Scancom PLC’s completion of its mobile money structural separation on March 31, 2026, has been widely reported as a regulatory milestone. What has received less attention is what the new ownership arrangement means specifically for the tens of thousands of Ghanaian investors who hold shares in MTN Ghana on the Ghana Stock Exchange (GSE).
The formal announcement filed to the GSE by Chief Executive Officer Stephen Blewett on April 2 confirmed that MobileMoney Fintech Limited (MMFL), the newly merged entity now housing MTN Ghana’s mobile money operations, is jointly owned by two parties: MTN Dutch Holdings B.V., a subsidiary of MTN Group Limited, and The MTN Ghana Fintech Trust.
That trust, established under the terms of the transaction, exists specifically for the benefit of non-MTN Group shareholders of Scancom PLC from time to time. In plain terms, every investor who holds MTNGH shares on the GSE but is not part of the MTN Group is a beneficiary of this trust, giving them an indirect economic interest in the separated mobile money business even though no new shares were issued.
The separation comes as MTN Ghana’s mobile money business reported annual revenue of GHS 6 billion for the full year ended December 31, 2025, a year-on-year increase of 35.7 percent. Active users rose 12.3 percent to 19.3 million, while advance services covering digital payments and lending surged 55.9 percent to GHS 2.0 billion.
The scale of those figures gives the trust structure significance. Minority shareholders retain an indirect stake in a fast-growing business now being positioned as a standalone fintech entity, separate from the telecommunications operations that remain within Scancom PLC.
MobileMoney Fintech Limited Chairperson Victoria Bright confirmed at the company’s December 2025 Extraordinary General Meeting that the business is targeting a GSE listing within three to five years, placing the window between late 2028 and late 2030. At the time of listing, the trust mechanism would dissolve and investors would receive direct equity in the company, which would mark the first time a dedicated mobile money business has traded as a standalone counter on the Ghana Stock Exchange.
The restructuring positions the fintech unit to raise capital, expand services including payments, lending and broader digital financial services, and be valued separately from its telecoms business.
Ghana is the first market in MTN Group’s pan-African footprint to complete this separation. In Nigeria, MTN Nigeria’s board has approved a similar spinoff, but it remains subject to shareholder approval and regulatory clearance.
The transaction complies with the Payment Systems and Services Act, 2019 (Act 987), which mandates certain localisation arrangements for mobile money service providers operating in Ghana. Scancom PLC’s stated capital and shareholding structure remain unchanged as a result of the merger.
