MTN has chosen not to disclose the financial details of the agreement. MTN's CEO, Ralph Mupita, mentioned that the final investment agreements are expected to be signed very soon, indicating their commitment to transparency. The burgeoning fintech sector in Africa is being propelled by the tech-savvy youth population, who are increasingly using their mobile phones to bridge gaps in services, including banking.

This trend has created a lucrative and rapidly growing space for wireless carriers. While mobile payment systems have garnered significant attention, several fast-growing startups such as Flutterwave and Interswitch have emerged in the fintech industry. Other players in the African telecommunications sector, such as Airtel Africa, Safaricom based in Nairobi, and Vodacom Group in South Africa, are all in the process of transitioning from basic voice and text mobile services to digitalization. Their broader aim is to separate and monetize their businesses in the long run.

Airtel has already brought Mastercard on board as an investor in its mobile money unit. The digital arm of India's Reliance Industries, Jio Platforms, set a precedent in 2020 by attracting investments from Facebook and Silver Lake Partners. MTN had previously stated its intention to raise 25 billion rand ($1.3 billion) through asset sales. Recent divestments include the sale and lease-back of its South African mobile phone towers, as well as plans to sell some of its assets in West Africa. Additionally, MTN holds a stake in the New York-listed tower company IHS Holding, which it may consider selling down.

However, the low trading prices of the tower firm and an ongoing dispute with its management have led to delays in any near-term sale.