Exits from other, smaller markets on the African continent may soon to follow.
The pan-African mobile operator, which currently has a presence in 19 countries on the continent and the Middle East, said that discussions are also ongoing regarding the potential “orderly exit” of its operations in Guinea-Bissau, Guinea-Conakry and Liberia.
These changes will reduce the tally to five operating countries in the group’s West and Central Africa (Weca) segment of its portfolio.
Key markets
The Weca region is mainly driven by key markets of Ghana, Côte d’Ivoire and Cameroon (Nigeria is excluded because of its significant size).
The group has faced numerous challenges in the region, and as at the end of the 2022 financial year, Ebitda margin declined by 1.7 percentage points year on year to 33.1% due to pricing pressures, fintech channel subsidies and macroeconomic challenges, including local currency devaluations and higher inflation.