MTN is targeting payments, lending, and remittance startups to deepen its ecosystem as part of a major shift toward platform-driven growth across Africa.
By doubling down on fintech acquisitions, MTN Group is reflecting how Africa’s digital financial future may be built, not through isolated startups chasing unicorn valuations, but through integration into scaled platforms serving millions of people.
According to a report by Semafor, Africa’s largest telecom operator, is actively pursuing fintech acquisitions in payments, lending, and remittances to strengthen its rapidly expanding digital finance ecosystem.
The strategy reflects a deliberate pivot from opportunistic investing toward platform consolidation that could reshape the continent’s fintech landscape.
MTN’s fintech arm is already one of Africa’s largest digital financial platforms, valued at roughly $5.2 billion through a combination of organic growth and strategic partnerships, surpassing the valuations of many celebrated African fintech unicorns.
With mobile money services active in more than 10 markets, MTN’s platform supports payments, merchant transactions, airtime lending, and cross-border remittances, critical infrastructure in economies where traditional banking penetration remains uneven.
In his Semafor interview, MTN Group CEO Ralph Mupita, framed acquisitions as a long-term growth lever rather than a financial play.
“This is not about buying things and flipping them,” Mupita said. “It’s about strengthening the platform. If an acquisition helps us grow faster, improve the customer experience, or bring new capabilities into the group, that’s what we’re interested in.”
MTN holds more than $2 billion in cash, giving it flexibility to pursue deals that enhance customer value across its 16 African markets. The timing is notable in that Africa’s fintech sector is navigating a funding slowdown, prompting founders and investors to rethink exit strategies.
Mupita believes scale changes everything. “Small improvements at our scale can be transformational,” he said.
While fintech is the immediate acquisition priority, MTN’s broader diversification strategy is also extending into digital infrastructure.
Last week, the group confirmed it had entered advanced talks to acquire telecom tower operator IHS Towers, where it already owns a 25% stake.
A full buyout could value the remaining shares at about $2.06 billion, positioning the giant telco more deeply within Africa’s rapidly expanding telecom tower market, projected to reach roughly $4 billion in 2026.
The potential move highlights how MTN is pairing financial services expansion with infrastructure control, strengthening the backbone that enables mobile payments, connectivity, and digital services at scale.
With more than 300 million subscribers, MTN is positioning fintech as a core pillar alongside connectivity and digital infrastructure, including fibre and data centers, as it evolves beyond traditional telecom services.
“We’re no longer just a telco. We are building platforms,” stressed Mupita.
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