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MTN TO SELL MINORITY STAKE IN $5.2 BILLION FINTECH UNIT TO MASTERCARD

MTN Group Ltd said MasterCard Inc. agreed to take a minority stake in its financial-technology business, which the company values at $5.2 billion.

The memorandum of understanding with MasterCard values the fintech unit at $5.2 billion, MTN said in a statement on its first half results on Monday.

According to MTN Group president and CEO Ralph Mupita, the deal will be structured as a commercial partnership on payments and remittances employing Mastercard’s technical infrastructure to develop throughout Africa and an investment in a minority share.

Use of mobile phones to bridge gaps in services including banking has opened a lucrative and fast-growing space in the fintech sector for wireless carriers.

MTN Nigeria’s Fintech subsidiary MoMo Payment Service Bank (PSB) Limited recorded negative active subscriber’s growth as well as a slump in deposits in the second quarter of 2023.

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