The telecommunications firm said the transaction, which is non-categorized in terms of the Johannesburg Stock Exchange (JSE) listings requirements, was originally announced on August 14, 2023, and is subject to customary closing conditions. MTN Group president and Chief Executive Officer, Ralph Mupita, recently indicated that the company was looking to sell about a 30 per cent stake in the fintech business. MTN's fintech structure includes mobile money platform MoMo, insurance offerings, airtime lending, and e-commerce, as well as its network services. According to its interim financial results for the six months ended June 2023, MTN, Africa's biggest mobile operator, revealed that its fintech business has been flourishing, with revenue growing by 21.7 per cent year-over-year, primarily due to growth in the wallet (+20.7 per cent), payment and e-commerce (+54.9 per cent) and remittance (+78.9 per cent) industries.