Mastercard Investment Has Given Mtn’s Fintech Group A $5.2 Billion Valuation

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One of the current investors of the South African telecom MTN is Mastercard. A minority investment deal with the payments behemoth concerned the FinTech business, which the company valued at $5.2 billion, the company stated on Monday (Aug. 14).

Additionally, MTN partnered with Mastercard “to support the acceleration and growth of our fintech business’s payments and remittance services,” per a press release announcing its half-year earnings. Investment in Africa’s mobile payments market has increased as telcos move deeper into the FinTech sector.

For instance, Kenyan telecoms operator Safaricom and payments infrastructure TerraPay began a cross-border remittance agreement last month.

Through this collaboration, Bangladesh and Pakistan may be able to use TerraPay’s Mobex remittance service to accept real-time payments from the more than 30 million Kenyans who possess M-PESA mobile wallets. The companies added that they hoped to bring the idea to India and Nepal.