Windows26: 📱MTN Group to Spin Off Fintech Units in Nigeria, Ghana, Uganda Amid Mastercard Deal

March 18, 2025 | Read Online

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Today's Menu ☕️

📱MTN Group to Spin Off Fintech Units in Nigeria, Ghana, Uganda Amid Mastercard Deal
🪙 Binance secures $2 billion investment from Abu Dhabi's MGX
🌾 AgDevCo exits Saise Farming Enterprises, transfers ownership to Buya Bamba
💰 Alterra Capital Partners receives a $20 million investment from BII
🪙 Nigeria Ranks Second Globally in Crypto Adoption, Contributing $59 Billion in 2024
☀️ CEI Africa invests EUR 1.1 million in MPower Ventures to enhance solar energy access in Sub-Saharan Africa

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📱 TELECOMS

MTN Group to Spin Off Fintech Units in Nigeria, Ghana, Uganda Amid Mastercard Deal

MTN Group is taking bold steps to transform its fast-growing fintech division, with plans to spin off its operations in Nigeria, Ghana, and Uganda during the first half of 2025. This move, announced by CEO Ralph Mupita in an interview with Bloomberg, is a critical milestone in MTN's strategy to deepen its partnership with Mastercard and unlock more value from its financial services arm.

The spin-off will pave the way for Mastercard to acquire a minority interest in MTN's fintech businesses, following a deal first unveiled in 2023. According to Mupita, while Uganda and Ghana are well on track with the separation process, Nigeria's more intricate regulatory landscape is adding extra layers of complexity.

"There are additional regulatory processes we need to navigate in Nigeria," Mupita remarked, while reaffirming the company's commitment to completing the restructure across all three markets.........…continue reading

🪙 CRYPTOCURRENCY

Binance secures $2 billion investment from Abu Dhabi's MGX

Emirati state-owned investment firm MGX has announced a groundbreaking $2 billion investment in Binance, marking the cryptocurrency exchange's first institutional investment and the largest single investment ever made in cryptocurrency. This significant move highlights the growing interest in the digital asset space and the potential of blockchain technology.

In a joint press release, MGX and Binance revealed that the investment will involve a minority stake in the exchange, which will be paid for using stablecoins. This payment method makes it the largest investment ever conducted in cryptocurrency. Stablecoins are digital assets designed to maintain a stable value, typically pegged to a fiat currency, which provides a level of security and predictability in transactions.......…continue reading

🚜 🌾 FARMING

AgDevCo exits Saise Farming Enterprises, transfers ownership to Buya Bamba

AgDevCo has officially announced its exit from Saise Farming Enterprises through a strategic equity sale to Buya Bamba, a prominent Zambian company specializing in potato production. This transition marks a significant milestone for both organizations and the broader agricultural landscape in Zambia.

Saise Farming Enterprises was established in 2016 as a specialized potato seed farm, a collaborative effort involving AgDevCo, Buya Bamba, and its managing partners. Since its inception, Saise has played a pivotal role in advancing Zambia's potato sector by focusing on the production of high-quality, early-generation seed potatoes. These seed potatoes are meticulously selected to thrive in Zambia's unique climate and are cultivated under a licensing agreement with Buya Bamba.........…continue reading

💰INVESTMENTS

Alterra Capital Partners receives a $20 million investment from BII

Alterra Capital

Alterra Capital Partners, a private equity firm focused on Africa, has announced a significant commitment of $20 million from British International Investment (BII) to its Alterra Accelerator Africa Fund (AAA Fund). This announcement marks a pivotal moment for the fund, which aims to support the growth of businesses across the continent.

Alterra Capital Partners was established in 2020 following the spin-out of the Carlyle Africa team. The firm later welcomed the Anglophone team from Emerging Capital Partners, further strengthening its expertise and capabilities in the African market.

The investment from BII will play a crucial role in the AAA Fund's strategy to deploy capital into a diversified portfolio of businesses that provide essential consumer goods, services, and business solutions, with a primary focus on East Africa and Southern Africa. This alignment with BII's mission underscores the importance of fostering economic growth in Africa's emerging economies..........…continue reading

🪙 CRYPTOCURRENCY

Nigeria Ranks Second Globally in Crypto Adoption, Contributing $59 Billion in 2024

Nigeria has emerged as one of the leading countries in cryptocurrency adoption, with its citizens contributing a staggering $59 billion to crypto assets in 2024. This figure comes from a recent report by Chainalysis, a leading blockchain analytics firm.

The report, which analyzed crypto adoption trends globally, ranked Nigeria second worldwide in terms of crypto adoption. It highlighted that Nigeria's crypto market has seen significant growth in recent years, driven by several factors, including a large and tech-savvy population, a growing middle class, and a lack of trust in traditional financial institutions. Between July 2023 and June 2024 alone, Nigeria received approximately $59 billion in cryptocurrency value...…continue reading