MTN’s Q1 results show fintech progress MTN Nigeria recently released its financial report for the first quarter of 2021, and there’s a lot to unpack from the results. Policies have consequences: When the Nigerian Communications Commission (NCC) said in December 2020 that it was suspending new SIM card registrations, it seemed like everyone, but the regulator could see the second-order effects. MTN’s Q1 results show one of those effects as the telco’s mobile subscribers declined by 5 million. It’s not peculiar to MTN alone; other telcos have suffered churn because while they’ve lost customers, they weren’t able to register new ones for months.