MTN Uganda shareholders have overwhelmingly approved the structural separation of the company’s mobile money arm, marking a major milestone in MTN Group’s push to expand digital financial services across the continent.
At an Extraordinary General Meeting (EGM), 99.9% of MTN Uganda shareholders voted in favor of carving out MTN Mobile Money (U) Limited as a standalone entity, aligning with the group’s broader ‘Ambition 2025’ strategy to become a leading digital solutions provider in Africa.
“This approval, at a rate of 99.9% by MTN Uganda shareholders is an important milestone in the Group’s strategic evolution and delivery of our platform strategy,” said MTN Group President and CEO Ralph Mupita.
MTN Uganda is the first of the group’s listed subsidiaries to secure shareholder backing for such a restructuring, with others expected to follow. MTN Ghana’s Scancom PLC also laid out plans at its own EGM in May to separate its MoMo business in line with both national financial regulations and the group’s platform ambitions.
The move is part of MTN’s strategy to separate its GSM and fintech operations across markets, a model aimed at improving operational efficiency, scaling services, and enhancing customer delivery.
The transaction is still subject to regulatory approvals and other customary conditions.
MTN Group reported serving over 63 million active mobile money users monthly in 2024 across 14 of its 16 markets. Users carried out more than 20 billion transactions valued at over $320 billion during the year.
The Ugandan decision is in line with national regulations aimed at supporting the expansion of digital financial services, which are increasingly central to mobile operators’ revenue streams across Africa.
