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MTN Group, Africa’s leading telecom operator run by Zimbabwean executive Ralph Mupita, expects to invest approximately $1.8 billion in 2024 to improve its data and fintech services across the continent. This strategy intends to strengthen its position in Africa’s rapidly evolving digital landscape.
This decision follows MTN’s rapid growth in fintech, with a user base of 72.5 million by the end of 2023. Fintech transactions also increased significantly, with volumes reaching 17.6 billion and transaction values rising to $272 billion.
Ralph Mupita, President and CEO of MTN Group, attributed the company’s rise to its cutting-edge products in payments, banking technology, and remittance services. He acknowledges the difficult macroeconomic realities, particularly forex volatility in Nigeria, but highlights MTN’s determination to overcome these challenges successfully.
Mupita announced intentions to invest between R35 and 39 billion ($1.8 and $2 billion) in 2024 to capitalise on Africa’s structural demand for data and fintech services. Furthermore, he mentioned a recent collaboration with Mastercard Inc., which valued MTN’s fintech business at $5.2 billion and aimed to accelerate growth through card issuance, acceptance, and remittance.
Under Mupita’s leadership, MTN Group has reached tremendous milestones, serving over 289 million users in 22 countries. The company’s portfolio is diverse, including fintech, digital solutions, enterprise, wholesale, and API offerings. MTN’s investment strategy has been determined by the growing demand for data services, which has resulted in a 9% rise in active data subscribers to 150 million.
As of December 2023, MTN Group had 295 million users throughout its markets, cementing its position as a major player in Africa’s telecoms industry. Mupita’s vision has propelled MTN’s growth, solidifying its position in Africa’s digital transformation journey.
Mupita’s pledge to invest $1.8 billion in data and fintech services by 2024 demonstrates MTN Group’s commitment to pioneering digital solutions for Africa’s development. This expands on Mupita’s previous pledge of $215 million for telecom infrastructure in Benin, demonstrating MTN Group’s steadfast commitment to driving digital innovation across the continent.
