MTN Ghana plans to list its fast-growing mobile money business on the Ghana Stock Exchange within three to five years following a merger designed to consolidate its fintech operations.
The restructuring will transfer all assets, liabilities, and employees of MobileMoney Limited (MML) to the new company, which will operate as the dedicated mobile money arm of Scancom PLC, MTN Ghana’s parent firm. The move aligns with the Bank of Ghana’s localisation and minimum capital requirements for electronic money issuers.
According to a circular to shareholders, the planned merger and future listing form part of MTN’s strategy to deepen local participation, improve transparency, and strengthen governance in one of its fastest-growing business segments.
“The implementation of the merger will result in the MoMo business being compliant with the localisation requirement and the minimum capital requirement,” the company stated. “The company will also qualify for a licence from the Bank of Ghana as a dedicated electronic money issuer.”
Strengthening fintech governance and investor access
MTN Ghana’s MoMo business remains one of its key revenue drivers. As of September 2025, MoMo’s revenue surged 39.2% year-over-year to GHS 4.3 billion, driven by a 4.1% increase in active users to 17.7 million. Revenue from basic services climbed 30% to GHS2.9 billion, while advanced services — including digital payments and lending — jumped nearly 63% to GHS1.4 billion.
The segment’s share of total service revenue edged up from 24.4% to 24.9%, underscoring the growing importance of fintech to MTN Ghana’s business model.
The merger will lead to a new ownership structure: MTN Dutch Holdings B.V. will hold A2 ordinary shares, while the MTN Ghana Fintech Trust will hold A1 ordinary shares on behalf of Ghanaian minority shareholders. The trust mechanism ensures that the economic interests of minority investors in Scancom PLC mirror those in the MoMo entity.
“After the merger, the Trust’s shareholding interests in the company at all times will mirror those of the beneficiaries in Scancom PLC, ensuring that their interests remain commercially identical,” the circular explained.
Aligning with MTN Group’s Africa fintech vision
The initiative mirrors MTN Group’s wider plan to separate and list its fintech operations across Africa – a strategy already underway in Nigeria and other key markets.
MTN said the future public listing of its MoMo arm will allow Ghanaian investors to directly hold shares in one of the country’s most widely used digital payment platforms.
“The company board has unanimously determined that the merger is in the best interest of the company and is satisfied on reasonable grounds that the company will be solvent immediately after the merger becomes effective,” the directors stated.
The merger remains subject to approvals from the Securities and Exchange Commission, the Bank of Ghana, and the courts. Once approved, the Registrar of Companies will issue a certificate of merger, formally dissolving MML without requiring a formal winding up.
Launched in 2009, MTN MoMo now serves about 17 million active users through over 500,000 agents and merchants, playing a pivotal role in Ghana’s financial inclusion drive and standing as one of the continent’s most successful mobile money platforms.
