MTN eyes Q2 to spin off lucrative Fintech business

The businessman says his company will not do so unless at gunpoint because he cherishes free speech.

The telco will reveal a refreshed brand identity from 27 February, as part of its Ambition 2025 strategy.

Data, Fintech, and accelerated digital adoption continue to anchor MTN's performance in the year ended December.

The investigation will establish if asset sales were unlawful, irregular or unapproved, as well as the losses incurred by the state, which was majority shareholder at the time.

The telco says the executive changes are about enhancing the structures needed to execute on its Ambition 2025 strategy.

African Rainbow Capital will acquire 37% of Fintech firm Crossfin through a consortium, for R600 million, in a combination of acquisitive and growth capital.

The Pan-African telecoms giant agrees to withdraw from its operations in Yemen, through a transfer of its shareholding to a minority shareholder.

The deal entails the sale and leaseback of 5 709 of MTN SA’s towers – comprising approximately 4 000 greenfield and 1 700 rooftop sites.

The telco sees strong growth potential for customer adoption and is targeting 73 million financial services customers in three years.

The challenging economic and trading environment saw restrained half-year growth, supported by the telco’s mobile division and masts and towers business.

Africa’s biggest telco says it is committed to investing in the capacity and resilience of its networks, while scaling its platforms to drive accelerated growth.

Fintech revenue grew by 55.2%, as customers continued to increase their use of the telco’s broader fintech services, while digital revenue surged by 56%.