The shareholders of Scancom PLC (the parent company of MTN Ghana) formally approved a significant corporate merger on Monday, December 1, 2025. The approval, given during an Extraordinary General Meeting (EGM) held at the University of Professional Studies, Accra, sanctions the merger between MobileMoney Limited (MML) and the newly created MobileMoney FinTech Limited (MMF Ltd).
This restructuring process also received unanimous approval for the waiver of a fairness report during the EGM.
A Dedicated Ghanaian Fintech Structure
The merger is more than a corporate reshuffle; it is a strategic step toward complying with national regulatory requirements. Specifically, it addresses the mandates of the Payment Systems and Services Act, 2019 (Act 987), which requires electronic money issuers operating in Ghana to have a minimum of 30% local equity participation.
The consolidation places MTN’s mobile-money business under a new, fully Ghana-incorporated structure, with MMF Ltd established as the surviving entity. Victoria Bright, Chairperson of MMF Ltd, clarified the purpose of the foundational shift: “What we are doing now is a restructuring of our mobile money business. Essentially, we are moving the mobile money business into a new entity, which will be called Mobile Money Fintech Limited.”
Ms. Bright also assured existing investors that their ownership stakes remain secure, stating that shareholders’ existing ownership in Scancom will be “mirrored” in MMF Ltd. She confirmed the straightforward transition for investors: “If you have 10 Ghana shares now, you will have 10 shares in the new entity.”
Stability for Customers, Vision for Listing
For the millions of customers relying on mobile money services, the restructuring is designed to cause minimal disruption. Shaibu Haruna, CEO of MobileMoney Limited, emphasized the stability of the customer experience while underscoring the significance of the shareholders’ decision.
Mr. Haruna highlighted the importance of the milestone, noting: “This is a very important milestone in our journey. What this process means is that our shareholders have accepted for Mobile Money Fintech Limited to merge with Mobile Money, making FinTech the surviving entity.”
He described the merger as “a mere structural change,” and offered firm assurance that the established brand name will not change. “The name MoMo from MTN remains the same, and our customers will continue to enjoy the great services we provide,” he confirmed.
Looking ahead, MMF Ltd has signalled its ambitious plan to list on the Ghana Stock Exchange (GSE) within the next three to five years. This goal is contingent upon completing digital transformation and achieving operational independence from Scancom PLC. Ms. Bright shared the long-term vision for the new entity: “Three to five years from now, we see the business being as robust as possible. We are planning on listing the shares of Mobile Money Fintech Limited within that stipulated period.”
Accelerating Growth and Financial Inclusion
By consolidating operations under a specialized fintech entity, the merger is poised to accelerate the growth of digital payments, lending, savings, and other financial products across Ghana. Observers expect this move to significantly deepen financial inclusion, offering access to formal financial services for Ghanaians, particularly those residing in rural or underserved areas who lack access to traditional banking.
Furthermore, the restructuring is projected to foster stronger governance and innovation, enhancing collaboration with the Bank of Ghana to expand digital currency use nationwide. Mr. Haruna stated that the company “will be actively supporting the Bank of Ghana’s initiative to drive financial inclusion and ensure that every single Ghanaian has access to digital spending,”.
The planned listing on the GSE is significant as it provides opportunities for local and retail investors to own a direct stake in a major digital-finance business, thereby fostering broader public participation in Ghana’s digital economy. The expanded operations of MMF Ltd could also generate employment and empower informal sector actors, small businesses, and traders with accessible, flexible digital financial tools, stimulating entrepreneurship.
Challenges to Successful Execution
While the potential gains are substantial, they rely heavily on successful and transparent execution. MMF Ltd must complete its digital transformation and ensure smooth governance structures throughout the transition; any missteps or delays could impede the rollout of expected benefits.
Crucially, the full societal benefits of financial inclusion hinge on foundational factors like public trust, digital literacy, and reliable infrastructure, including dependable network coverage and internet access. These essential elements remain unevenly distributed across Ghana. Without actively addressing these gaps, some segments, notably low-income, rural, or elderly citizens, could remain marginalized despite the new structure’s existence.
