Shareholders approve merger of MobileMoney Ltd. and MobileMoney Fintech Ltd.

…paving way for localisation

By Juliet ETEFE ([email protected])

Shareholders of Scancom PLC (MTN Ghana) have approved the merger of MobileMoney Limited (MML) with the newly incorporated MobileMoney FinTech Limited (MMF).

This marks a key step in the company’s efforts to comply with local ownership requirements and strengthen its fintech operations.

The approval came during an Extraordinary General Meeting (EGM) held in Accra on December 1, 2025 when two critical resolutions were put to a vote: waiver of the requirement for a fairness report and formal approval of the merger set out in the Merger Agreement.

Both resolutions were approved by the shareholders by a majority vote.

Board Chairman Ishmael Yamson noted that: “The primary reason for the localisation process is to comply with the Payment Systems and Services Act, 2019 (Act 987), pursuant to which a company conducting mobile money business must have a minimum of 30% local equity participation to qualify for a licence to operate as a dedicated electronic money issuer”.

He explained that the merger is part of a broader plan to give the mobile money business a dedicated structure, improve governance and ensure direct accountability within the MTN Group.

“We have incorporated a new operating entity, MobileMoney FinTech Limited, which will house and operate the mobile money business,” Mr. Yamson added.

Under the new structure, MMF will have two shareholders: the Ghana FinTech Trust, set up to hold shares on behalf of all minority shareholders of Scancom PLC; and Ghana Fintech Trust and MTN Dutch Holdings BV, to hold MTN group interest.

Shareholders will continue to receive dividends through the trust and their existing economic and voting rights remain unchanged.

Mr. Yamson also highlighted the next steps, noting that regulatory approvals are required from the Bank of Ghana and Securities and Exchange Commission, as well as a court process to finalise the merger.

When that is done, all businesses, assets, liabilities and consenting employees of MML will be transferred to the newly incorporated company, MobileMoney Fintech Limited.

Ms. Victoria Bright, chairperson of the EGM and director of both MMF and MML, explained to media that the merger is primarily a structural change – with plans to list MMF shares on the Ghana Stock Exchange within three to five years.

“Essentially, we are moving the mobile money business into a new Ghanaian-incorporated entity – MobileMoney FinTech Limited – which will  operate the mobile money business after the merger,” she said.

She said the company is undertaking a digital transformation, building out governance structures and preparing for operational independence from Scancom PLC ahead of the listing.

Mr. Shaibu Haruna, Chief Executive Offier of MobileMoney Limited, described the merger as a milestone in meeting regulatory requirements.

“This is a structural change. The MTN MoMo brand remains unchanged and customers will continue to enjoy the services they know,” he asserted.

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