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

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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.

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

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.”

 


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Telecom

Glo Boosts Network Capacity for Enhanced Customer Experience

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Globacom is rolling out extensive network improvements to deliver a significantly better experience for its customers. These proactive measures are designed to ensure subscribers continue to get excellent value, particularly following recent tariff adjustments.

The ongoing upgrade involves a widespread deployment of new base stations, expanding coverage to previously underserved areas, and strengthening existing coverage in growing population centres. This strategic densification will guarantee superior network quality for both voice and data services across the entire country.

In a significant investment, Globacom is also re-routing its fibre infrastructure in several locations where road construction has compromised the fibre, including vital routes like Auchi-Okene and Benin-Ekpoma, Lafia-Akwanga, Minna-Abuja, and Funtua-Gusau.

“We decided, at a huge cost, to relocate the fibres, many of which had been vandalized in several places by uncoordinated road construction activities, in order to bring best-in-class services to customers”, the company disclosed.

Customers can look forward to brighter days ahead as Glo completes the deployment of hundreds of new sites nationwide. This year alone, thousands of 4G LTE sites have been activated in key cities, with additional hundreds of new sites are currently being deployed to further boost connectivity. These efforts are supported by massive upgrades of backhaul capacity (microwave and fibre) and a seamless improvement in the core network.

Globacom assured its subscribers that these ongoing initiatives will translate to enhanced service delivery, expanded coverage, faster data speeds, and overall improved network performance. The company plans to add over a thousand new sites in the next year, prioritizing LTE expansion to deepen its reliable data reach and extending fibre to more hub sites for greater service robustness.

Furthermore, Glo is committed to minimizing its carbon footprint by expanding hybrid power solutions and relying more on battery power across its sites, representing another substantial investment.

Despite these positive developments, Globacom continues to highlight the challenge of deliberate sabotage of network equipment, even with its designation as critical national infrastructure, emphasizing the need for stronger protective measures.


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MTN’s Uto Ukpanah Becomes 30th ICSAN President, Reinforcing Female Leadership in Governance

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L-R: Dr. Karl Toriola, CEO, MTN Nigeria; Uto Ukpanah, President, ICSAN and Company Secretary, MTN Nigeria, and Aniekan Ukpanah, Managing Partner, Udo Udoma & Belo-Osagie at the Investiture Ceremony of Uto Ukpanah as ICSAN 30th President, held in Lagos on Wednesday, July 23, 2o25.
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Nigeria’s corporate landscape is witnessing a significant transformation, with women increasingly occupying leadership positions and reshaping the narrative at the highest levels. A striking example of this shift unfolded recently as Mrs. Uto Ukpanah, FCIS, Company Secretary of MTN Nigeria, was inaugurated as the 30th President and Chairman of Council of the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

L-R: Dr. Karl Toriola, CEO, MTN Nigeria; Uto Ukpanah, President, ICSAN and Company Secretary, MTN Nigeria, and Aniekan Ukpanah, Managing Partner, Udo Udoma & Belo-Osagie at the Investiture Ceremony of Uto Ukpanah as ICSAN 30th President, held in Lagos on Wednesday, July 23, 2o25.

Historically, ICSAN was led exclusively by men for nearly 57 years. However, the trend began to change in 2023 when Mrs. Funmi Ekundayo broke barriers as the Institute’s first female president. In 2025, her successor and former vice president, Mrs. Ukpanah, has now become only the second woman to assume the presidency, marking a major milestone in Nigeria’s governance sector.

This development aligns with the broader momentum for women’s leadership across Nigeria’s business ecosystem. MTN Nigeria stands out as a champion of gender diversity. The company’s 2024 Annual Report reveals that women now constitute 41.4% of the workforce, a marked increase by 3% compared to 2023.

Among executive management, women hold 34.7% of positions, while female board representation stands at 21.4%. MTN’s deliberate drive, bolstered by initiatives such as the Women in Tech programme and the Y’ello Mums Internship, is fostering a pipeline of female talent across all tiers.

Female leaders at MTN are shaping strategy and impact on multiple fronts: Dr. Mosun Olusoga chairs the MTN Foundation; Odunayo Sanya serves as the Executive Director, MTN Foundation; Dr. Omobola Johnson contributes as a Non-Executive Director of the Board of Directors; and a host of others including Lynda Saint-Nwafor, Onyinye Ikenna-Emeka, Esther Akinnukawe, Ugonwa Nwoye, among others, lead critical business functions.

MTN’s policy of inclusion is reflected not just in numbers, but in recent recognitions. In 2024, Odunayo Sanya was named CSI Personality of the Year at the Nigeria Tech Innovation & Telecoms Awards, and Josephine Sarouk, Managing Director of Bayobab Nigeria (subsidiary of MTN), received the Woman in Telecoms Award in London.

Mrs. Ukpanah herself was honoured as the first-ever African recipient of the Global Corporate Secretary of the Year Award by the Corporate Secretaries International Association (CSIA), a testament to her pioneering leadership.

Ukpanah’s investiture as ICSAN President was held on July 23, 2025, in Lagos, attracting an array of dignitaries, government officials, and business leaders. Chaired by Prof. Hakeem Belo-Osagie, with a keynote delivered by Dr. Omobola Johnson, the event saw the full support of MTN Nigeria’s top brass, including CEO Karl Toriola and Board Chairman Dr. Ernest Ndukwe. In his goodwill message, Dr. Ndukwe remarked:

“This honour is a fitting recognition for Uto’s distinguished career, unwavering professionalism, and deep commitment to the principles of good governance. Uto has consistently exemplified the values that I believe ICSAN upholds, and we are confident that her leadership will further strengthen the Institute’s aspirations towards promoting excellence in governance.

“At MTN Nigeria, we are proud of her achievements and reaffirm our full support as she embarks on this important assignment. We look forward to the positive impact her tenure will bring to ICSAN.”

Also, her husband, Aniekan Ukpanah, Senior Partner at Udo Udoma & Belo-Osagie, described her as “a passionate steward, rooted in family, bound by purpose, and committed to legacy.” Outgoing ICSAN President Mrs. Ekundayo added that Ukpanah is “astute, visionary, and principled.”

Mrs. Ukpanah’s ascendancy to ICSAN’s top office, and MTN’s visible support, do more than celebrate personal or organisational victories; they signal a new era, one in which women are not just present, but are key architects of governance and future prosperity for Nigeria.


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NIMC Warns Nigerians Against Selling NIN Data Amid Rising Identity Fraud

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National Identity Management Commission (NIMC) has issued a stern warning to Nigerians over the illegal sale of personal data, including the National Identification Number (NIN), amid reports of a growing underground market targeting unsuspecting citizens.

In a statement released on Sunday, the Commission expressed deep concern following revelations by the Economic and Financial Crimes Commission (EFCC) that young Nigerians are offering between ₦1,500 and ₦2,000 to individuals in exchange for their NIN and other sensitive details. These details are then allegedly resold to certain fintech platforms for as much as ₦5,000.

“This is not just a case of minor fraud, it’s a threat to national security and personal safety,” said Dr. Kayode Adegoke, Head of Corporate Communications at NIMC. “When you hand over your data to unknown agents, you are essentially handing over control of your identity.”

The Commission reiterated that it will not be held liable for any misuse of personal data shared voluntarily by individuals or through third parties for financial gain or inducement.

NIMC further cautioned service providers to ensure that every NIN presented for services is properly verified using approved channels before access is granted.

To safeguard personal identity, Nigerians are encouraged to download the NINAuth App, available on Apple iOS and Google Play Store. The app enables users to manage, secure, and control access to their NIN data.

“The story of your identity should be written by you, not sold for a quick payout,” the Commission stated.

NAN reports that the NIMC’s advisory comes amid rising concerns over digital identity theft and the misuse of personal data in Nigeria’s expanding fintech ecosystem.


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