MTN fortifies fintech business with key appointments

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Andrew Goodrich, MTN Group executive for banktech.
Andrew Goodrich, MTN Group executive for banktech.

MTN Group has appointed Andrew Goodrich as executive for banktech, as the Pan-African mobile operator boosts its fintech endeavours.

The telco says Goodrich’s experience will bolster its team, as it drives its fintech business across the continent through its Ambition 2025 strategy.

MTN is rolling out its new Africa strategy, targeting 100 million fintech users on the continent in the next three years.

To achieve this, the telco has set the second quarter of the 2022 financial year as the deadline to spin-off its lucrative fintech unit and intends to tap into Goodrich’s years of experience in the financial services sector.

“Andrew has 30 years’ experience in the financial services sector, 12 of which were spent at senior leadership level,” says Serigne Dioum, group chief fintech officer.

“Andrew has built a stellar career through his innate ability to craft an organisational vision, mobilise strategic and tactical plans, and execute with well-led and highly-effective teams. He is a strategic yet practical leader, renowned for his hands-on approach to business.

“We are delighted to welcome Andrew into his new role within the group fintech team. Andrew is no stranger to MTN and his wealth of experience in the financial sector will ensure we continue to make a meaningful contribution, as we drive our financial inclusion ambitions on the continent.”

At the same time, MTN has assigned a seat on its board to Tim Pennington, former chief financial officer of Swedish Millicom International Cellular, effective August.

The telco says Pennington (61) will serve as an independent non-executive director of MTN Group and MTN Holdings.

Pennington, who was with Millicom until March, holds a BA (Hons) Economics from the University of Manchester and he is also a Chartered Institute of Bankers associate.

Tim Pennington, non-executive director of MTN Group and MTN Holdings.
Tim Pennington, non-executive director of MTN Group and MTN Holdings.

MTN says: “He played an instrumental role in Millicom’s transformation into a leading provider of fixed and mobile broadband services. Under his leadership as CFO, the company successfully accomplished several key projects, including Millicom’s exit from Africa, its Nasdaq listing in the US and the acquisition of various operations.”

MTN says Pennington, who currently serves as a non-executive director on the board of London-listed Euromoney Institutional Investor, is anticipated to serve as a member of MTN Group’s finance and investment committee, risk and compliance committee as well as the audit committee.

“The chairman and the board believe his extensive experience in transformational mergers and acquisitions, and his depth of experience in capital allocation is invaluable. Accordingly, his contribution will greatly enhance the board’s deliberations and will enhance the delivery of Ambition 2025,” says the operator.

MTN has also notified shareholders that Sindi Mabaso-Koyana, and Paul Hanratty have retired by rotation from the board and shall not be available to serve on the board.

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