08 February 2024
MasterCard yesterday sealed a definitive agreement with MTN, for a minority investment of up to $200 million in MTN Group Fintech, valued at $5.2 billion on a cash and debt-free basis.
“These agreements complement the larger commercial relationship between the Group and Mastercard to support the continued development and growth of technology and infrastructure to drive financial inclusion across the African continent. This commercial relationship is a key enabler for the acceleration of our fintech business’ payments and remittance services,” said MTN in a statement.
Subject to market conditions, MTN will continue to explore opportunities for other value enhancing partnerships and investments with strategic partners and long-term investors. The transaction comes as MTN Group is scaling its fintech business, as it prepares to spin off the financial services company.