Africa-Press – Ghana. Shareholders of Scancom PLC (MTN Ghana) on Monday voted to approve the merger of MobileMoney Limited and MobileMoney Fintech Limited as part of its strategic reorganisation.
The shareholders also approve the waiver of the fairness report.
The merger is being undertaken as part of the steps to satisfy a localisation requirement under the Payment Systems and Services Act, 2019 (Act 987).
The Act requires a company conducting mobile money business to have a minimum of 30 per cent local equity participation to qualify for a licence to operate as a dedicated electronic money issuer.
Ms Victoria Bright, Chairperson, MobileMoney Fintech Limited, announced this during the 2025 Extraordinary General Meeting in Accra.
“What we did was the 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.
“It is a Ghanaian-incorporated company, and it will now run the mobile money business after the merger,” she said.
She said from three to five years, the business was envisaged to be as robust as possible, with plans to list the shares of Mobile Money Fintech Limited on the Ghana Stock Exchange.
“There will be a few conditions that we feel we will have to meet internally to be able to do that listing successfully.
“For example, we are currently undergoing a digital transformation, and we would like to complete that exercise before we do any listing. Operationally, we are not yet fully independent from Scancom PLC,” she said.
Ms Bright said the company was building out its governance and leadership structures to prepare for the listing.
In terms of the dividends of interest, she explained that leadership had explained to shareholders about the concept of mirroring, stressing that their interest would be mirrored in the new MobileMoney Fintech Limited entity.
“So if you have GHC 10 shares now, you will have 10 Ghana shares in the new entity,” she said.
Mr Shaibu Haruna, Chief Executive Officer, MobileMoney Limited, said the move signified a journey towards ensuring that their business meets local regulatory requirements.
With the merger of the new entity, customers would continue to enjoy the great services it had enjoyed.
“What this also means is to allow us to be more innovative and work with our board to ensure that the necessary governance structures and key innovation are brought to our customers’ experience every day,” he said.
He said the new entity would help the company to collaborate with the Bank of Ghana to open up avenues for Ghanaians to digitally use the currency.
“We 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,” he said.
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