Scancom PLC (MTN Ghana) has revealed plans to list its new yet to be licensed entity, New FinCo, on the Ghana Stock Exchange (GSE) within the next three to five years. This move is part of the company’s ongoing efforts to comply with the Bank of Ghana’s localisation requirements for electronic money issuers under the Payment Systems and Services Act, 2019 (Act 987).
New FinCo, which will replace Mobile Money Limited (MML) as the operator of MTN Ghana’s MoMo business, is being established as part of the second phase of the MML localisation process. The restructuring involves merging MML with New FinCo, transferring all MML assets, liabilities, and employees to the new entity. The merger is expected to be completed once the Bank of Ghana issues a final licence to New FinCo, marking the full compliance with the localisation requirements.
MTN Ghana has confirmed that the listing of New FinCo on the GSE will occur within three to five years, contingent on necessary regulatory and corporate approvals. This listing will allow minority shareholders to hold and trade shares in New FinCo separately from their holdings in Scancom PLC.
The company’s circular to shareholders, dated April 30, 2025, states, “The shares held by the Trust in New FinCo will be distributed to Minority Shareholders, who will become direct shareholders in the listed New FinCo.” This move aims to provide shareholders with a new avenue for trading their interests, distinct from their shares in Scancom PLC.
MTN Ghana emphasized that this transition to a public listing would ensure that shareholders maintain economic and governance interests in the MoMo business through the Trust. The Trust will hold shares in New FinCo, mirroring the shareholding interests of the minority shareholders in Scancom PLC. “This structure ensures that MML achieves compliance with the localisation requirements under the Payment Systems Act while retaining the liquidity advantages of listed Scancom PLC Shares,” the circular noted.
In the interim, New FinCo will operate as a private entity with its future listing providing minority shareholders the opportunity to trade shares directly, separate from their interests in Scancom PLC.
