Full Year 2023 MTN Group Ltd Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Preshendran M. Odayar - Nedbank Corporate and Investment Bank, Research Division - Analyst : Preshendran from Nedbank. Congratulations firstly on the results, Tsholo, Ralph and team. I've got 3 questions, if I can. Firstly, I think one for Tsholo, my traditional one. How much of cash was upstreamed in the last quarter from Nigeria? And at what FX did you get some -- the cash out at? And then coupled with that, can you give us a sense of how much is still in Nigeria that's waiting to be upstream to group? Second one for Charles. Congratulations on the network uptime. But it looks like your service revenue growth that last quarter at 2.2% was kind of low. So I just want to get more color on that because your wholesale roaming -- your wholesale revenue was up 28%, and your network uptime was up considerably from the year before. So still -- I'm not getting why it didn't translate to a stronger services revenue growth than the previous quarter. And then the last one for Ralph. Just some clarification on the Mastercard transaction because when I read the SENS, it says that they've -- they will invest up to $200 million with a $5.2 billion valuation. Can you tell us what was the actual stake that they're taking? Because on those numbers, that means they can take up to a 4% stake, and if I look at what they did with Airtel Africa 3 years back, they did a similar 4% stake for half the valuation. So I mean, I would have expected with the commercial agreements that they've taken that they would have maybe wanted to put more of an equity stake? And then are you looking for further partners in the fintech business? Or is there an optionality for Mastercard to go beyond that.