Airtel headquarter in Dar es Salaam

Airtel Africa’s wholly-owned subsidiary Airtel Mobile Commerce (AMC BV) is set to secure $100m investment from Mastercard.

AMC BV is the holding company of Airtel Africa’s several mobile money operations.

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Once the deal completes, Mastercard will acquire a minority stake in AMC BV. The majority stake will continue to be owned by Airtel Africa.

The transaction is subject to regulatory approvals and other conditions.

The deal values the Airtel Africa’s mobile money business at $2.65bn on a cash and debt free basis.

The new proceeds will be utilised to reduce debt as well as improve network and sales infrastructure in operating countries.

Concurrently, Airtel Africa and Mastercard have extended commercial agreements and entered into a new commercial framework.

The new agreement seeks to bolster their collaboration across several geographies and areas such as card issuance and payment processing among others.

Notably, AMC BV secured a $200m investment from TPG’s The Rise Fund last month.

Airtel Africa CEO Raghunath Mandava said: “We are significantly strengthening our existing strategic relationship with Mastercard to help us both realise the full potential from the substantial opportunity to improve financial inclusion across our countries of operation.

“The combination of our extensive customer base and distribution platforms and Mastercard’s products and services, innovation and know how, mean we can together accelerate demand and drive growth in financial services for the benefit of all our customers and markets.”

Airtel Africa’s mobile money services encompass mobile wallet deposit and withdrawals, merchant and commercial payments services. The offerings also include virtual credit card, international money transfers as well as loans and savings.