The challenges MTN faces in South Africa

• MTN faces challenges in South Africa due to a limited growth ceiling, extremely high prepaid churn, and online betting diverting consumer spending.
• The challenges are attributed to South Africa's market depth being lower compared to MTN's other major markets, with high prepaid churn in the high-90% range and pricing and FICA/KYC risks.
• MTN plans to address these challenges by stripping out R4 billion to R6 billion from its expense stack, targeting up to R5 billion in actual operating expense reductions by 2029.