MTN finalises Visafone acquisition, paper says

7 Jan 2016

South Africa’s MTN Group has reportedly completed the process of acquiring Nigerian CDMA network operator Visafone Communications, writes local newspaper This Day, citing unnamed industry sources. The move is expected to strengthen the position of MTN in Africa’s largest wireless market and its rapidly developing mobile data sector. Lagos-based Visafone was formed in June 2007 by Nigerian businessman Jim Ovia, but the firm has faced increasing competition from more popular GSM-based services. Mobile subscriber numbers have fallen gradually since reaching a peak of 2.801 million at mid-2009; by the end of September 2015 Visafone’s user base had dropped to 2.03 million, giving it a market share of just 1.3%, compared to market leader MTN Nigeria with 62.49 million subscribers (41.5%).

Nigeria, MTN Group, MTN Nigeria, Visafone Communications