HomeBUSINESSAirtel Africa gets gigantic amount of money for its mobile money business

Airtel Africa gets gigantic amount of money for its mobile money business

3 months ago, Mastercard invested $100 million in Airtel Mobile Commerce BV (AMC BV). It received $200 million from TPG’s Rise Fund right after two weeks.

Airtel Africa gets gigantic amount of money for its mobile money business
Airtel Africa gets $200 million
Airtel Africa, Mastercard ink mobile money business deal - The Exchange
Airtel Africa, Mastercard ink mobile money business deal

Airtel receives $200 million from QIA

Qatar Holding LLC, an affiliate of the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, with over $300 billion in assets. The Middle Eastern corporation is set to invest $200 million into AMC BV through a secondary purchase of shares from Airtel Africa.

AMC BV is holding company for several of its mobile money operations across 14 African countries, including Kenya, Uganda and Nigeria. The mobile money arm controls one of the largest financial services on the continent. It provides users access to mobile wallets, support for international money transfers, loans and virtual credit cards.

Airtel Africa's mobile money business attracts more investor interest -  Developing Telecoms
Provides users access to mobile wallets, international money transfers, loans etc

According to a statement released by the telecoms operator, the proceeds of the investment will be used to reduce debt and invest in network and sales infrastructure in operating countries. The deal will close in two tranches — $150 million invested at the first close, most likely in August. The remaining $50 million will be invested at the second close.

Mansoor bin Ebrahim Al-Mahmoud, CEO of QIA, said the sovereign wealth fund’s investment in it would help to promote financial inclusion in sub-Saharan Africa. “Airtel Money plays a critical role in facilitating economic activity, including for customers without access to traditional financial services. We firmly believe in its mission to expand these efforts over the coming years,” he added.

Airtel Africa's mobile money gets $200 mn funding from TPG | TelecomLead

In order to raise cash and sell off some assets AMC BV sold telecommunication towers in Madagascar and Malawi to Helios Towers for $119 million and raised $500 million from outside investors.

Airtel Africa gets gigantic amount of money for its mobile money business

Stay Connected

856FansLike
545FollowersFollow
2,458FollowersFollow
61,453SubscribersSubscribe

Must Read

Related News

LEAVE A REPLY

Please enter your comment!
Please enter your name here