MTN's Surprising Move: Opening Up Opportunities by Selling 30% of Fintech Unit

2023-08-15 14:19:23

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MTN Group CEO Ralph Mupita Paves the Way for Investors in Fintech Unit

MTN Group CEO Ralph Mupita (pictured) recently revealed that more investors are welcome to join its fintech unit, which is valued at $5.2 billion. This follows the recent news of Mastercard taking a minority stake in the business. In an interview with Bloomberg TV, Mupita announced that MTN is open to up to three additional investors, as it continues with its Ambition 2025 project to generate funds from asset sales and other platforms.

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In the words of Mupita, the company is willing to sell "up to a maximum of 30 per cent of the fintech business. There might be three or maybe even four strategic partners within that." The exact stake held by Mastercard has not been disclosed, but the two companies have signed a memorandum of understanding for the investment and will also collaborate on the development of new services.

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The Importance of Fintech for MTN's Long-Term Strategy

Fintech is a crucial sector for MTN, with approximately 60 million users of its fintech services. The company has recognized the potential of the segment to raise funds and attract strategic partners. As part of its broader strategic objectives announced two years ago, MTN has moved to separate the fintech business and divest non-core assets.

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According to Mupita, by offering mobile money and fintech services, MTN enables people to access financial services through their phones, bridging the gap for those who previously had no access. This has significantly contributed to the growth and success of the company in the fintech space.

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