MTN Ghana Clears Path for New MoMo Fintech Company

Shareholders of Scancom PLC (MTN Ghana) have voted by majority to approve a merger between MobileMoney Limited (MML) and the newly incorporated MobileMoney Fintech Limited, paving the way for a major restructuring of MTN’s mobile money operations.

The decision, taken at an Extraordinary General Meeting (EGM) held at the University of Professional Studies, Accra, allows all assets, liabilities, and consenting employees of MML to be transferred to MobileMoney Fintech Limited. Shareholders also approved a waiver of a fairness report, which typically provides an independent assessment of merger terms.

Compliance With Bank of Ghana Requirements

The restructuring is aimed at meeting the Bank of Ghana’s directive for dedicated electronic money issuers to maintain at least 30% Ghanaian ownership, as stipulated under the Payment Systems and Services Act, 2019 (Act 987).

Under the new structure, MobileMoney Fintech Limited will be owned by two shareholders:

• MTN Ghana Fintech Trust – holding 30% on behalf of minority shareholders

• MTN Dutch Holdings BV – holding the majority stake

The trust arrangement is expected to safeguard the economic and governance interests of local minority shareholders.

Toward an Independent, Listed Fintech Entity

The newly formed MobileMoney Fintech Limited will operate independently from Scancom PLC with its own governance structure, leadership, and operational systems. The company is expected to pursue a digital transformation and prepare for an eventual independent listing on the Ghana Stock Exchange.

Victoria Bright, Independent Non-Executive Director and Chairperson of MobileMoney Fintech Limited, said the new entity is designed to strengthen the operational framework supporting MTN’s mobile money services.

She noted that the transition will ensure improved governance, enhanced accountability, and operational autonomy. She also assured shareholders that their existing shares in Scancom PLC will be mirrored in the new fintech entity, ensuring a seamless transition when separate trading begins.