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MTN bets on mobile banking with new CEO

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The new chief executive of MTN, Rob Shuter has been brought in to boost profits at Africa’s biggest mobile phone group after a $1.7bn fine in Nigeria, by persuading its 200 million clients to use their handsets to store money and pay bills.

But the hunt for returns by the outsider, the current European head of Vodafone and a former banker, will throw MTN into an unfamiliar world of finance with increasing regulatory risks as authorities step up efforts to combat illicit money transfers.

It will also pit MTN against African rival Safaricom, which is 40% owned by Vodafone, and whose mobile money business M-Pesa helped offset falling prices for basic telecoms, convincing investors that financial services is the industry’s next growth area.

For more on this story visit the following link: MTN bets on mobile banking with new CEO

Source: fin24tech

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