MTN plans to separate fibre and fintech units

Chris

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MTN plans to separate fibre and fintech units

MTN Group Ltd. has begun work toward separating its fiber and fintech units as part of plans to unlock value and raise funds to fuel expansion. The shares jumped to their highest in more than a year.

Africa’s biggest wireless carrier is seeking strategic partners and investors for the businesses, Chief Executive Officer Ralph Mupita said in a presentation Wednesday.

The company owns 85,000 kilometers (52,817 miles) of fiber across the continent, while fintech products such as mobile-payment services are growing rapidly.

The Johannesburg-company is looking to take advantage of the millions of Africans connecting to the internet for the first time every year, many through smartphones, as well as rapid population growth in major markets such as Nigeria.

[Bloomberg]
 
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