MTN Rwanda is close to sealing a deal for a 50 billion franc ($56.29m) syndicated loan to be used to modernise its network. Photo: Simphiwe Mbokazi/ANA
INTERNATIONAL - MTN Rwanda, the biggest telecoms operator in the East African nation, is close to sealing a deal for a 50 billion franc ($56.29 million) syndicated loan to be used to modernise its network, its chief financial officer said on Thursday.

Diatile Lily Zondo told Reuters that the company had no plans for an initial public offering, disputing a report by news agency Bloomberg earlier in the week.

Meanwhile, elsewhere in Africa, more specifically Nigeria, MTN met with the Central Bank of Nigeria (CBN) in an effort to end troubles in the country that have wiped off billions in value. 

MTN is determined to shrug off its woes in Nigeria and is set to launch a mobile banking product in the country as it seeks to increase its dominant position on the continent.

The group this week used the AfricaCom gathering, which brought together the telecoms industry’s head honchos, to announce its plans to apply for a mobile banking licence in Nigeria.

REUTERS / BUSINESS REPORT ONLINE