MTN Ghana is rapidly restructuring its mobile money business to comply with a critical requirement set by the Bank of Ghana.
In line with the Payment Systems and Services Act, all dedicated electronic money issuers must have a minimum of 30% Ghanaian ownership. Currently, MTN’s mobile money subsidiary, MobileMoney Ltd (MML), does not meet this threshold. The company has until June 13, 2025, to comply or risk facing severe regulatory penalties, including the potential suspension of its MoMo operations.
In a shareholder circular dated April 30, 2025, MTN Ghana (Scancom PLC) revealed plans to dissolve MML and transfer its assets, operations, and staff to a newly created Ghanaian entity called New FinCo.
To meet the local ownership requirement, a trust will be established to hold a 32.13% stake in New FinCo on behalf of Ghanaian minority shareholders, matching their current stake in Scancom PLC. The MTN Group will retain the remaining 67.87%.
This localisation process, dubbed the “MML Localisation,” will occur in two phases. Phase one—achieving 30% Ghanaian ownership at the parent company level—was completed in 2024 via the Ghana Stock Exchange. Phase two involves a legal merger between MML and New FinCo, pending approvals from the Bank of Ghana, the courts, creditors, employees, and the Chief Labour Officer.
MTN Ghana frames this restructuring not only as a regulatory obligation but also as a strategic step to secure the long-term viability of its mobile money operations.
The company also hinted at plans to list New FinCo on the Ghana Stock Exchange within the next three to five years, giving minority shareholders a chance to directly trade in the new entity.
Shareholders have been invited to an Extraordinary General Meeting on May 21, 2025, to be briefed on the localisation structure, although no vote will be taken at this stage.
