Shareholders of Scancom PLC (MTN Ghana) have given the green light for the merger between Mobile Money Limited (MML) and the newly formed Mobile Money FinTech Limited (MMF).
This marks an important milestone in the company’s push to meet local ownership rules and boost its fintech operations. The approval was granted at an Extraordinary General Meeting (EGM) in Accra on December 1, 2025, where two key resolutions were voted on: waiving the requirement for a fairness report and formally approving the merger outlined in the Merger Agreement.
Both resolutions were approved by the shareholders by a majority vote.
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Board Chairman Ishmael Yamson explained that the main reason for the localisation process is to comply with the Payment Systems and Services Act, 2019 (Act 987), which requires companies offering mobile money services to have at least 30% local equity participation in order 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 Officer of MobileMoney Limited, called the merger a key step in meeting regulatory requirements.
“This is just a structural change. The MTN MoMo brand stays the same, and customers will keep enjoying the services they’re familiar with,” he said.
Source: The High Street Business
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