- Will AI disrupt the payments industry in 2026? Izak van Heerden, Senior Manager: Development at Altron FinTech
- African Banks and Institutions must Lead on Urbanisation Finance – or Risk being Sidelined by Foreign Investors, says Pan-African banker
- How to Survive When Your Business Hits a Wall
- Driving business efficiency across the fintech ecosystem
- Accion Announces Close of $61.6M Second Accion Venture Lab Fund Investing in Early-Stage Inclusive Fintech
MTN Rwanda Considers Share Sale as Carrier Seeks Network Upgrade
KIGALI (Capital Markets in Africa) – MTN Group Ltd.’s Rwanda unit is considering a share sale on the country’s stock exchange to help fund planned network upgrades.
The move would follow an initial public offering of MTN’s Ghanaian division earlier this year, pursued by Africa’s largest wireless carrier in exchange for new spectrum. MTN’s Nigeria business has pledged to sell shares in Lagos, while an IPO in Kampala is under review for Uganda.
“It is something we are actively considering,” MTN Rwanda Chief Financial Officer Diatile Lily Zondo said in an interview in the capital, Kigali on Monday. Unlike in Nigeria, MTN’s biggest market, an IPO would not be as a result of regulatory pressure, she said.
MTN’s Rwanda unit is looking to secure a syndicated loan of about 50 billion francs ($60 million) to upgrade its network and is in talks with eight local lenders. The facility should be in place before the end of November, the CFO said.
The Johannesburg-based company had 3.6 million customers in the East African country as of the end of March, just 1.6 percent of the overall 221 million.
Source: Bloomberg Business News