After nearly nine years, MTN Zakhele Futhi (MTNZF), a Black Economic Empowerment (BEE) investment scheme, will begin distributing returns to shareholders from July 28, 2025. The scheme confirmed this in a statement on Tuesday, noting that while investors will receive their full initial investment back, gains will be modest.
Each shareholder will get R20 ($1.10) per share from the scheme, with further R2 to R3 per share expected later. In total, that’s R22 to R23 ($1.20 – $1.27) per share, representing a full return of their original investment and a modest gain.
MTNZF was launched in September 2016 to expand ownership among Black South Africans, including individuals and Black-owned entities. Backed by external funding, the scheme enabled broader participation than individual investor contributions alone would have allowed. Cash applicants needed to purchase a minimum of 100 shares, costing R2,000 ($110.00) at the time of the public offer.
“The scheme enabled thousands of investors to participate in the company’s growth through accessible shareholding. Supported by additional funding, MTNZF allowed for a larger stake in MTN than shareholder contributions alone could have achieved,” it said.
Despite years of market volatility, MTNZF delivered some financial returns. With improving market conditions in 2025, the board opted to fully wind down the scheme while aiming to preserve shareholder value.
The scheme delivered a “modest return” to shareholders, “despite the volatility we have seen in the market over the years”, said MTNZF board chair Belinda Mapongwana.
Most of MTNZF’s MTN shares were sold last month as part of the scheme’s conclusion. The proceeds are being used to settle outstanding debts. After covering costs and taxes, the remaining funds will be distributed to investors.
Originally set to close earlier, the scheme was extended in 2024 due to MTN’s share price slump. Ending it then would’ve risked eroding shareholder value.
MTN confirmed that MTNZF is now a cash-only entity focused solely on distributing final proceeds. Once complete, it will be delisted from the Johannesburg Stock Exchange (JSE) and deregistered.
“MTNZF is now essentially a cash-only entity and will no longer operate as an investment vehicle,” MTN said. “Its sole purpose now is to distribute the remaining proceeds to shareholders before being delisted from the JSE and deregistered.”
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