Scancom PLC (MTN Ghana) has formally completed the structural separation of its mobile money business, creating a dedicated fintech company that will now operate independently from the group’s core telecommunications operations, effective March 31, 2026.
The company announced the completion to the Ghana Stock Exchange (GSE) on April 2, 2026, confirming that the statutory merger of MobileMoney Ltd., the former operator of the mobile money business, with the newly incorporated MobileMoney Fintech Limited (MMFL) has taken effect following the receipt of all required regulatory approvals.
The transaction was executed under the Companies Act, 2019 (Act 992) and fulfils the localisation requirements of the Payment Systems and Services Act, 2019 (Act 987), which mandates specific ownership and operational arrangements for electronic money issuers in Ghana. No new shares were issued as part of the restructuring, and MTN Ghana’s shareholding structure remains unchanged.
Ghana has become the first market in the MTN Group’s pan-African footprint to complete the structural separation of its mobile money business. Work on similar transactions remains ongoing in Nigeria and Uganda, where MTN Nigeria’s board has approved a spinoff but it remains subject to shareholder approval and regulatory clearance.
Following the merger, MMFL is owned by MTN Dutch Holdings B.V., a subsidiary of MTN Group Limited, and the MTN Ghana Fintech Trust, a structure established to hold shares on behalf of non-MTN Group shareholders of Scancom PLC. The trust holds approximately 28 percent of the company, while MTN Dutch Holdings retains roughly 72 percent.
Stephen Blewett, Chief Executive Officer of MTN Ghana, described the milestone as a signal of the group’s long-term commitment to Ghana’s digital economy. “This milestone reflects our commitment to driving innovation, strengthening digital infrastructure and delivering services that improve the lives of our customers. The structural separation positions us to scale our fintech ambitions while continuing to invest in Ghana’s digital future,” he said.
Shaibu Haruna, Chief Executive Officer of MobileMoney Fintech Limited, said the separation opens a new strategic chapter for the mobile money business. “The transition marks a new chapter in our mission to deepen financial inclusion and deliver secure, customer-focused digital financial services. We remain committed to empowering individuals and businesses across Ghana with reliable, innovative fintech solutions,” he said.
The separation comes at a commercially strong moment for the mobile money business. In its full-year results for the period ended December 31, 2025, mobile money revenue increased by 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.
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. At the point of listing, shares in MMFL would trade as a standalone counter on the GSE, distinct from MTN Ghana’s existing listed shares.
The separation also advances MTN Group’s broader strategic arrangements. MTN Group’s chief executive Ralph Mupita highlighted in March 2025 that the fintech spinoff formed part of the process to complete a deal struck in 2023 with Mastercard, with the fintech unit valued at approximately $5.2 billion.
