The New Appointment Scandal: How MTN’s Power Play Will Devour Africa’s Fintech Sector
In a shocking move, MTN Group has appointed four non-executive directors to the boards of its MTN Group Fintech and Bayobab businesses, sparking outrage and concern among industry experts. The company’s claim that these appointments align with its focus on accelerating growth is nothing more than a veiled attempt to further exploit and dominate Africa’s fintech sector.
The new appointees, Herman Bosman, Nicky Newton-King, Nosipho Molope, and Jens Schulte-Bockum, bring a combined 50 years of experience in finance, regulation, and business, but what does this mean for the future of fintech in Africa? Will these directors simply rubber-stamp MTN’s plans to monopolize the market or will they actually bring a new wave of innovation and disruption?
Bosman, the new chairman of MTN Group Fintech, has a long history of serving as CEO and executive director for various financial institutions. While his experience is undoubtedly impressive, some question whether his background in finance and law will lead to a myopic focus on profit over people. With his appointment, is MTN simply looking to solidify its grip on the fintech market or is there a genuine desire to bring value to the sector?
Newton-King, a former CEO of the Johannesburg Stock Exchange, joins the MTN Group Fintech Board as a member. Her experience in legal, business, capital markets, banking, and regulation is undeniable, but what role will she play in shaping MTN’s fintech strategy? Will she be a check on the company’s more egregious practices or a tool for further consolidation and dominance?
Molope, who previously served on operating company boards across several African markets, joins the MTN Group Fintech board as a non-executive director. Her experience as CFO of the Financial Services Board in South Africa is impressive, but some worry that her background in finance may lead to a bias towards traditional financial products rather than innovative fintech solutions.
Schulte-Bockum, former MTN Group chief operating officer, has been appointed as chairman of Bayobab, MTN’s next-generation services company. With his 20-year tenure at MTN, many question whether his appointment is simply a case of "old boys club" politics or a genuine desire to lead the company towards a more digital and connected future.
As MTN’s appointees take their seats on the boards, it is clear that the company is doubling down on its efforts to dominate Africa’s fintech sector. But at what cost? Will these appointments lead to further exploitation and consolidation or will they actually bring value and innovation to the sector? Only time will tell, but one thing is certain: the future of fintech in Africa hangs in the balance.
