Ghana’s largest mobile money platform signals next growth phase beyond payments, with focus on partnerships, innovation and cross-border services
The chief executive of MTN Mobile Money Fintech Limited said the company is preparing for a public listing and deeper expansion into financial services, as it responds to concerns over digital lending costs, fraud and market conduct.
Speaking in an interview on Citi FM with host Bernard Avle, CEO Shaibu Haruna said the business has evolved from a payments platform into a broader financial ecosystem, with growth driven more by impact than user numbers.
The company has expanded from about 350,000 active users in its early years to 19.3 million, reflecting what Haruna described as a long-term strategy focused on financial inclusion. “We’ve always had a very big ambition for business. And we see the opportunity. The opportunity is not really in the numbers that you have just called out. It’s more around the impact story of mobile money,” he said.
Standalone Structure, IPO Plans
Haruna said the transition into a standalone entity was driven primarily by regulation under Ghana’s payment systems framework and designed to accelerate innovation.
“Regulation, the Payments, Systems and Services Act requires us to be independent and to be regulated by Bank of Ghana,” he said, adding that the restructuring process took about five years and involved coordination with regulators and investors.
The new structure will allow the company to form partnerships and scale services more rapidly, particularly beyond traditional payments. Haruna also confirmed plans to list the business within three to five years, potentially opening ownership to retail investors. “We’ve promised our shareholders that in the next three to five years, we’ll be able to list Uber Money business.”
Shift Beyond Payments
The CEO stressed that mobile money’s next phase lies in expanding services such as lending, insurance and investments, rather than basic transfers.
“For us, having the value of the wallet was a foundation to financial inclusion. And beyond that is more around the adoption and making sure that we keep challenging cash,” he said.
He added that customers can already access investment services on the platform, including buying and trading shares.
Lending Costs and Risk
Addressing criticism that digital loans remain small and expensive, Haruna pointed to structural constraints including risk, cost of capital and unsecured lending.
“We have embarked on a journey of financial inclusion and bringing people into the creditors’ economy. So, that transition comes with its own underlying challenges,” he said.
He said improvements in credit scoring models and falling capital costs could help reduce rates over time, while calling for industry-wide frameworks to manage defaults.
“We need to get into a framework where you default in one environment and then you are locked out of the entire financial ecosystem.”
Fraud, Compliance and Merchant Crackdown
Haruna acknowledged concerns over mobile money fraud, attributing incidents to a mix of agent misconduct, social engineering and broader digital vulnerabilities.
“It could be as a result of a multiple scenario,” he said, adding that the company is strengthening monitoring systems using artificial intelligence and working with law enforcement agencies.
The company recently blocked about 9,000 merchants over suspicious activity, a move Haruna described as part of routine compliance.
“We identify a certain pattern. And as required by law, we had to take some immediate action and do further investigations,” he said. He said affected parties are being engaged, with further discussions planned with agent associations.
Cross-Border Ambitions
Haruna said the company is testing cross-border payment solutions, including pilots between Ghana and Nigeria, though regulatory barriers remain a constraint.
“There are two currently on our platform… it’s currently in a sandbox. We’re trying to understand the flows and then based on the outcome of it, I’m sure we’ll get the necessary approvals,” he said.
He added that early data shows growing demand for regional transactions, including education payments and business transfers.
Competitive Position
Positioning Ghana’s mobile money market within Africa, Haruna said investors typically compare it alongside Safaricom, widely seen as a pioneer in the sector.
“The sense they give us of our business is the fact that there are perhaps two distinct mobile money operations in Africa, and that is Safaricom and mobile money in Ghana,” he said.
Looking ahead, Haruna said the company’s focus will shift toward business payments and sector-specific solutions, particularly in areas such as agriculture, as it seeks to sustain growth beyond consumer transfers.
