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Mastercard Buys A Minority Stake In The Fintech Division Of MTN Group, Africa’s Largest Cell Phone Provider

Mastercard has purchased stake in MTN Group’s fintech division, Africa’s largest mobile network operator. In August 2023, TechCrunch reported Mastercard was looking to invest in MTN Group. Six months after the initial announcement, both parties have moved forward with an agreement during a time when MTN Group is looking to expand its reach in the fintech space, according to ITWeb. The move would be timely for MTN Group as it was searching for investors after parting ways with the carrier’s main telecom business. The outlet also notes Mastercard is looking to accelerate MTN Group’s technology and infrastructure and establish greater financial inclusion in the continent. MTN Group had reached over 290 million subscribers by the end of June 2023, and its transaction volume had reached $8.3 billion in the first half of 2023. “This commercial relationship is a key enabler for the acceleration of our fintech business’ payments and remittance services,” the company said, per ITWeb. “MTN...

Feb 6, 2024