MTN Group CEO Ralph Mupita (pictured) reportedly opened the door to more investors for its fintech unit which it values at $5.2 billion, after it was revealed Mastercard had taken a minority stake in the business earlier this week.
Speaking to Bloomberg TV, Mupita said the African operator would welcome up to three more investors to join Mastercard, as it pushes ahead with its long-term Ambition 2025 project to raise cash from asset sales and other platforms.
In total, the company is open to selling “up to a maximum of 30 per cent of the fintech business. There might be three or maybe even four strategic partners within that”, added the chief executive.
Mastercard’s stake in the business was undisclosed, with the pair only revealing they had signed a memorandum of understanding for the investment, in addition to the development of more services.
Fintech is major sector for MTN and it counts around 60 million users of its services. Indeed, the company has long earmarked the segment as having the potential to raise cash and attract strategic partners.
It moved to separate the business as part of a wider strategic aim unveiled two years ago to cash in on various assets, as well as disposing parts of its business deemed non-core.
Mupita added that through mobile money and fintech services, it was able to “leapfrog people from not having any financial services to using the phone to provide a lot of financial services”.