Why MTN is actively looking to acquire fintech company
In Africa, telecom companies, including MTN, are now betting that the future lies at the intersection of connectivity and financial services.
Why MTN is actively looking to acquire fintech company
MTN Group, Africa’s largest telecommunication service provider, is actively looking for fintech startups to acquire and integrate into its ecosystem, as it looks to secure long-term growth across its African markets. The company is increasing its focus on fintech companies as a new revenue growth engine as pressure continues to mount on voice and data revenues. The telecom giant has more than 300 million subscribers across the continent, and this number has eventually made it one of the largest customer bases in Africa. However, telecom services alone are no longer delivering the returns they once did. Market saturation, rising operating costs, and intense competition have forced operators to look for new revenue streams. Financial services present that opportunity. According to MTN CEO Ralph Mupita, hunting for fintech startups to acquire is part of the strategies to transform the company from a traditional telco into a diversified tech powerhouse. Mupita says the company is targeting …
About the author
Temmy Samuel is an aspiring BSc Accounting graduate, financial writer, tech journalist, and the publisher of Finng Daily, a financial and business reporting publication, as well as BigSwich, a tech news platform. Learn more about Temmy Samuel.
