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South African telecommunications company MTN has signed on Monday an initial agreement with global payments giant Mastercard to sell a minority stake in its fin-tech arm, valuing it at around 5.2 billion dollars.
MTN’s CEO Ralph Mupita said that the deal will be structured as a commercial agreement on payments and remittance that uses Mastercard’s technology infrastructure to expand in Africa and the investment into a minority stake.
“In South Africa, we were very encouraged by the improved network availability on the back of our power-resilience investment, resulting in a stronger Q2 23 performance than Q1 23,” Mupita added.
