Central bank wobble reins in MTN Nigeria
Temporary suspension of interbank payments puts brake on mobile business
31 October 2022 - 23:52
Growth in MTN’s Nigerian mobile money business — billed to be a major piece in its plan to dominate Africa’s fintech industry — was held back in the third quarter by the temporary suspension of a central bank system in that country, the company said on Monday.
Like rival Vodacom, MTN has staked a large part of its current and future growth on new areas beyond the declining voice business, led by financial services. Taking advantage of its dominant position in Africa’s most populous nation is expected to help attract even more customers — well past the present 61-million — onto its platform...
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