MTN Says FinTech Business Spin Off Should Be Completed in 2022

The FinTech separation project is progressing well, in line with our Ambition 2025 strategy," Ralph Mupita, MTN Group CEO, said on Wednesday.

MTN
MTN Mobile Money

MTN Group said on Wednesday that it expects to spin off its FinTech Business before the end of the first quarter in 2022. In March, MTN announced plans to spin off its FinTech Business. For more read: MTN Set To Spin Off Fibre, FinTech Businesses, Invite Third Party Investors

“The FinTech separation project is progressing well, in line with our Ambition
2025 strategy,” Ralph Mupita, MTN Group CEO, said on Wednesday.

 

“MTN Rwanda recently received a license to operate a separate fintech entity bringing the number of separated entities to 12 (out of 16 fintech markets).

 

“We continue to progress our work in establishing the Topco structure for fintech and anticipate that the process of finalising a separated Group fintech structure will be completed before the end of Q1 2022.”

The company said it delivered growth in FinTech and digital revenue of 31.1% and
32.3% respectively, supported by increased adoption and usage of digital
channels and offerings.

Fintech revenue contributed 8.7% to total Group service revenue.

MTN also announced today that active MTN Mobile Money (MoMo) customers rose by 200 000 to 46.6 million.

The MoMo value of transactions was up 86.6% year-on-year (YOY) to $53.2 billion (R764 billion).

The company said the number of active merchants accepting MoMo payments doubled YoY to 521 000 while the total value of MoMo merchant payment (gross merchandise value –
GMV) rose by 299.2% to $4.8 billion (R57 billion).

In Nigeria, MTN said it added 54 000 agents to end the quarter with 449 146 registered MoMo agents.

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