MobileMoney Fintech Limited (MMF) is now the legal successor to one of Ghana’s most consequential financial businesses, and the question is no longer whether the restructuring happened but what the company does next.
The merger that folded MobileMoney Limited into the newly incorporated MMF became effective following unanimous shareholder approval at an Extraordinary General Meeting of Scancom PLC in December 2025. The restructuring was mandated by the Payment Systems and Services Act, 2019 (Act 987), which requires electronic money issuers operating in Ghana to maintain at least 30 percent local equity participation. The Bank of Ghana (BoG) had set December 31, 2025 as the compliance deadline, and failure would have triggered significant regulatory consequences including potential licence suspension.
Under the structure that emerged, a trust established by Scancom PLC holds 27,870,000 A1 ordinary shares in MMF, representing approximately 28 percent of the company on behalf of Ghanaian minority shareholders. MTN Dutch Holdings retains 72,130,000 A2 ordinary shares, or roughly 72 percent. The arrangement satisfies the localisation threshold while preserving economic continuity for existing investors in Scancom PLC on the Ghana Stock Exchange (GSE).
The business MMF now operates is substantial. In 2025, the platform recorded 19.3 million active users, processed 8.4 billion transactions, and handled GH¢4.1 trillion in total transaction value, a 53.8 percent surge from GH¢2.7 trillion the year before. Revenue from advanced services including digital payments, merchant solutions, and mobile lending rose 55.9 percent to GH¢2 billion, overtaking withdrawals as the primary growth engine. The company’s return on assets stood at 12.5 percent and earnings per share climbed 55.8 percent to GH¢0.592.
That performance earned MML the Fintech Solutions Provider of the Year title at the 2026 Ghana Fintech Awards, and its chief executive officer, Shaibu Haruna, was named Fintech CEO of the Year at the MTN Group Global Leadership Gathering 2026 earlier this year.
The award cycle now closes on the old entity. Everything that follows belongs to MMF.
The company has set an ambitious but clearly defined roadmap. Victoria Bright, Chairperson of MobileMoney Fintech Limited, confirmed at the December Extraordinary General Meeting that the business intends to list on the Ghana Stock Exchange within three to five years, placing the window between late 2028 and late 2030. At the point of listing, the trust mechanism will dissolve and investors will receive direct equity in MMF, marking the first time a dedicated mobile money business would trade as a standalone counter on the GSE.
That listing depends on two conditions being met: completing a full digital transformation and achieving genuine operational independence from Scancom PLC. Both conditions are harder than they appear. The operational integration between a mobile money platform and its parent telecommunications network runs deep, spanning billing infrastructure, agent networks, subscriber data management, and distribution. Separating those systems cleanly, while maintaining service continuity for 19.3 million active users, is a multi-year technical undertaking.
There is also a governance dimension. As a separately regulated electronic money issuer, MMF will face closer scrutiny from the BoG than it did as a division of a larger telecommunications group. That increased oversight is by design. The Payment Systems and Services Act was written precisely to ensure that mobile money businesses of this scale are governed as standalone financial institutions, with dedicated capital requirements, independent boards, and ring-fenced consumer funds.
The commercial trajectory MMF has inherited points firmly upward. Peer-to-peer transfers grew from 28.9 percent to 33.7 percent of the revenue mix in 2025, and advanced services climbed from 19.4 percent to 20.7 percent, while the share of basic withdrawal revenue fell from 51.2 percent to 45.6 percent. Users are not just cashing out. They are saving, borrowing, paying merchants, and trading in financial instruments through the platform. That shift in behaviour is exactly the kind of revenue base that makes a fintech listing credible to institutional investors.
Ghana has been through this exercise before in concept, with multiple financial services entities listing on the GSE, but a pure-play mobile money company at this scale would be a first for the bourse and for West Africa more broadly. Whether MMF delivers on that ambition within the projected window will depend as much on macroeconomic conditions and investor appetite as on internal execution. What is clear is that the regulatory groundwork is now complete. The merger that was once a compliance obligation has become the foundation for the next chapter.
