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MTN announces new exec to lead Group’s Fintech interests

By , Portals editor
Africa , Nigeria , 03 Jun 2022
Andrew Goodrich, MTN Group executive for banktech.
Andrew Goodrich, MTN Group executive for banktech.

In another move to bolster Fintech aspirations in Africa as part of its Ambition 2025 strategy, the MTN Group has appointed Andrew Goodrich as Executive for Banktech, part of the Group’s Fintech team, effective 1 June 2022.

Goodrich joined MTN in 2019 as a General Manager for Banktech & Beyond Payments division, and, according to MTN, has added value to its digital banking strategy.

“We are delighted to welcome Andrew into his new role within the Group Fintech Team. Andrew is no stranger to MTN and his wealth of experience in the financial sector, will ensure we continue to make a meaningful contribution, as we drive our financial inclusion ambitions on the continent.” said Serigne Dioum, Group Chief Fintech Officer

“Andrew has 30 years’ experience in the financial services sector, twelve of which were spent at senior leadership level. Andrew has built a stellar career through his innate ability to craft an organisational vision, mobilise strategic and tactical plans, and execute with well-led and highly effective teams. He is a strategic yet practical leader, renowned for his hands-on approach to business.”

This is the second high profile executive appointment by the company within a week, after Tumi Chamayou was appointed as MTN Group executive of the enterprise business unit.

MTN has continued to emphasise its intention to strengthen its Fintech-centric service and technology offering.

In May this year the company’s Mobile Money (MoMo) payment service bank (PSB) officially began operations in Nigeria.

The company described the development as “a key milestone in delivering the company’s Ambition 2025 strategic priorities.”

According to an ITWeb report, MTN Nigeria Fintech revenue also rose by 46.7% on the back of the growing adoption of Fintech services and an expanded user base.

The publication quoted MTN Group president and CEO Ralph Mupita as saying, “The MoMo agent network continues to widen, with more than 800 000 registered agents and over 166 000 active agents (agents who perform a minimum of 10 revenue-generating transactions within 30 days).”

ITWeb Africa quoted MoMo PSB CEO Usoro Usoro as saying, “Providing easy to use, accessible and affordable financial services to all Nigerians is essential to executing the CBN’s financial inclusion strategy and the digital inclusion agenda of the Minister of Communications and Digital Economy. We look forward to playing our part and are excited about the opportunities to partner with relevant institutions across various sectors to co-create and expand access nationwide.”

Fintech operating company

In March 2022 ITWeb reported on the company’s plan to create a Fintech operating company, aiming to spin off its Fintech unit, and unbundle its fibre division “a few months later”.

Mupita said, “The work to structurally separate the Fintech business is progressing well and now aimed for completion by the end of Q2 2022. We were pleased to have secured the approval in principle for a Payment Services Banking licence in Nigeria in November 2021. The structural separation of the fibre business is also underway and is targeted to be completed in 2023.”

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