Telecom
The Rise Fund to Invest $200m in Airtel Africa’s Mobile Money Business

Airtel Africa has announced the signing of an agreement under which The Rise Fund, the global impact investing platform of leading alternative investment firm TPG, will invest $200 million in Airtel Mobile Commerce BV, a wholly owned subsidiary of Airtel Africa plc.
AMC BV is currently the holding company for several of Airtel Africa’s mobile money operations; and is now intended to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries.
The Transaction according to a statement from Telecom giant, values Airtel Africa’s mobile money business at $2.65 billion on a cash and debt free basis.
The Rise Fund will hold a minority stake in AMC BV upon completion of the Transaction, with Airtel Africa continuing to hold the remaining majority stake.
The Transaction is subject to customary closing conditions including necessary regulatory filings and approvals, as necessary, and the inclusion of specified mobile money business assets and contracts into AMC BV.
The Transaction is the latest step in the Group’s pursuit of strategic asset monetization and investment opportunities, and it is the aim of Airtel Africa to explore the potential listing of the mobile money business within four years.
The Group is in discussions with other potential investors in relation to possible further minority investments into Airtel Money, up to a total of 25% of the issued share capital of AMC BV.
There can be no certainty that a transaction will be concluded or as to the final terms of any transactions.
The proceeds from the Transaction will be used to reduce Group debt and invest in network and sales infrastructure in the respective operating countries.
Airtel Africa mobile money services Operating under the Airtel Money brand, Airtel Africa’s mobile money services is a leading digital mobile financial services platform catering to a large addressable market in Africa (characterised by limited access to formal financial institutions with limited banking infrastructure) and includes mobile wallet deposit and withdrawals, merchant and commercial payments, benefits transfers, loans and savings, virtual credit card and international money transfers.
Mobile money services, the statement said, “are available across the Group’s 14 countries of operation, however in Nigeria the Group offers Airtel Money services through a partnership with a local bank and has applied for its own mobile banking licence. It is the intention that all mobile money operations will be owned and operated by AMC BV.
“In our most recent reported results for Q3, the mobile money service segment (corresponding to all the businesses that are intended to be transferred to AMC BV) delivered a strong operational performance:
- Generated revenue of $110 million ($440 million annualised), and underlying EBITDA of $54 million ($216 million annualised) at a margin of 48.7%.
- Year on year revenue growth for the quarter was 41.1% in constant currency, largely driven by 29% growth in the customer base to 21.5 million, and 9.7% ARPU growth Growth in transaction value was 53.0% to $12.8 billion ($51 billion annualised).
“Our mobile money business benefits from strong network presence with our core telecom business through the extensive distribution platform of kiosks and mini shops as well as dedicated Airtel Money branches supplementing our extensive agent network, to facilitate customers’ assured wallet and cash.
“We have a clear strategy to continue to drive sustainable long-term growth in Airtel Money with a focus on assured float availability, distribution expansion and increased usage cases for our customers.
“In this year alone we have added partnerships with Mastercard, Samsung, Asante, Standard Chartered Bank, MoneyGram, Mukuru and WorldRemit to expand both the range and depth of the Airtel Money offerings and to further drive customer growth and penetration.
“The profits before tax in the full year ending 31 March 2020 and the value of gross assets as of that date, attributable to the mobile money businesses were $143.4 million and $463.2 million, respectively.”
Key elements of the Transaction include:
- Agreement values Airtel Africa’s mobile money business at $2.65 billion on a cash and debt free basis.
- AMC BV, a wholly owned subsidiary of Airtel Africa, is currently the holding company for several of Airtel Africa’s mobile money operations; and is now intended to own and operate the mobile money businesses across all of Airtel Africa’s fourteen operating countries once the inclusion of the remaining mobile money operations under AMC BV is completed.
- A newly incorporated investment vehicle of The Rise Fund will invest $200 million through a secondary purchase of shares in AMC BV from Airtel Africa. The transaction will close in two stages. $150 million will be invested at first close, once the transfer of sufficient mobile money operations and contracts into AMC BV has been completed, with $50 million to be invested at second close upon further transfers.
- Airtel Africa aims to explore the potential listing of the mobile money business within four years. Under the terms of the Transaction, and in very limited circumstances (in the event that there is no Initial Public Offering of shares in AMC BV within four years of first close, or in the event of changes of control without TPG’s prior approval), TPG would have the option, so as to provide liquidity to them, to sell its shares in AMC BV to Airtel Africa or its affiliates at fair market value (determined by a mutually agreed merchant bank using an agreed internationally accepted valuation methodology). The option is subject to a minimum price equal to the consideration paid by The Rise Fund for its investment (less the value of all distributions and any proceeds of sale of its shares, and with no time value of money or minimum return built in) and a maximum number of shares in AMC BV such that the consideration does not exceed $400 million.
The Transaction is expected to reach first close over the next three to four months.
The Rise Fund will be entitled to appoint a director to the board of AMC BV and to certain customary information and minority protection rights.
Raghunath Mandava, CEO of Airtel Africa, commented: “In line with our vision of enhancing financial inclusion, Airtel Africa offers a unique digital mobile financial services platform under the Airtel Money brand. In most of our markets there is limited access to traditional financial institutions, and little banking infrastructure, with less than half of the population having a bank account across sub-Saharan Africa. Our markets therefore afford substantial market potential for mobile money services to meet the needs of the tens of millions of customers in Africa who have little or no access to banking and financial services, and this demand is driving growth.
“With today’s announcement we are pleased to welcome The Rise Fund as an investor in our mobile money business and as a partner to help us realise the full potential from the substantial opportunity to bank the unbanked across Africa.”
Yemi Lalude, Partner at TPG who leads Africa investing for The Rise Fund, added: “Financial inclusion is a global issue that is most acute in Africa. Through Airtel Money, Airtel Africa has built a unique platform that is closing the gap between traditional financial institutions and the millions of unbanked Africans across the 14 countries where Airtel Africa operates. We look forward to working with Airtel Africa to enhance their mobile money services, broaden its use cases, and grow into new markets. With this investment in Airtel Africa’s mobile money operations, we are excited to expand The Rise Fund’s global fintech portfolio and continue to deepen our focus on improving financial inclusion in Africa and around the world.”
Telecom
MTN Nigeria Debuts Game-Changing CPaaS Platform at NextNow Forum

At the recently concluded NextNow Business Forum in Victoria Island, MTN Nigeria electrified the business community with a live demonstration of its forthcoming Communication Platform as a Service (CPaaS), a solution engineered to redefine how Nigerian enterprises connect with their customers.

L-R: Febisola Oyeniyi, General Manager, Enterprise Sales, MTN Nigeria; Omotayo Ojutalayo, General Manager, Business Development, Enterprise Business, MTN Nigeria; Akinbulejo Onabolu, Head, Enterprise Segment, MTN Nigeria and Omowunmi Olatunbosun, Head, SME Segment, MTN Nigeria, during the MTN NextNow Business Forum.
Unlike traditional communication systems, MTN’s CPaaS is built for the realities of a mobile-first market. The platform unifies SMS, voice, WhatsApp, email, and more into a single, intuitive interface.
This approach is especially significant in Nigeria, with over 107 million internet users, 45.4% of the total population, according to Data Report. This figure underscores the necessity for businesses to meet customers where they are.
During the demo, attendees witnessed how CPaaS enables two-way, real-time conversations between brands and customers. The platform’s support for rich media, instant analytics, and seamless integration with business workflows drew particular attention.
These features are designed to empower businesses with data-driven insights and the agility to personalise every interaction, whether it’s a service notification, marketing campaign, or customer support exchange.
Akinbulejo Onabolu, Head of Enterprise Segment at MTN Nigeria, articulated the vision: “CPaaS gives enterprises the flexibility to interact with their customers on their preferred platforms; whether it’s chat, voice, or messaging, in a way that feels personal and immediate. We’re looking forward to the value this will unlock for businesses across industries once it launches.”
The fireside chat added depth to the conversation, with Omowunmi Olatunbosun, Head of SME Segment at MTN Nigeria, and Stephen Agbi of Bayobab, highlighting how digital engagement bridges the gap between businesses and audiences. They emphasised that today’s consumers demand immediacy, relevance, and ease, qualities that CPaaS is built to deliver.
The stakes for digital transformation in Nigeria are high. In a report by Punch, the country’s enterprise tech market is projected to reach $22 billion by 2027, reflecting a surge in demand for scalable, cloud-based solutions that drive efficiency and customer loyalty.
The CPAAS Acceleration Alliance have estimated that globally, the CPaaS market is expected to grow from $14.7 billion in 2025 to $72.4 billion by 2035, at a compound annual growth rate of 18.4%, a testament to the platform’s transformative potential.
The event’s closing keynote from META’s Korhan Yunak reinforced the strategic value of digital channels like WhatsApp, which are now indispensable for business communication and engagement at scale.
As MTN Nigeria prepares for the Q3 2025 launch, the anticipation is unmistakable. With its promise of flexibility, intelligence, and seamless integration, MTN’s CPaaS platform is set to become the backbone of next-generation business-customer engagement in Nigeria, enabling enterprises to not just communicate but to connect, adapt, and grow in a digital-first era.
Telecom
NCC, REA Move to Power Telecoms with Renewable Energy

Nigerian Communications Commission (NCC) and Rural Electrification Agency (REA) have teamed up to develop an initiative that will reduce the $350 million annual spending on diesel by telecom operators in Nigeria.
According to a press statement by Nnenna Ukoha, acting had of Public Affairs, NCC, this collaboration will focus on deploying renewable energy solutions to support telecom infrastructure, particularly in rural and underserved areas.
To that end, the two agencies have inaugurated what they called NCC–REA Collaboration Committee, aimed at deploying renewable energy solutions to power telecom infrastructure across the country.
According to the State of Africa’s Infrastructure Report 2025 by the Africa Finance Corporation, telecom operators in Nigeria consume more than 40 million litres of diesel every month, costing them over $350 million annually.
The statement read, “The Nigerian Communications Commission has formally inaugurated the NCC–REA Collaboration Committee, marking a pivotal step towards advancing Nigeria’s digital and energy inclusion objectives by developing modalities for the deployment of renewable energy to support telecom infrastructure in Nigeria.”
The inauguration ceremony, held on Friday, at the NCC Headquarters in Abuja, was presided over by Dr Aminu Maida, executive vice chairman and chief executive officer, NCC.
Maida was joined by Abba Aliyu, managing director of the REA, along with senior executives and committee members from both organisations.
Speaking at the event, Maida described the collaboration as a timely and strategic alignment of national priorities.
He noted that bridging the connectivity and power gaps in rural areas remains critical for Nigeria’s growth and development.
He highlighted that the demand for digital services and connected communities creates an opportunity for renewable energy to play a crucial role.
Maida further emphasised that the partnership goes beyond infrastructure; it is aimed at driving inclusion, reducing inequalities, and fostering shared prosperity.
“Whether it is powering a base station or enabling a child to access digital learning, this partnership has the potential to transform realities and bring opportunity closer to the people.
“This initiative is about more than infrastructure, it is about driving inclusion, bridging inequalities and creating the conditions for shared prosperity,” he was quoted in the statement.
He also noted that the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda, which aims to ensure no community is left behind in Nigeria’s energy and digital transformation.
Aliyu, representing REA, expressed confidence in the transformative potential of the collaboration.
“This partnership will unlock sustainable development opportunities for millions of Nigerians, especially those in areas lacking traditional infrastructure,” he said.
He further emphasised that the collaboration would address both energy and connectivity gaps, benefiting those who are currently underserved.
The newly established NCC-REA Collaboration Committee will work to co-develop and implement integrated solutions that leverage renewable energy to power telecom sites.
The statement noted that the committee will also focus on sharing geospatial data to improve planning, aligning funding frameworks, and tracking the socio-economic impact of the project through clear performance indicators.
Telecom
NCC Approves MTN, 9Mobile Roaming Collaboration Deal

MTN Nigeria Communications Plc has announced the execution of a national roaming agreement with Emerging Markets Telecommunications Services Limited (9Mobile), a move that signals a major milestone in Nigeria’s telecommunications landscape.
The Nigerian Communications Commission (NCC), the industry’s regulatory authority, has approved the three-year deal, which allows 9Mobile subscribers to roam seamlessly on MTN Nigeria’s extensive network infrastructure across the country.
The agreement, effective immediately, will significantly enhance connectivity and user experience for 9Mobile customers, particularly in areas where its network coverage is limited.
By leveraging MTN’s expansive infrastructure, 9Mobile can now offer improved service reach and reliability, without duplicating capital-intensive investments in network deployment.
In a notice to the Nigerian Exchange Limited and the investing public, MTN Nigeria described the arrangement as a strategic collaboration that underscores its leadership in fostering innovation, industry cooperation, and operational efficiency.
The company emphasized that the initiative aligns with the NCC’s broader objective of promoting infrastructure sharing to improve telecommunications services nationwide.
“This agreement represents a significant step in our commitment to driving industry collaboration, improving customer experience, and supporting the NCC’s vision of a fully connected Nigeria,” said Karl Toriola, chief executive officer, MTN Nigeria.
“Delivering the scale required for telecommunications services in Nigeria requires strong collaboration between the private sector, public sector, and long-term investors. This agreement demonstrates what we can achieve when we collaborate, and we are delighted to announce it today after months of groundwork.”The national roaming deal enables subscribers from 9Mobile to access voice and data services through MTN’s network in areas where the former lacks adequate coverage.
This marks the first such large-scale, cross-network roaming arrangement between two major operators in Nigeria, setting a precedent for future cooperative efforts in the telecom industry.
MTN Nigeria highlighted that the agreement contributes to more effective use of telecommunications resources, reduces infrastructure duplication, and accelerates the expansion of mobile broadband access across underserved regions.
It also supports both operators’ sustainability objectives by maximizing existing investments and reducing the environmental impact of deploying overlapping network facilities.
“This strategic collaboration is yet another first in the country by MTN Nigeria and marks a significant milestone for the sustainability of the telecommunications industry,” the company stated.
“By enabling national roaming, MTN Nigeria is contributing to a more effective use of telecommunications resources and accelerating efforts to expand connectivity across the country.”
The agreement is expected to benefit not just subscribers and operators but also regulators and investors who have consistently advocated for policies that promote shared infrastructure and efficient capital utilization in Nigeria’s digital economy.
Uto Ukpanah, company secretary, MTN Nigeria, affirmed the company’s ongoing dedication to initiatives that create shared value.
“MTN remains committed to fostering innovation and partnerships that create sustainable value for all stakeholders while promoting digital and financial inclusion nationwide,” she noted.
With the successful rollout of this agreement, the telecoms industry is expected to see improved service delivery and expanded access to quality mobile services, especially in rural and semi-urban communities. The collaboration sets a benchmark for future inter-operator partnerships and reinforces the importance of regulatory support in advancing national connectivity goals.
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