Airtel Africa, a telecommunications and mobile money services company, said it has signed an agreement under which MasterCard will invest $100 million in Airtel Mobile Commerce BV (“AMC BV”). This came as the second investment announcement for the business in one month as the telco had earlier announced an investment of $200 million by the Rise Fund.
The telecom operator with operations in Nigeria and 13 other African countries, said the Airtel Mobile Commerce BV, will own and operate the mobile money businesses across all of its 14 operating countries. According to a statement by the telco, AMC BV is a wholly-owned subsidiary of Airtel Africa plc.
It stated that AMC BV was the holding company for several of Airtel Africa’s mobile money businesses across all its 14 operating countries. The statement noted that Airtel Africa’s mobile money business was worth $2.65bn on a cash and debt-free basis.