MTN Group has completed the structural separation of its mobile money business in Ghana. Effective 31 March 2026, Scancom PLC (MTN Ghana) merged its MobileMoney Ltd subsidiary into a newly incorporated entity, MobileMoney Fintech Ltd (MMFL).
This creates a dedicated, standalone fintech company to operate MTN Ghana’s mobile money services, while the core telecom business remains focused on connectivity.
The restructuring complies with Ghana’s Payment Systems and Services Act, 2019 (Act 987), which mandates that financial services be housed in distinct legal entities separate from telecommunications operations.
Beyond regulatory compliance, the move forms part of MTN’s broader strategy to position mobile money (MoMo) as an independent, scalable growth engine capable of attracting external investment, accelerating innovation, and achieving a distinct valuation.
Drivers of the Structural Separation
The Ghana transaction reflects multiple strategic imperatives:
- Regulatory Compliance: The Payment Systems and Services Act requires electronic money issuers to operate through separate legal entities with appropriate governance, risk management, and capital structures. The creation of MMFL ensures full adherence while maintaining operational continuity.
- Operational Focus and Agility: A dedicated fintech entity allows specialised management, faster decision-making, and targeted investment in payments, lending, insurance, and other digital financial services without diluting the telecom core business.
- Capital Raising and Valuation Potential: A standalone structure facilitates external investment and clearer valuation of the fintech business. MTN has previously explored strategic partnerships, including discussions around a potential minority stake by Mastercard that could value the group fintech unit at up to US$5.2 billion.
- Blueprint for Regional Rollout: The Ghana separation serves as a model for similar restructurings in other key markets, including Nigeria and Uganda, enabling a consistent group-wide strategy.
MMFL is jointly owned by MTN Dutch Holdings B.V. and the MTN Ghana Fintech Trust (representing minority shareholders). The transaction does not alter MTN Ghana’s overall capital structure or involve the issuance of new shares.
Performance Context and Scale of Mobile Money
The timing of the separation reflects the growing strategic importance of fintech within MTN. In 2025, MTN Ghana generated US$549.15 million in fintech revenue.
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Group-wide, mobile money transaction volumes rose nearly 40% to US$500.3 billion, supported by 69.5 million active MoMo users across MTN’s operations.
Sub-Saharan Africa as a whole recorded approximately US$1.4 trillion in mobile money transactions during the same period.
These figures demonstrate that mobile money has evolved from a complementary service to a major revenue and growth contributor, often exhibiting higher growth rates and resilience than traditional voice and data services.
Strategic Benefits and Future Outlook
By establishing MMFL as a standalone entity, MTN gains:
- Greater flexibility to innovate in high-growth areas such as payments, merchant services, lending, and cross-border remittances.
- Improved access to specialised capital markets and potential strategic investors.
- Enhanced ability to attract and retain fintech talent focused exclusively on financial services.
- Stronger alignment with regulatory expectations for consumer protection, anti-money laundering, and financial stability.
The separation is expected to deepen financial inclusion, accelerate digital payments adoption, and strengthen the broader African fintech ecosystem.
It reflects the evolving role of telecom operators on the continent, where mobile money is transitioning from an add-on to a core, independent business line with its own growth trajectory and valuation potential.
For the latest developments, refer to official filings from MTN Group or the Bank of Ghana.
MTN Ghana Overview
MTN Ghana provides mobile, internet, and mobile money services across Ghana.
The MTN Ghana contact number / MTN Ghana customer contact number 24/7 is 100 when calling from an MTN line, while +233 244 300 000 is commonly used from other networks. The MTN Ghana main office is located in Accra.
An MTN Ghana SIM card can be purchased and registered at MTN shops or agents. To check MTN Ghana data balance, dial *138# or use the My MTN Ghana app.
The MTN Ghana WhatsApp contact number is typically +233 554 300 000, used for customer support and service requests.
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