MTN, Africa’s largest telecom operator, is actively hunting for fintech startups to acquire and integrate into its ecosystem.
CEO Ralph Mupita told Semafor the move is part of a broader shift to transform the company from a traditional telco into a diversified tech powerhouse.
Driving the news
Mupita says the company is targeting three specific verticals for its fast-growing fintech arm:
- Payments
- Lending
- Remittances
The strategy
This isn’t a “buy-and-flip” private equity play.
- Integration: Acquisitions must plug directly into MTN’s existing platform to improve customer experience or add new capabilities.
- Scale: With over 290 million subscribers, even minor technical improvements can lead to massive revenue shifts.
- War Chest: While Mupita didn’t disclose a specific M&A budget, MTN reported over $2 billion in cash on its books as of late last year.
Why it matters
The African tech sector is currently weathering a “funding winter.” As venture capital dries up, early investors are desperate for “exits”—and MTN has the scale and cash to be the buyer of choice.
Between the lines
For struggling African startups, MTN represents a “soft landing” or a strategic exit in a market where IPOs remain rare and difficult. For MTN, it’s a chance to snap up high-quality tech talent and proprietary code at a discount compared to 2021 valuations.
What they’re saying
“This is not about buying things and flipping them… It’s about strengthening the platform. If an acquisition helps us grow faster… that’s what we’re interested in.” — Ralph Mupita, MTN CEO
