MasterCard and The Rise Fund to join Airtel Africa as minority investors

AFRICAAirtel Africa, a telecom company, has announced plans to unveil its two new minority investors, MasterCard and The Rise Fund, in agreed transactions valuing part of their business at US$2.65 billion.

This was disclosed by the Chief Executive Officer, Airtel, Raghunath Mandava, in a statement issued to announce its full-year result.

“In line with our strategy of unlocking value in our mobile money business, we will soon welcome two new minority investors (The Rise Fund and Mastercard) in agreed transactions which value this part of our business at US$2.65 billion, as well as bringing US$300 million into the Group,” he stated.

“We have also agreed to sell more of our tower portfolio, yielding yet more cash for the business. The Covid pandemic had eased during the course of the year, however, more recently we have seen a surge in cases. So far, this has had no adverse impact on the business, though we will continue to monitor the situation closely.”

According to him, “At a time like this, Airtel’s purpose of transforming lives has never been more critical and has always meant more than simply providing mobile and financial services; it is about our drive to create a sustainable future.

“To that end, this year the leadership team has worked to create our sustainability framework, outlining the role we can play and the focus areas where we can make the biggest difference for each of our business, our people, our community, and our environment. We will report back with our goals later this year and deliver our first sustainability report in 2022,” he added.

Most of the Telcos are now committed to combining connectivity to underpenetrated mobile markets and improving financial inclusion through banking the unbanked across territories of operation.

With this, they are provided with a sizeable runway of sustainable profitable growth potential, one they remain very confident of delivering.

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