Mastercard is set to secure stakes in the fintech arm of MTN Group, Africa’s largest mobile network operator. MTN Group’s President and CEO, Ralph, revealed that the deal will encompass a commercial partnership focused on payments and remittances.
MTN’s recent acquisition of a mobile banking license in Nigeria, its largest market, boosted the first half of this year’s (2023) transaction recorded by 37%, raising the amount to $8.3 billion as per TechCrunch. This increase in metric must have fostered the partnership.
The total amount of shares purchased has not been published at this time.