Shares in Africa’s biggest wireless firm rose 4.9% last week African fintech is fast growing due to lack of banking options
Mastercard Inc. agreed to take a minority stake in the financial-technology business of MTN Group Ltd., Africa’s biggest wireless carrier, sending the telecom company’s stock up the most in three months.
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The size of Mastercard’s stake won’t be disclosed until the transaction closes, but MTN said Monday that the deal values the entire fintech unit at $5.2 billion. Chief Executive Officer Ralph Mupita said on an investor call Monday the stake “will go up to a maximum of 30%, but obviously only if that makes sense.”