MTN Group attaches USD5bn price tag to mobile money division

13 Apr 2021

Ralph Mupita, chief financial officer of MTN Group, has said that the pan-African carrier hopes to raise at least USD5 billion from the sale or listing of a minority stake in its mobile money unit. In an interview with the Financial Times, the CFO outlined the Group’s future strategy for mobile financial services, which are set to be separated in line with a wider strategy to generate cash on its assets (as revealed in March). Mobile money services are one of the major growth areas in the sector and Mupita confirmed MTN’s intention to ‘structurally separate the business within the next year’, with funds raised from the process being used to reduce debt. ‘No decision has been made as yet, but listing will be an option considered if that will be the best approach to unlock value,’ he is quoted by Bloomberg as saying.

South Africa, MTN Group