MTN to Spin Off Fintech Business to Pave Way for Mastercard Deal

MTN Group Ltd. plans to spin off its financial technology operations in three key markets during the first half of the year as part of a reorganization that will allow Mastercard Inc. to buy a minority stake in the high—growth units.

The Johannesburg-based telecommunications company must separate fintech units in Ghana, Nigeria and Uganda as part of a process to complete a deal it struck in 2023 with Mastercard, Chief Executive Officer Ralph Mupita told Bloomberg on Monday.

Africa’s young, tech-savvy population is increasingly using mobile phones to bridge gaps in services including banking. That’s opened a lucrative and fast-growing ...