South African telecom firm MTN Group Ltd. is planning to create a new "financial services marketplace" app in a bid to double the number of users of its mobile money platform MoMo, Reuters reported.
The group initially plans to enable payments through MoMo and eventually offer banking products like loans, savings and investments, among others, it announced at a capital markets day in Johannesburg. MTN is aiming to increase the number of active MoMo users to 60 million from 27 million, Reuters reported. MTN wants to be Africa's largest fintech, the newswire reported.
MTN agreed to sell its stake in investment fund Amadeus to Boston-based private equity firm HarbourVest Partners LLC for 1.2 billion rand, Reuters reported May 28. The potential sale is part of the company's strategy to realize 15 billion rand worth of capital over the next three years, according to the report.
As of May 28, US$1 was equivalent to 14.71 South African rand.