MTN Uganda to spin off fintech unit into separate firm
The company, which has a mobile subscriber base of about 21-million, is a unit of South Africa's MTN Group and competes mainly with the local unit of India's Bharti Airtel.
MTN Uganda received shareholder nod at an extra-ordinary general meeting held on Tuesday for the proposed separation of its mobile money and fintech business, the company said in a statement.
Mobile money is a cell phone-enabled service that allows subscribers to transfer money and make payments for products and services like utility bills, energy purchases, food orders and ride hails. The platform has grown rapidly in Africa, where it is now widely used.
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