Connect with us

    Hi, what are you looking for?

    Tech

    Airtel Africa Secures $200m for Mobile Money Investment

    Airtel Africa Plc has announced that it has secured a $200m investment from Qatar Holding LLC.

    According to a statement released by the company, the proceeds of the investment will be used to reduce its debt and invest in network and sales infrastructure across its operating countries.

    The investment decision is coming three months after Mastercard invested $100m in the company’s mobile money business.

    Qatar Holding LLC is an affiliate of the Qatar Investment Authority, the sovereign wealth fund of the State of Qatar with over $300bn in assets.

    The Middle Eastern corporation is set to invest $200m into Airtel by buying secondary purchases of shares from Airtel Africa.

    Mansoor Al-Mahmoud, chief executive officer, QIA, , said “The sovereign’s wealth fund investment in Airtel Africa would help 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.”

    Raghunath Mandava, CEO, Airtel Africa, said the company was pleased to welcome QIA as a prospective investor in its mobile money business, joining both Mastercard and TPG’s The Rise Fund as a further partner “to help realise the full potential from the substantial opportunity to bank the unbanked across Africa.”

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    News

    The United States has reversed its visa restrictions on Ghana after the West African country agreed to accept west Africans deported by the United...

    E-Financial

    Shareholders of Unity Bank Plc have approved the proposed merger with Providus Bank Limited, marking a major milestone in the business combination of the...

    Oil and Gas

    The industrial dispute between the Dangote Petroleum Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria took a dramatic turn on...

    News

    Federal Government has described as false, baseless, despicable and divisive reports claiming that terrorists operating in Nigeria are engaged in a systematic genocide against...