The fine imposed on MTN Nigeria by the Nigerian Communications Commission has been reduced to $3.4 billion by the regulatory body. The NCC gave the telecommunication company till the end of the year to pay it, MTN said on Thursday. The South African mobile company was fined $5.2 billion in October after it failed to disconnect unregistered subscribers SIM cards from its network.
MTN held talks with the NCC over the past five weeks seeking a reduction of the fine. Nigeria, MTN’s biggest market, has been pushing telecoms firms to verify the identity of subscribers amid worries unregistered SIM cards were being used for criminal activity in a country facing insurgency from the Boko Haram sect. The company, which makes about 37 percent of its sales from Nigeria, said it was considering the NCC’s decision.