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Mastercard to acquire minority stake in MTN’s fintech business

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MasterCard is set to acquire a minority stake in MTN Group's fintech division. MTNGroup MTNSA MTN MTNNG MoMo

MasterCard will acquire a minority stake in MTN Group's fintech division, based on a cash and debt-free enterprise valuation of approximately $5.2 billion .

According to MTN Group CEO Ralph Mupita, the conclusion of the investment will be subject to customary due diligence conditions.MTN says it reached an agreement with Mastercard during the period for a minority investment to support the acceleration of its payments and remittances verticals. “We are pleased with the sequential recovery and trajectory of our fintech revenue, which grew by 25.4% in Q2 versus 17.4% in Q1. We obtained a PSB [payment service bank] licence for our Cameroon operations in the second quarter, allowing us to expand our advanced product offerings.”

However, he states: “The growth of our overall fintech ecosystem remained robust, with a 37.3% increase in transaction volumes to 8.3 billion transactions and a 61.6% increase in transaction value to $135.2 billion.

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