MTN holds Extraordinary General Meeting on MoMo business restructuring
MTN Ghana has updated its shareholders on major changes planned for its Mobile Money (MoMo) business. The update was shared during the MTN 2025 Extraordinary General Meeting, held at the UPSA Auditorium on 1st December 2025.
Board Chairman of Scancom Plc, Ishmael Yamson, addressed the gathering and began by thanking shareholders for their strong interest and continuous support. He noted that their involvement keeps MTN moving forward as a business. This is the third time MTN has met with shareholders this year, after earlier meetings held in March for the Annual General Meeting and in May for another Extraordinary General Meeting.
Mr. Yamson reminded shareholders that MTN has been providing detailed information about its localisation plan throughout the year. He explained that the purpose of this latest meeting was to consider and vote on two important resolutions connected to restructuring the MoMo business.
He noted that the need for localisation was clearly explained during the May meeting. The main reason is to comply with the Payment Systems and Services Act, 2019 (Act 987), which requires all mobile money companies classified as Electronic Money Issuers to have at least 30% Ghanaian ownership. Beyond meeting the legal requirement, he said MTN believes restructuring will give the MoMo business a clearer direction, stronger accountability, and better opportunities for long-term growth.
Mr. Yamson announced that MTN has made significant progress since the last shareholder engagement. A new company, Mobile Money Fintech Limited (MMF), has now been created. This new entity will own and operate the entire MoMo business when all processes are completed.
MMF currently has an interim board of directors. These temporary appointments were made to support the early setup and operational preparations of the new entity. Mr. Yamson explained that once the merger process is complete and MMF becomes fully operational, the board will be restructured to reflect the current goals of Mobile Money Limited (MML) and meet the governance requirements of the new setup.
He added that after the merger, Mobile Money Limited (MML) will no longer exist. Instead, MMF will take over its full operations. The new company will have two shareholders, the Ghana Fintech Trust and MTN Holdings. He concluded by assuring shareholders that MTN remains committed to building a stronger, more efficient, and fully compliant MoMo business that supports Ghana’s digital financial growth.
