South Africa-based telecom MTN will reportedly invest $1 billion in Ghana.
The $1 billion investment will be used to expand MTN’s 5G network in Ghana and comes at a time when the country is coping with 50% inflation and a sharp drop in the value of its currency.
Ghana has also been coping with high interest rate increases that have impacted the cost of capital and created challenges for small- to medium-sized businesses (SMBs) looking to access credit — not to mention the households that are now facing a crippling cost-of-living crisis.
The service will be offered to MTN subscribers in the country with Ecobank providing the capital, Optasia’s artificial intelligence (AI) technology powering the loan decisions and MTN’s Mobile Money enabling the loan disbursements.
MTN added its own smartphone to its Ugandan unit’s “pay mpola mpola” device financing plan, which allows customers to pay for a new device in daily, weekly or monthly installments.
The firm had said earlier that it aims to increase access to handsets and expand 4G and 5G coverage in Uganda, intending to have 90% network coverage in the country within five years.