Global payments company, Mastercard, is set to invest Sh10 billion ($100 million) in Airtel Africa’s mobile money business.
The telco’s mobile money unit is one of the biggest financial services in Africa allowing users access to a mobile wallet, loan and virtual credit cards as well as giving support for international money transfer.
Airtel Africa, which is valued at $2.65 billion also got a $200 million investment from TPG fund in the last two weeks.
In 2019, Airtel and Mastercard partnered to allow the telco’s 100 million subscribers in 14 countries access Mastercard’s global network.
The two companies said they have now “extended commercial agreements and signed a new commercial framework which will deepen their partnerships across numerous geographies and areas including card issuance, payment gateway, payment processing, merchant acceptance and remittance solutions, amongst others.”