Pan African Telecommunications Group, MTN, said it has signed a memorandum of understanding with Mastercard to sell a minority stake in its fintech business valued at $5.2 billion.
The company disclosed this in a statement on its half-year financial performance released on Monday.
According to the Group, the signing of the investment agreements is to take place soon as due diligence is finalized.
MTN further disclosed that the fintech business delivered on its rapid expansion plans in the first half of this year.
It added that the volume of transactions increased by 37% to 8.3 billion and these transactions were executed by 61 million active MoMo customers.
While noting that the Group signed a commercial agreement with Mastercard to further drive the growth of the fintech business, MTN said:
Providing insights on the Group’s financial performance for the half year 2023, MTN Group’s CEO Ralph Mupita said the Group delivered a resilient performance and made good strategic progress against a tough macro backdrop.
According to him, MTN Group’s service revenue grew 15% to almost R108 billion in constant-currency terms.
This was driven by increases in revenue from data services of 24% and from fintech services of 22%. Revenue from voice services increased by 6% in the period.
At the end of June 2023, the Group had 292 million subscribers.
This subscriber base 4% higher than the same period last year benefited from lower data rates and improved access to broadband services.
What is the Dollar to Naira Exchange rate at the black market also known as…
Manchester United legend, Rio Ferdinand has singled out Bayern Munich striker, Harry Kane, insisting that…
Famous singer, David Adeleke, aka Davido, is set for a new era. Ironically, he said…
Super Eagles of Nigeria striker, Victor Osimhen, is likely to miss the Italian Serie A clash…
Airtel Africa reported a $1.7 billion loss due to currency devaluations in Nigeria and Malawi…
The Economic and Financial Crimes Commission, EFCC, has arraigned a former Registrar of Zamfara State…