MTN Eswatini

What MTN Eswatini does

MTN Eswatini (legally Swazi MTN Ltd) is the Kingdom of Eswatini's dominant mobile telecommunications operator and a subsidiary of South Africa-headquartered MTN Group (JSE: MTN). Founded in 1998 as the last country in the SADC region to launch cellular service, the company operates a national 2G/3G/4G/LTE mobile network serving over 950,000 subscribers — the majority of a country of approximately 1.2 million people — with infrastructure consolidated on Huawei eNode-B equipment since the 2016 modernization. The company maintains headquarters in Ezulwini, service centers in Mbabane and Manzini, and is owned 41% by SPTC, 30% by MTN Group, 19% by Eswatini Empowerment Limited, and 10% by an Esteemed Shareholder.

The product portfolio spans three pillars. The connectivity business offers prepaid and postpaid voice plans (MTN Standard, Zone, Pulse, Call Per Second), combo and tiered data bundles (Lula Combos, Toti Toti, Sisonkhe, Mi-Fi, time-based), fixed wireless home internet (Khayalami, 20GB-300GB), and enterprise business solutions covering cloud, communication, and network connectivity with postpaid tiers from Pro Mini through Elite Platinum Plus. The fintech pillar is MoMo, launched in May 2011, which has grown to 500,000+ subscribers and 3,400+ agents processing E100M+ monthly circulation through P2P transfers, bill payments (EEC 1.5%-8%), Quick Loans (8% interest/30-day), NFC MoMo Pay at 50+ retail outlets, cardless ATM withdrawals at Eswatini Bank and Eswatini Building Society, and the Likhandlela Funeral Policy with Old Mutual. The third pillar is MTN CallerTunez — a CRBT service enabling local artists to monetize music via Content Connect Africa — and the MTN Foundation CSR programs covering education, health, and youth empowerment.

MTN Eswatini monetizes through usage-based voice tariffs (peak E1.20/min, off-peak E0.60/min), subscription data plans ranging from E1 micro-bundles to E1,630 for 100GB fixed plans, MoMo transaction fees (E2-E13 per transfer), hardware sales (Mi-Fi at E540, smartphones from Mara/Hisense/Samsung), and enterprise ICT contracts. Distribution combines direct service centers, 3,400+ MoMo agents, e-top-up outlets, bank ATM partnerships, and digital self-service via the My MTN app and USSD codes (*155#, *922#, *686#, *007#). The company serves mass-market consumers, enterprises, the unbanked through MoMo, and youth segments through entertainment and sports sponsorships, with the MTN Foundation investing over E30 million in CSR since 2006 and contributing 21 percentage points to Eswatini's financial inclusion improvement from 50% (2011) to 71% (2017).

Name

MTN Eswatini

Legal name

Swazi MTN Ltd

Website

https://mtn.co.sz

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

101–250 employees

Short description

MTN Eswatini is the Kingdom's dominant mobile telecommunications operator and MoMo mobile money provider, serving over 950,000 subscribers with voice, data, home internet, enterprise ICT, and a 500,000+ user fintech platform supported by 3,400+ agents.

Ownership category

akta.pro rank

Product category

Mobile Telecommunications and Mobile Financial Services

NAICS

Wireless Telecommunications Carriers (except Satellite) (517112)

SIC

Radiotelephone Communications (4812)

akta.pro primary industry

Consumer Mobile Network Operators (Retail MNOs) (HDAIAAAA)

akta.pro secondary industry

Mobile Wholesale & Roaming Providers (Interconnect, IOT, Roaming Hubs) (HDAIAAAD)

Keywords

• Mobile telecommunications services
• Mobile money services
• Enterprise ICT solutions
• Mobile data services
• Prepaid voice services

Headquarters

HQ city

Ezulwini

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Operations, Personnel, Marketing or Sales, Supply Chain

Revenue model

1. Mobile Voice Services: Traditional voice call services across prepaid and postpaid tariff plans. Revenue from airtime purchases, call bundles (hourly, daily, weekly), and out-of-bundle charges. Peak rate E1.20/min, Off-peak E0.60/min for Standard plan.
2. Mobile Data Services: Data bundles across multiple tiers including time-based (hourly), combo bundles (Lula Combos, Toti Toti), and monthly plans. Ranges from E50 for 1GB prepaid to E1630 for 80GB fixed data.
3. MoMo Financial Services: Mobile money platform generating revenue from transaction fees on transfers (E2-E13 based on amount), bill payments (1.5%-8% depending on amount), MoMo Pay service charges, and quick loan interest (8%). Also includes agent network commissions.
4. Device and Hardware Sales: Sale of mobile devices including smartphones (Mara, Hisense, Samsung brands) and Mi-Fi routers (E540). Revenue from both prepaid device purchases and postpaid bundled contracts.
5. Business Solutions: Enterprise ICT services including cloud solutions, communication services, and network connectivity for business customers. Packages range from Pro Mini to Elite Platinum Plus with various data and voice allocations.

Pricing tiers

Go-to-market motion2 records

Distribution channels7 records

Marketing channels8 records

Core offering

MTN Eswatini operates mobile telecommunications and digital financial services in the Kingdom of Eswatini, offering prepaid and postpaid voice, SMS, and data services, home internet (Khayalami), and the MoMo mobile money platform supporting transfers, merchant payments, quick loans, ATM withdrawals, and funeral insurance. For enterprises, the company provides MTN Business Solutions covering Cloud, Communication, and Network/Internet connectivity with tiered postpaid packages. The company sells smartphones and Mi-Fi devices and supports the MTN CallerTunez CRBT music service.

Product overview

MTN Eswatini operates a unified telecom and fintech platform delivering mobile voice, data, and digital financial services across personal and business segments. The core offerings are organized around three pillars: (1) MoMo — a full-stack mobile money platform encompassing person-to-person transfers, bill payments, merchant services, agent/merchant networks, Quick Loans, Pay, ATM withdrawals, and funeral insurance, managed through USSD and the My MTN app, with a developer API portal at momodeveloper.mtn.com; (2) Voice and data services including MTN Standard (default tariff), MTN Zone, MTN Pulse, and Call Per Second plans, plus combo bundles (Lula Combos, Toti Toti, Sisonkhe, Moja Offers), data bundles (Mi-Fi, time-based, other prepaid/postpaid), international calling, and roaming (prepaid and postpaid); and (3) Business Solutions comprising Cloud, Communication, and Network/Internet Connectivity services with postpaid mobility packages across Elite, Business Connect, My Choice, and Khayalami tiers. MTN CallerTunez provides a CRBT music service for local artists. The company is the Kingdom's leading mobile operator with over 950,000 subscribers since its 1998 launch.

Differentiator

Problem solved

Functional benefit

Brands

• MoMo: Mobile money service for transfers, payments, and shopping, launched in 2011 with over half a million subscribers
• MTN CallerTunez
• MTN Foundation
• Y'ello Care

Products and services

• MoMo (Mobile Money) MTN Eswatini's flagship mobile money and fintech platform launched in 2011 enabling money transfers, bill payments, airtime purchases, merchant payments, quick loans, ATM withdrawals, and funeral insurance via USSD and the My MTN app. With over half a million active subscribers and E100 million+ in monthly circulation, MoMo is a primary driver of financial inclusion in Eswatini across personal, agent, merchant, and corporate customer segments.
• My MTN App Mobile application for self-service management of MTN Eswatini accounts and MoMo wallets, enabling users to view statements, schedule payments, create beneficiary lists, purchase bundles, and perform mobile money transactions. Available on iOS App Store and Google Play Store.
• MoMo Developer Portal Developer platform enabling third-party developers and fintech innovators to build solutions and integrations on top of the MoMo API, supporting fintech innovation, mobile money use cases, and digital financial inclusion in Eswatini via the broader MTN MoMo Developer Portal at momodeveloper.mtn.com.
• MoMo Quick Loans Instant digital lending product accessible via USSD *007*7#, providing loans deposited directly to the user's MoMo wallet without paperwork or collateral. Interest is 8% within 30 days; a 10% penalty applies on default. Eligibility requires 6 months on the MTN network, age 18+, and 3 months of MoMo registration.
• MoMo Pay Near-field tap-and-pay service enabling MoMo users to make payments at over 50 retail outlets nationwide using a MoMo card/sticker and speed point terminals. Service charges scale from 5% on E1-E19 transactions down to 0.5% on E2,001-E4,000 transactions. Backup USSD channel *007*1*2# is also available.
• MoMo ATM Withdrawals Cardless cash withdrawal service enabling MoMo users to withdraw cash at Eswatini Bank and Eswatini Building Society ATMs via USSD code *007*4*3*1#, with no bank account or ID required. Withdrawal fees scale from E10 (E20-E500) up to E20 (E2,201-E4,000) at Eswatini Bank and higher at Eswatini Building Society.
• Likhandlela Funeral Policy Group funeral insurance policy for MoMo users, offered in partnership with Old Mutual, providing death cover paid to a nominated beneficiary via their MoMo account. Monthly cover activates automatically when the user has sent money at least once in the prior month, with a claim window of up to 12 months after death.
• MTN CallerTunez Caller Ring Back Tone (CRBT) digital music service enabling local artists to earn revenue when subscribers set their music as a ringback tone. Fans subscribe via USSD *2013# at E1/day, E3/week, or E5/month. Artists onboard through MTN Bushfire Firefly and Content Connect Africa (CCA), which manages digital rights, unique CRBT ID allocation, and revenue sharing.
• Khayalami Home Internet Fixed wireless home internet service for residential customers, offering data bundles ranging from 20GB to 300GB monthly delivered via home router on MTN's 4G/LTE network. Targets households needing reliable, affordable connectivity for streaming, remote work, and family data needs.
• MTN Business Solutions Business-grade ICT solutions encompassing Cloud, Communication, and Network/Internet Connectivity services for enterprise, SME, and government customers. Includes postpaid business mobility tiered packages (Elite Bronze, Elite Silver, Elite Gold, Elite Platinum, Elite Platinum Plus), Business Connect, My Choice, and Khayalami Business plans. Sold through a dedicated 21-person enterprise field sales team.
• Mi-Fi Devices and Data Bundles Mobile Wi-Fi hotspot hardware sold at E540 per device paired with dedicated data bundles (5GB E350, 10GB E499, 100GB E1,500), all valid for 30 days, designed for portable, on-the-go connectivity at home or while traveling.
• Prepaid and Postpaid Roaming International roaming services covering postpaid (security deposit, 3-day advance application) and prepaid (activated via USSD *170#, *922#, or *686#8*3*1#) subscribers across 12+ partner countries. Rates include E1.20/min local voice, E1.80/min calls to Eswatini, E0.99/MB data, with local SMS at E1 and international SMS at E0.30. Recharge while roaming via MoMo.
• MTN International Calling Bundles International voice bundles covering South Africa/Mozambique (E35 for 10 mins, E99 for 30 mins), Botswana, Namibia, Lesotho, Uganda, Zambia, Zimbabwe, rest of Africa, and Asia for personal customers needing affordable cross-border calling.
• Smartphone and Device Sales Sale of mobile devices including smartphones from branded manufacturers (Mara, Hisense, Samsung) and Mi-Fi routers, available both as prepaid outright purchases and via postpaid bundled contracts for personal and business customers across service centers and retail outlets.

Quantifiable outcome

• Improved financial inclusion from 50% (2011) to 71% (2017) through MoMo - contributing 21 percentage points
• +3 more outcomes

Named customers8 records

Segments5 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

17 partnerships are on record, tiered core and secondary.

• Swaziland Empowerment Limited (SEL)coreStrategic or Co-development Partner · 13 May 2021SEL is a 19% shareholder in MTN Eswatini and key CSR partner. Jointly sponsors youth vocational training with MTN Foundation through Young Heroes Skills Training Empowerment Programme (STEP). Provided E100,000 alongside MTN's E200,000 for 59 beneficiaries in 2021. Also partners on tunnel farming projects with ESWADE and NAMBoard for youth empowerment.
• Eswatini Water and Agricultural Development Enterprises (ESWADE)coreStrategic or Co-development PartnerESWADE provides technical support for tunnel farming projects including field training and water supply. Partnered on Siphofaneni youth project investing E232,000 from MTN alongside ESWADE's technical expertise. Also involved in Lundzi youth farming project.
• NAMBoard (National Agricultural Marketing Board)coreStrategic or Co-development PartnerNAMBoard provides guaranteed market for youth tunnel farming produce. Partners with MTN and SEL on E1.2 million Lundzi Youth Farmers project. Committed to working with youth for two years to safeguard project sustainability.
• Junior Achievement Swaziland (JAS)coreImplementation/ SI/ Consulting PartnerJAS implements vocational entrepreneurship programs targeting unemployed youth. MTN invested E300,000 in 2017-2018 for 44 students from Industrial Training Centres. Program provides seed capital of E50,000 for five best businesses. Training covers mechanics, plumbing, electrical, tailoring, and construction.
• SEDCO (Small Enterprises Development Company)coreStrategic or Co-development PartnerSEDCO and MTN signed MoU for SMEs to access MTN Business solutions and scale competitiveness. Cooperate on export promotion, joint venture opportunities, legislative/policy reforms, operational training, and information sharing. MTN contributed E60,000 to Entrepreneur of the Year Awards.
• EnactussecondaryStrategic or Co-development PartnerPartnership to enable 600+ tertiary students to develop ICT-related projects for job creation. MTN provided E150,000 prize money for feasible projects. About 18% of graduates started businesses; 8% depend solely on them for income.
• Young Heroes EswatinicoreImplementation/ SI/ Consulting PartnerYoung Heroes runs Skills Training Empowerment Programme (STEP) for vulnerable youth aged 19-26. MTN Foundation funded since inception in 2013; contributed E350,000 in 2018. From 2013-2021, 495+ young people certified in vocational fields. Provides structure for identifying youth in need and accountability.
• Ministry of Education and TrainingcoreStrategic or Co-development PartnerGovernment ministry partnering on education initiatives including MTN Radio Show for revision lessons, school infrastructure development, MTN Bushfire Schools Festival, and vocational scholarship programs. Collaborated since 2015 on Science, Mathematics, and ICT Fairs.
• Ministry of HealthcoreStrategic or Co-development PartnerMinistry partners on MTN Cataract Project providing free screening and surgery for 7,000+ patients since 2009. Also involved in Dental Health Project with Rotary and general health support including ICU construction at Mbabane Government Hospital.
• Eswatini Broadcasting and Information Service (EBIS)secondaryChannel Partner/ Reseller/ DistributorEBIS provides radio platform for MTN Educare revision lessons in Science and Mathematics for Grade VII, Form III, and Form V learners. Extended to Voice of the Church radio station in 2017.
• HuaweicoreTechnology or IntegrationHuawei emerged as preferred vendor for network modernization in 2016, deploying eNode-B combining all network generations (2G/3G/4G) in one equipment. Also partnered on MTN Educare promo with E150,000 prize pool for learners.
• University of EswatinisecondaryStrategic or Co-development PartnerMTN Foundation established Computer Simulation Laboratory and Cyberzone at the university. VP hailed it as critical success factor for education, allowing engineering students to simulate real-world systems.
• Old MutualsecondaryStrategic or Co-development PartnerOld Mutual partners with MTN MoMo for Likhandlela Funeral Policy - free insurance cover for MoMo users who send money at least once per month. Claims paid into beneficiary's MoMo account.
• Content Connect Africa (CCA)secondaryTechnology or IntegrationCCA manages digital rights and distribution for MTN CallerTunez service. Artists enter direct agreements with CCA for CRBT content. CCA generates unique CRBT ID numbers and manages revenue sharing.
• Eswatini BankcoreChannel Partner/ Reseller/ DistributorEswatini Bank provides ATM network for MoMo cardless cash withdrawals. Withdrawal fees: E20-500: E10; E501-1200: E12; E1201-2200: E14; E2201-4000: E20. Service operational nationwide.
• Eswatini Building SocietycoreChannel Partner/ Reseller/ DistributorEBS provides ATM network for MoMo cardless withdrawals. Rates: E20-100: E10; E101-250: E14; E251-500: E17; E501-1000: E22; E1001-2000: E40; E2001-4000: E49. Enables financial inclusion without bank accounts.
• Rotary InternationalsecondaryStrategic or Co-development PartnerRotary's Dental Health Project collaborates with MTN Foundation and Ministry of Health to provide oral health services. Part of broader health initiatives including cataract project and ambulance donations.

Scale indicators12 records

Recent moves5 records

Expansion highlights5 records

Broad incumbents

• MTN Ghana: Large MTN Group operation in West Africa with mature MoMo mobile money platform and enterprise ICT services. Comparable on telecom-plus-fintech integrated model and Ambition 2030 strategic alignment.
• Safaricom (M-Pesa): Kenya's leading MNO and the originator of M-Pesa mobile money. Comparable on the fintech-plus-telecom integrated model that MTN Eswatini is pursuing with MoMo, though at substantially larger scale.
• MTN South Africa: Flagship MTN Group operation serving South Africa with similar voice, data, and MoMo fintech offerings. Comparable in product portfolio and parent company alignment; differs in scale, regulatory regime, and market maturity.
• Airtel Africa: Pan-African mobile operator offering voice, data, and Airtel Money mobile financial services across multiple African markets. Comparable as a multi-country MNO with integrated mobile money — a structural peer to MTN Eswatini's telecom-plus-MoMo model.

Direct peers

• Eswatini Mobile: The only competing mobile network operator in Eswatini, offering voice, data, and mobile money services. It is the most direct comparable as both companies compete for the same limited subscriber base in the Kingdom.
• MTN Zambia: Fellow MTN Group subsidiary operating in a sub-Saharan African market with similar voice, data, and MoMo fintech offerings. Closest peer in terms of Group strategy alignment, product mix, and customer segments.

Emerging players

• Orange Money: Mobile money service from Orange Group operating across multiple African markets. Comparable as a telecom-led mobile money platform serving unbanked populations, though not currently present in Eswatini.

Regional players

• Vodacom Eswatini: Note: Eswatini's second operator is Eswatini Mobile (partially Vodacom-affiliated historically). Comparable as a regional mobile operator offering voice, data, and mobile money in a SADC market.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/MTNEswatini
• YouTubeyoutube.com/user/MTNSz
• Facebookfacebook.com/MTNSz
• LinkedInlinkedin.com/company/mtn-swaziland
• Instagraminstagram.com/mtneswatini

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MTN Eswatini