MTN Eyes Banking Licences as It Pushes Deeper Into Lending
MTN said direct lending could follow selective banking licences as it targets 70.8 million mobile money users and plans 150 MW of AI data-centre capacity.
- On Tuesday, August 25, MTN Group CEO Ralph Mupita announced the company is exploring banking licenses in select markets while simultaneously building AI-enabled data centers in South Africa and Nigeria.
- MTN is shifting focus toward fintech services to drive revenue beyond traditional telecommunications, with Mupita identifying lending as a key growth pillar moving forward.
- "We're seeing good growth on advanced services, which are our future-proof services," Mupita said, with any transition to balance-sheet lending planned as gradual and selective across African operations.
- Through Africa Data Hub Holding, a joint venture with an undisclosed UAE-backed investor, MTN plans to develop AI-ready data center infrastructure targeting roughly 150 megawatts of capacity across both nations.
- The UAE-based partner will supply most capital and technical expertise, with future capacity expansion driven by market demand across the region.
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Telecoms giant MTN seeks banking licenses across Africa
Africa’s largest telecoms company, MTN, plans to secure banking licenses across the continent, its CEO said, ramping up competition with financial institutions for a growing customer base. MTN’s operations in more than a dozen African countries have grown from voice and data services to financial services, such as mobile money payments.Ralph Mupita said lending will define the company’s next phase of growth, and that MTN will explore the feasibi…
The South African telecom operator MTN Group is exploring obtaining bank licenses on a selection of African markets. The ambition, declared on Tuesday 25 August by its Managing Director Ralph Mupita during a meeting with the press, aims to break the current model of intermediated lending to use directly its own balance sheet, collect deposits and strengthen the
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