58 766 001

77 435 013 84 185 119

94 337 918

>100 million

-

20 000 000

40 000 000

60 000 000

80 000 000

100 000 000

120 000 000

-

20 000 000

40 000 000

60 000 000

80 000 000

100 000 000

120 000 000

2020 2021 2022 2023 2024 2025

Nigeria SA WECA SEA MENA Total

wallet

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Well-positioned to seize payment & e-Commerce | Opportunity US$8.6bn

Largest and growing, merchant base | At-scale mobile wallet platform | Strong brand

Based on established operations, licence holdings

and mature relationships with regulators in 16 countries

Large distribution network of stores and agents, leveraged

to enable e-Commerce logistics

Scaled mobile wallet provides a captive consumer base for

merchants to leverage

In 2 years we have > 500k merchants using MoMoPay to accept payments, ambition to reach 3 million in 2025

Highly recognised & trusted brand (#1 in Africa), builds trust in payments offering for merchants and consumers

Through the wallet, MTN offers a unique payment process with escrow as well as lending

Payment

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Prioritising BankTech value propositions | Opportunity US$7.8bn

Combining data wealth and scaled mobile wallet, we currently facilitate US$100m worth of loans per month

Live with own-solution in one market and through partnerships across five markets Aim to be live across all our markets by 2023

lending

MoMo Consumers MoMo Merchants MoMo AgentsMTN Consumers

MoMo-Advance(live in Uganda)

Merchant-Advance(planned Q3 2021)

Agent-Advance(Nigeria loading Q2 2021)

Airtime-Advance(planned Q1 2022)

Lending product embedded in the MoMo user journey

Targeting P2P, bill payment, and merchant payment use cases

Product leveraging merchant MoMo payment history and

merchant business turnover data

Loan on MoMo float availability during peak time & in remote area

Improving MoMo customer experience

Lending product for MTN consumers depleting airtime

Replacing existing partners and saving estimated US$200m p.a

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Gaining momentum on InsurTech venture “aYo” opportunity US$1.8bn

Ambition to become Africa’s #1 micro/mass insurance provider InsurTech

33mActive customers

US$ 455mRevenues

Full portfolioMicro, life, retirement, saving, general

2025 InsurTech ambitions

Current aYo overview

• 11.3m insurance policies sold since inception (6.7m active)

• 3 markets live | Micro hospital & Life Insurance

• To add 2 markets in 2021, including Nigeria

Strategy

• Expand in more countries

• Continue leveraging core MTN and fintech platforms

• Onboard Sanlam as a strategic partner to accelerate InsurTech

2021 development & strategy

We are onboarding Africa’s largest insurance company (Sanlam) as a strategic partner to accelerate InsurTech expansion and growth

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Leveraging our wallet, receiving over US$1bn p.a | Opportunity US$0.5bn

Targeting a 4x increase in our remittance volumes by 2025 Remittance

USUS$11bn

UEUS$25bn ME&A

U$18bn

RegionalUS$14bn

Remittance potential

• Remittance to SSA growing >10% p.a. and currently estimated at US$55 billion p.a.

• Within Africa formal remittance estimated at US$14 billion p.a and growing with regional economic integration

Where we are today

• Opened >30 regional corridors enabling customers to send/receive funds to/from courtiers in SSA

• >50 partners including world remit, Western Union, money gram sending traffic

• Receive >US$1 billion international remittance p.a.

• Send >US$100 million p.a

• Launched our own remittance App “Homeland” in UK

Continue to grow ecosystem partners and regional corridor through standards tech and commercial

Launch inbound remittance in Nigeria contributing to 40% of total inbound remittance to SSA

Drive aggressive pricing on Homeland and launch in Europe & US

Use Airtime and Data as well as synergies with the core telco to drive volumes

Regional and inbound remittance potential Our strategy

16

1717

Structural separation of fintech business to deliver ambitions & reveal value

Q1 2022

Local Opco set up• Local Opco licences• Companies set up• People and process separation • Customer ownership• Accounting separation

TopCo set up• TopCo company set up• Technology separation• Central operation and service set up• People and process set up

Fintech consolidation• Transfer of ownership• Accounting consolidation

Transaction• Strategic partnership• Investment

• Enabling operating model

• Attract strategic partners

• Comply with local regulations

• Reveal value

• Engagement with potentialstrategic partners

• Countries specific most efficientconsolidation path

Rationale

Ongoing assessment of key considerations

Our 2025 Ambitions

100 million active MoMo users

Leverage 1st Wallet unicorn to unlock

+ 4 new unicorns(Payment, Insurtech, Banktech, Remittance)

Grow and expand beyond MTN customers and markets

>20%contribution to MTN Group service revenue

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Digital & ayoba

19

2020

ayoba is our platform to harness Africa’s unique digital ecosystem & context

Triple play of free messaging, content distribution service and e-Commerce powered by an open platform

Content and channel servicesGlobal & local content distribution & Go To Market leveragingglobal brand & local presence

Free messaging suiteSupported by free data, a full messaging service including groups,media sharing, voice notes, SMS continuity, VoIP and video calling

Social-CommerceIntegrate fintech as a financial service & payment methodto enable ayoba to be a digital market place

Open platform

Opening of platform to 3rd party services delivered via

channels,BOTs and app

in app

The African Digital economy catalyst

We aim to reach 19m MAUs by 2021 and 100m by 2025

Our plan is to leverage MTN existing base to scale up quickly and then grow as OTT player in new markets

Launched in 20 countries

Gaming MoMo Micro apps

MusicChannels

Messaging

Voice & VideoFree data

Jun 2019

20212020

435k2,2m

5,5m

2023

App of the Year

Monthly active users

Product expansion

19m

41m

2025

100m

Premium content

App in App

E-commerce

OTT play

Leverage MTN data & Fintech

OTT play inbig African markets

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The opportunity &market growth

Ambition2025

ayobatoday

The ayoba platform aims to harness growth in the African digital economy

100Grow active monthly ayoba users to

million

5.3 ayoba users in 20 markets

million

20 Markets

US$8.5^billion GMV

Opportunity

Market growth

475m Mobile data connections by 2025

3.9% GDP of the digital economy today

US$1Capture >10% of the

GMV of the digital economy to reach

billion

5 In-app services

71% Smartphone penetration by 2025 vs 45% today

^R118bn – key value poolsSources: GSMA, Statista, Delta Partners analysis

22

The digital economy opportunity in SSA

Enablers for a digital economy in Africa are aligned to enable a strong acceleration in the next 4 years

45% of mobile connections are

smartphone users

Expected to growto 71% by 2025 driven

by decline in device prices

Mobile data connections in SSA to grow 3 fold by 2025 to

reach 475m

Driven by network expansion & data cost

reduction

Acceleration of smartphone penetration

Acceleration of mobile data penetration

Digital economy is only 3,9% of the GDP

Build up of digital economy

value chains

Big digital players address big markets

first

Localisation is still required to succeed

on the continent

Success in digital in Africa requires

localisation

Content not bound to traditional channels,

with mobile & PC capturing 85% of

video consumption in Nigeria.

E-commerce growing very fast

Digitalisation of services &

e-Commerce

Significant potential for a Super-App to capture the African digital opportunity Network & distribution assets enable a unique opportunity to become Africa’s Digital Giant

Large potential of digital services

by 2025

Digital content distribution shows a R118bn market size for MTN on the main

verticals

Sources: GSMA, Omdia, TeleGeography, Delta Partners analysis

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US$8.5bn^^Total market size in MTN footprint, excl. fintech, Delivery, 2025

>10%,R10-15bn

% GMV, Absolute value GMV captured in ayoba, excl. fintech, Delivery, 2025

Capturing a large share of the GMV^ of the Digital Economy

Main verticals covered by the app have a total market potential of R118 billion

Aim to capture >10% of the GMV of the digital sector in our footprint toreach R10-15bn GMV (~US$1bn) by 2025

12

29 13

27

8

26

8

17

4

13

2

6

48

118

2020 2025

Music

E-Commerce

Gaming and e-Sports

Video

E-Health

E-Learning

Digital services revenue evolution within the MTN footprint (Rb)

^ Gross merchandise valueSources: GSMA, Statista, Delta Partners analysis 4

24

Development phase of ayoba is organized around 3 stages

25

Completing stage 1 this year and stage 2 by 2023

OTHER E-WALLETS

ENRICHED COMMUNICATION (CONTENT, BUSINESS)

FREE CONTENT

MOMO ACCOUNT

FREE DATA MTN

INSTANT MESSAGING

FREE DATA ALL NETWORKS

MARKET PLACE

MVNO TELECOM OFFERING

OTT FINANCIAL SERVICES

Our 2025 Ambitions

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100 million active ayoba users

Enablers for a digital economy in Africa are aligning for a

strong acceleration in the next 4 years

Capture

>10%US$1 billion

GMV of digital sector

ayoba will capture this growth by

leveraging telco & fintech platforms

to reach

Take-aways

27

REGULATION

COMPETITION

EXECUTION

Appropriate operating model to support ambition

Disruptions to current commercial model

PSB licence in Nigeria

• RAPID execution of 6 unicorns with integrated platform

• Strategic investment and partnership to support rapid growth

• Free Data & SMS continuity as differentiator

• Structural separation of fintech business • New operating model implemented together

with Topco Investment in technology, people & strategic partnerships

• Engagement with regulators and partners

Key risks/limitations mitigated through deliberate interventions

28

We have a clear plan to mitigate those risks, with the main actions well advanced

Fintech & ayoba

29

Our vision is supported by 2 platforms

Fintech

Africa’sSuper platform

Africa’sSuper App

WalletPayment & E-commerce

BankTechInsurTech

Remittance

Instant MessagingMultimedia content

Lifestyle applicationsDigital services

Social commerce

The combination of ayoba and Fintech platforms is a unique asset to harness Africa’s digital economy

DigiFin revenue ambition

30

Ambition is to grow and diversify revenue to contribute at least 20% of Group revenue over the medium term

DigiFin revenue composition

47%

6%

26%

1%

19%

0%

20%

40%

60%

80%

100%

120%

2020 2025

Wallet Payment and E-commerce BankTech InsurTech ayoba & digital

9% of MTN Service revenue >20% of MTN Service revenue revenue

• 100 million active wallet• Continue leveraging MTN and succeed

in Nigeria

• 3 million active merchant• Successful implementation of product

roadmap

• US$4 billion loans per month• Successful execution of Banktech roadmap

• US$4 billion annual remittance volume• Continues volume growth through partners

• 100 million ayoba MAU• Platform to distribute digital content and

service

• ~60 million policies• Successful execution of product roll out• geographic expansion with new strategic

partner

Investment in technology and skills to support executionStrategic partnership to enable RAPID scale for each vertical with tailored operating modelEBITDA^ margin ~30% and capex intensity <5% to remain stable over the period

^ EBITDA subject to change with structural changes of Fintech business

a global team, passionate about Africa and committed to unlock the full potential of the Digital economy

MTN DigiFin leadership

Serigne from Dakar to Joburg

Elsa from Roma to

Lagos

Phrase from Kampala to

Joburg

Etienne from Paris to Abidjan

Eli from

Ghana

Sam from

Eswatini

Komba from

Zambia

Chris from Kampala to Monrovia

Chantalfrom

RwandaTiemoko from

Mali

Alain from Cameroon

Aminata from

Conakry

Lynda from Cote

D’Ivoire

Cedric from Abidjan to

Joburg

Usorofrom

Nigeria

Andrew & Andrew from CPT &

Joburg

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Africa’s digital economy opportunity is untapped;

it is happening NOW!

We are delivering6 Unicorns; we are done

with one!

We are building Africa’s Super Platform and

Super App

Our proven InStartUp model gives us agility

and RAPID scale

$

Key take-aways

32

Ambition 2025 DigiFin summary

475msmartphones

revenue opportunity

US$35bn

100mMAUs

30%of GDP moved

US$750bn+transactions

3mmerchants

Q1 2022full set up of

Fintech TopCo

>20%of MTN service

revenue by 2025