MTN Group is accelerating its push into fintech, targeting acquisitions in payments, lending, and remittances as part of a broader shift toward platform-driven growth across Africa.
According to a report by Semafor, Africa’s largest telecom operator is actively pursuing fintech deals to deepen and scale its rapidly expanding digital financial ecosystem, signalling a move away from fragmented startup investments toward integrated, high-impact platforms.
The strategy reflects MTN’s view that Africa’s digital financial future will be built through scale and integration rather than isolated fintech startups chasing unicorn valuations. By consolidating services within a single platform serving millions of users, MTN aims to reshape how financial services are delivered across the continent.
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MTN’s fintech arm is already among Africa’s largest digital financial platforms, with an estimated valuation of about $5.2 billion, driven by organic growth and strategic partnerships. The platform now surpasses the valuations of several high-profile African fintech unicorns.
Operating mobile money services in more than 10 markets, MTN supports payments, merchant transactions, airtime lending, and cross-border remittances, providing critical financial infrastructure in regions where access to traditional banking remains uneven.
Speaking to Semafor, MTN Group Chief Executive Officer Ralph Mupita said the company views acquisitions as a long-term growth lever rather than a short-term financial play.
“This is not about buying things and flipping them,” Mupita said. “It’s about strengthening the platform. If an acquisition helps us grow faster, improve the customer experience, or bring new capabilities into the group, that’s what we’re interested in.”
MTN’s strong balance sheet, with more than $2 billion in cash, gives the group significant flexibility to pursue strategic acquisitions across its 16 African markets. The timing is notable as Africa’s fintech sector faces a funding slowdown, prompting founders and investors to reassess growth and exit strategies.
Mupita stressed that MTN’s scale fundamentally changes the impact of innovation. “Small improvements at our scale can be transformational,” he said.
Beyond fintech, MTN is also expanding its footprint in digital infrastructure. The group recently confirmed it is in advanced discussions to acquire telecom tower operator IHS Towers, in which it already holds a 25 percent stake.
A full buyout of the remaining shares could value the transaction at approximately $2.06 billion, positioning MTN more deeply within Africa’s fast-growing telecom tower market, which is projected to reach about $4 billion by 2026.
The potential acquisition underscores MTN’s strategy of pairing financial services expansion with infrastructure ownership, strengthening the backbone that enables mobile payments, connectivity, and digital services at scale.
With over 300 million subscribers, MTN is repositioning itself beyond traditional telecommunications, placing fintech alongside connectivity, fibre, and data centres as core pillars of its future growth.
“We’re no longer just a telco. We are building platforms,” Mupita said.
