Mastercard, others increase investment in Airtel Money after CBN approval

  • 📰 PremiumTimesng
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 78%

Business News News

Business Business Latest News,Business Business Headlines

This comes after Airtel on Monday announced it had received approval-in-principle from the central bank to operate as a super agent in Nigeria.

Tuesday said that three investors, Qatar Investment Authority , TPG, a U.S. private equity firm, and Mastercard have increased their investments in Airtel Money to $500 million.

Airtel Mobile Commerce Nigeria Ltd, a subsidiary of Airtel Africa, had on Monday announced it had received approval-in-principle from the Central Bank of Nigeria to operate as a super agent in Nigeria, barely one week after it got a similar nod from the industry watchdog to start a payments service bank.

Mastercard, TPG and QIA have invested previously in the secondary purchase of shares in Airtel Mobile Commerce BV , a subsidiary of Airtel Africa. In the latest round, Mastercard increased its shares in the company by investing $25 million, while TPG and QIA invested $50 million each, summing up to $125 dollars.“With these second closings, Airtel Africa will have received a total of $500 million cumulative proceeds from the minority stake sales in Airtel Money from the three investors,” it said.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Nigerian stocks gain N112 billion after Airtel’s announcement of new mobile money investmentsThe all-share index rose 0.52 per cent.
Source: PremiumTimesng - 🏆 3. / 78 Read more »