MTN led by Zimbabwean exec Ralph Mupita to invest $1.8 billion in data, fintech services in 2024

MTN Group, Africa’s top telecom provider led by Zimbabwean executive Ralph Mupita, plans to invest around $1.8 billion in 2024 to enhance its data and fintech services continent-wide. This move aims to solidify its position in Africa’s fast-changing digital landscape.

This decision follows MTN’s strong growth in fintech, with its user base hitting 72.5 million by the close of 2023. Fintech transactions also saw substantial upticks, with volumes hitting 17.6 billion and transaction values soaring to $272 billion.

MTN goes big on data, fintech in Africa: $1.8 billion investment planned for 2024

President and CEO of MTN Group Ralph Mupita attributes this growth to the company’s cutting-edge offerings in payments, banking technology, and remittance solutions. He acknowledges the challenging macro-economic conditions, particularly forex volatility in Nigeria, but emphasizes MTN’s commitment to navigate these obstacles adeptly.

Mupita revealed plans to invest between R35-39 billion ($1.8-$2 billion) in 2024 to capitalize on the structural demand for data and fintech services in Africa. Additionally, he highlighted a recent collaboration with Mastercard Inc., valuing MTN’s fintech arm at $5.2 billion, aimed at accelerating growth through card issuance, acceptance, and remittances.

MTN soars under Mupita: Telco giant eyes Africa’s digital future

Under Mupita’s leadership, MTN Group has achieved significant milestones, serving over 289 million customers across 22 countries. The company’s diverse portfolio includes fintech, digital solutions, enterprise, wholesale, and API offerings. The burgeoning demand for data services has also shaped MTN’s investment strategy, with a 9 percent increase in active data subscribers, totaling 150 million.

As of Dec. 2023, MTN Group’s subscribers across its markets totaled 295 million, consolidating its position as a key player in Africa’s telecommunications industry. Mupita’s vision has driven MTN’s expansion, firmly establishing it in Africa’s digital transformation journey.

Mupita’s commitment to invest $1.8 billion in data and fintech services in 2024 underscores MTN Group’s dedication to pioneering digital solutions for Africa’s progress. This builds on Mupita’s earlier pledge of $215 million in telecom infrastructure in Benin, highlighting MTN Group’s unwavering commitment to driving digital innovation continent-wide.