Ghana has become the first market in the MTN Group’s pan-African footprint to complete the structural separation of its mobile money business, with the merger of MobileMoney Limited into the newly incorporated MobileMoney Fintech Limited (MMFL) taking effect on March 31, 2026.
Scancom PLC announced the completion to the Ghana Stock Exchange on April 2, confirming that the statutory merger became effective following the receipt of all required regulatory approvals. The mobile money business is now carried on by MobileMoney Fintech Limited, while Scancom PLC continues to conduct its core telecommunications business. No new shares were issued as part of the transaction.
The restructuring makes Ghana a test case for MTN Group’s broader separation strategy, with work still ongoing in Nigeria and Uganda. In Nigeria, MTN Nigeria’s board of directors has approved the spinoff, but it remains subject to shareholder approval and regulatory clearance. MTN Uganda shareholders voted to approve their own separation in July 2025, but that process has not yet concluded.
The separation in Ghana was driven by the localisation requirements of the Payment Systems and Services Act, 2019 (Act 987). The law requires electronic money issuers operating in Ghana to maintain at least 30 percent local equity participation. Under the structure that emerged, a trust mechanism holds shares in MobileMoney Fintech Limited on behalf of Ghanaian minority shareholders, with the trust holding approximately 28 percent of the company, while MTN Dutch Holdings retains roughly 72 percent.
The separation arrives as MTN Ghana’s mobile money business is at a high point commercially. In its 2025 full-year results, MoMo revenue rose 35.7 percent year-on-year to GH¢6.0 billion, driven by a 12.3 percent increase in active users to 19.3 million. Advanced services including digital payments and lending surged 55.9 percent to GH¢2.0 billion, reflecting rising adoption of fintech offerings beyond basic transfers.
Shaibu Haruna, Chief Executive Officer of MobileMoney Fintech Limited, said the transition opens a new chapter for the business. “We remain committed to empowering individuals and businesses across Ghana with reliable, innovative fintech solutions,” he said.
The Ghana separation also advances a deal struck in 2023 between MTN Group and Mastercard. MTN Group’s chief executive Ralph Mupita highlighted in March 2025 that the fintech spinoff formed part of the process to complete the Mastercard arrangement, with the size of the stake potentially valued at approximately $200 million and the fintech unit valued at $5.2 billion.
Looking ahead, MobileMoney Fintech Limited Chairperson Victoria Bright confirmed at the company’s December 2025 Extraordinary General Meeting that the business is targeting a listing on the Ghana Stock Exchange within three to five years, placing the window between late 2028 and late 2030, once digital transformation and full operational independence from Scancom PLC are achieved. At the time of listing, the trust mechanism will dissolve and investors will receive direct equity in the company. Such a listing would mark the first time a dedicated mobile money business has traded as a standalone counter on the Ghana Stock Exchange.
