MTN Ghana Spins Off MoMo Into a Standalone Fintech Company
The move aligns with Ghana's Payment Systems and Services Act, 2019, which mandates that telecom operators providing financial services must operate them through separate legal entities.
Ghana has become the first market in 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
What exactly happened
The transaction involved the statutory merger of MobileMoney Ltd — a wholly owned subsidiary of MTN Ghana that previously operated the mobile money business — and MobileMoney Fintech Ltd, a newly incorporated company established to run the mobile money business, executed in accordance with Ghana’s Companies Act, 2019.
No new shares were issued by MTN Ghana as part of the transaction. MTN Ghana’s shareholding structure remains unchanged, and MTN Ghana continues to operate its core telecommunications business.
Who owns the new company
Under the structure that emerged, MTN Dutch Holdings retains roughly 72 percent of MMFL, while a trust mechanism holds approximately 28 percent on behalf of Ghanaian minority shareholders — in compliance with the Payment Systems and Services Act, 2019, which requires electronic money issuers to maintain at least 30 percent local equity participation.
Why this was required
The move aligns with Ghana’s Payment Systems and Services Act, 2019, which mandates that telecom operators providing financial services must operate them through separate legal entities.
In other words, it wasn’t purely a strategic choice – it was the law.
The business case behind the split
The move reflects MTN’s push to turn fintech into a standalone growth engine, positioning the unit to raise capital, expand services including payments, lending, and broader digital financial services, and be valued separately from its telecoms business.
The numbers justify the ambition. 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.
The Mastercard angle
The Ghana separation also advances a deal struck in 2023 between MTN Group and Mastercard. The fintech spinoff forms part of the process to complete the Mastercard arrangement, with the stake potentially valued at approximately $200 million and the fintech unit valued at $5.2 billion.
A stock exchange listing is on the horizon
MobileMoney Fintech Limited 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.
That would make it the first dedicated mobile money business to trade as a standalone counter on the Ghana Stock Exchange.
What it means for users
For millions of MTN MoMo users, the company says it will largely be business as usual — just under a new fintech structure behind the scenes.
Ghana as the template
The Ghana spinoff is expected to serve as a test case for similar restructurings in other markets. MTN has already begun processes in Nigeria and Uganda, although these remain subject to shareholder and regulatory approvals.
Ghana completing the process first makes it the proof of concept for the entire group’s fintech separation strategy.
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