World News
Mastercard to purchase a minority stake in MTN’s $5.2B fintech business on August 14, 2023 at 10:14 am
Mastercard has agreed to purchase a minority stake in the fintech division of MTN Group, Africa’s largest cellphone provider, which it values at $5.2 billion. The signing of the formal investment agreements will likely occur very soon as both parties near the end of the regular due diligence process; the investment will be closed subject to usual closing conditions, MTN announced in a statement on the company’s half-year financial performance posted on Monday.
According to MTN Group President and CEO Ralph Mupita, the deal will be structured as a commercial partnership on payments and remittances employing Mastercard’s technical infrastructure to develop throughout Africa and an investment in a minority share. He stated that the share size would be announced after completing the transaction, per Bloomberg.
“We delivered a resilient performance in H1 23 and made good strategic progress against a tough macro backdrop. In South Africa, we were very encouraged by the improved network availability on the back of our power-resilience investment, resulting in a stronger Q2 23 performance than Q1 23,” Mupita said in the statement. “In Nigeria, we delivered a very strong operational result, having navigated the cash shortages in Q1 23 and increased inflation. The policy changes implemented in Nigeria in Q2 ’23 have short-term negative impacts, but we see these as being very constructive for the investment climate in the medium to longer term.”
This news comes a year after MTN Group said it was searching for minority investors to invest in its African fintech subsidiary after separating it from the carrier’s main telecom business to maximize development in the thriving division. The Johannesburg-based company’s aspirations were boosted after obtaining a mobile banking license in Nigeria, its largest market, which allowed MTN to offer financial services to millions of new clients.
For the first half of this year, the transactions recorded by MTN’s mobile money business increased by 37% to $8.3 billion; over 60 million active users executed them. At the end of June 2023, the MTN Group had over 290 million subscribers.
Meanwhile, in 2021, Mastercard inked a deal with Airtel Africa, one of MTN’s competitors, that saw the India-founded telecom receive $100 million for its mobile money business, Airtel Mobile Commerce BV, at a $2.65 billion valuation. According to Bloomberg, Mastercard’s planned minority investment in MTN mobile money, at a valuation of $5.2 billion, translates to 16x trailing EBITDA – far more than Airtel Africa’s corresponding 10x. The cash might aid MTN’s balance sheet by temporarily substituting for dividends from subsidiaries and somewhat offsetting increased 2023 capital-spending projections — both of which are influenced by forex.
It’s not just Airtel and MTN that have lofty fintech ambitions. Safaricom, via M-Pesa, has dominated the Kenyan mobile money business for years. The telecom operator, alongside South Africa’s Vodacom, is also keen on separating its fintech arm from the traditional telecom business. There’s an incentive to push fintech activities for these telecommunications carriers in Africa because the continent is gradually shifting from primary voice and text mobile to digital services. The financial services these telecom operators offer will see them compete with already established companies in Africa’s fintech space, including Interswitch, Flutterwave, Chipper Cash and MFS Africa.
Mastercard has agreed to purchase a minority stake in the fintech division of MTN Group, Africa’s largest cellphone provider, which it values at $5.2 billion. The signing of the formal investment agreements will likely occur very soon as both parties near the end of the regular due diligence process; the investment will be closed subject
News
Terror Attacks in New Orleans and Las Vegas Linked
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The start of 2025 has been marred by two horrific terror attacks in the United States, one in New Orleans and another in Las Vegas, both occurring on New Year’s Day. These incidents have left communities reeling and have raised concerns about potential connections between the suspects involved.
In New Orleans, a truck driven by 42-year-old Shamsud-Din Jabbar plowed into a crowd celebrating on Bourbon Street, resulting in at least 15 deaths and over 30 injuries. Eyewitnesses reported that Jabbar, a U.S. Army veteran from Texas, deliberately targeted pedestrians while flying an ISIS flag from his vehicle. Following the attack, he exited the truck armed with an assault rifle and opened fire on police officers before being killed in the ensuing confrontation. Authorities discovered improvised explosive devices (IEDs) within his vehicle and in the vicinity of the attack site, further confirming the premeditated nature of this act of terrorism.
Simultaneously, a separate incident unfolded in Las Vegas when a Tesla Cybertruck exploded outside the Trump International Hotel. The driver, identified as Matthew Livelsberger, also had a military background and was reported to have detonated the vehicle packed with firework mortars and fuel, resulting in his death and injuring seven others. Investigators are exploring whether Livelsberger and Jabbar had any prior connection, as both men served at the same military base at different times.
While the FBI has confirmed that they are investigating both attacks as acts of terrorism, they have not established a definitive link between the two incidents. However, similarities in their execution—both suspects rented vehicles from the same company—have prompted further scrutiny into their backgrounds and any potential accomplices.
As investigations continue, authorities are urging anyone with information about either suspect to come forward. The tragic events have sparked discussions about security measures in public spaces, particularly as cities prepare for large gatherings in the coming months.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters, filmmakers and actors. Our services now include acting classes. Additionally, we are introducing film reviews by experienced critics and professional press article writing covering industry news and trends. Whether you’re looking to craft compelling stories, enhance your acting skills, or gain insights into the film industry, our resources will equip you to thrive in this competitive field. Join us today to unlock your creative potential and bring your artistic vision to life!
Politics
Donald Trump Named TIME’s 2024 Person of the Year
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Donald Trump has been selected as TIME magazine’s Person of the Year for 2024, marking his second time receiving this distinction. The former president, who won a historic comeback victory in the 2024 election, was chosen for his significant impact on global affairs and American politics.
TIME editor-in-chief Sam Jacobs explained the decision, citing Trump’s “comeback of historic proportions,” his role in driving “a once-in-a-generation political realignment,” and his reshaping of both the American presidency and the country’s global role. This recognition comes after Trump’s unprecedented achievement of reclaiming the White House after losing reelection four years earlier.
The selection process involved an extensive interview with Trump at Mar-a-Lago in November, covering a wide range of topics including the economy, foreign policy, and his plans for a second term. Notably, TIME took the unprecedented step of publishing a comprehensive fact-check alongside the interview transcript, examining 15 distinct assertions made by Trump.
Trump’s relationship with TIME has been tumultuous over the years. While he expressed honor at receiving the title in 2016, he has also criticized the magazine’s selections and even claimed he refused a potential Person of the Year offer in 2017. Despite this, Trump participated in the process this year, granting TIME access for an in-depth interview.
To commemorate the announcement, Trump rang the opening bell at the New York Stock Exchange (NYSE). This event marked a significant moment in Trump’s career, as it was his first time participating in this Wall Street tradition.
Trump’s selection as Person of the Year reflects his continued influence on American politics and his ability to reshape the political landscape. As the country prepares for his return to the White House, all eyes will be on how Trump’s second term might further impact both domestic and international affairs.
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Film Industry
Jay-Z Denies Allegations Amid Lawsuit
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Jay-Z, the renowned rapper and music mogul, faces serious allegations in a recently amended civil lawsuit. According to ABC News and NBC News, the suit accuses him and Sean “Diddy” Combs of raping a 13-year-old girl at an MTV Video Music Awards after-party in 2000.
The lawsuit, initially filed in October 2024, was updated on Sunday to include Jay-Z as a defendant alongside Combs. The plaintiff, identified only as “Jane Doe,” claims she was assaulted after being driven to the party following the awards show.
Jay-Z, whose real name is Shawn Carter, vehemently denies the allegations. He released a statement on X calling the lawsuit a “blackmail attempt” and questioning why it was filed as a civil case rather than a criminal one. The rapper expressed concern about the impact on his family, stating he and his wife Beyoncé would need to discuss the situation with their children.
Combs, who is currently in federal custody on separate charges, has also denied the accusations through his attorneys. The lawsuit alleges that an unidentified female celebrity was present during the incident but did not intervene.
The case has garnered significant media attention, with both artists’ reputations at stake. As the legal process unfolds, the music industry and public await further developments in this high-profile case.
Bolanle Media is excited to announce our partnership with The Newbie Film Academy to offer comprehensive courses designed specifically for aspiring screenwriters. Whether you’re just starting out or looking to enhance your skills, our resources will provide you with the tools and knowledge needed to succeed in the competitive world of screenwriting. Join us today to unlock your creative potential and take your first steps toward crafting compelling stories that resonate with audiences. Let’s turn your ideas into impactful scripts together!
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