MTN Group, Africa’s largest wireless operator, is seeking additional strategic investors for its fintech unit, which is valued at $5.2 billion.
- MTN CEO Ralph Mupita stated that they are open to selling up to 30% of the fintech business and may have three or four strategic partners.
- MTN recently signed a memorandum of understanding with Mastercard for a strategic investment and to utilize their technology for expanded services.
- The fintech sector in Africa is experiencing rapid growth, driven by the use of mobile phones to bridge gaps in financial services for the underbanked population.
- MTN’s fintech unit currently has 60 million users and offers basic services like cash-in/cash-out.
- Mobile money and fintech services enable the leapfrogging of traditional financial services, allowing people to access a wide range of financial services through their phones.