International Finance

MTN Group announces R250 mn relief package to fight Covid-19

MTN relief package

Africa-based telco MTN has announced an R250 million relief package to fight against the coronavirus pandemic, the media reported.

According to MTN, the fund will focus on focus on employees, customers, vulnerable groups, contributions to the government’s Solidarity Fund and participating in industry interventions.

In a statement, MTN’s group chair, Mcebisi Jonas said, “We believe it is the responsibility of all organisations to assist where they can during the pandemic. MTN plays a vital role in the mobile and telecommunications industry across Africa and the Middle East and it is vital that we assist our employees, customers, and stakeholders, during this difficult time.”

MTN also plans to raise another R40 million for a global staff emergency fund to help its employees across all 21 markets it operates in.

The telco also revealed that its top executives will contribute 30 percent of their salary to the relief package set up by the company.

It further revealed that around R150 million will be invested in the Y’ello Hope Package to provide free SMS services, waiving off fees for certain mobile money transactions, discounted calling during off-peak periods, zero-rating of certain health, social services and educational sites and payment concessions to business customers.

Earlier this month, local media reported that MTN is going ahead with its decision to sell a part of its stake in its business in Nigeria; however, the sale will have to be carried out in parts due to the global slowdown caused by the coronavirus pandemic.

MTN is looking to offload around 15 percent the 79 percent majority stake it holds in MTN Nigeria.

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