Mastercard will invest up to $200m in MTN’s fintech business

South Africa’s MTN Group said on Tuesday that it has signed definitive agreements with payments giant Mastercard for a minority investment of up to $200 million into MTN’s mobile money arm at a valuation of $5.2 billion on a cash and debt-free basis.

Africa’s biggest telecom operator first announced the minority stake sale in August but did not disclose the value and size of the stake until final agreements were signed.

“This commercial relationship is a key enabler for the acceleration of our fintech business’ payments and remittance services,” MTN said.

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