August 15

Mastercard to Purchase a Minority Stake in MTN’s $5.2 Billion Fintech Business

By Tage Kene-Okafor

Mastercard has agreed to purchase a minority stake in the fintech division of MTN Group, Africa’s largest cell phone provider, which it values at $5.2 billion. The signing of the formal investment agreements will likely occur very soon as both parties near the end of the regular due diligence process; the investment will be closed subject to usual closing conditions, MTN announced in a statement on the company’s half-year financial performance posted on Monday.

Photo courtesy of John O’Bryan.

Source: Tech Crunch (link opens in a new window)

corporations, fintech, remittances