TechAfrica News

by Editorial Team

Airtel Africa’s mobile money business receives additional $100M from Mastercard

Mastercard Inc will invest $100 million in Airtel Africa’s mobile money operations valuing the business at $2.65 billion, the London-listed company said on Thursday.

“The Mastercard virtual (non-plastic) card allows Airtel Money customers, even those without a bank account, to make payments to local and global online merchants that accept Mastercard cards, while ensuring that the customer’s financial data is always secure and private,” they said in a statement on Thursday.

Mastercard will hold a minority stake in Airtel Mobile Commerce, in line with Airtel Africa’s plan to monetise the mobile money business by selling up to a 25% stake in the unit, the company said.

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Source: https://www.reuters.com/article/us-airtel-africa-stake-mastercard/mastercard-to-invest-100-million-in-airtel-africas-mobile-money-unit-idUSKBN2BO4G4