The merger of MobileMoney Limited into the newly incorporated MobileMoney Fintech Limited is complete, the regulatory deadline has passed, and MTN Ghana’s mobile money business is now operating under a Ghana-incorporated structure.
For the more than 40,000 retail investors who hold shares in Scancom PLC on the Ghana Stock Exchange (GSE), the question is no longer whether the restructuring happened but what it means for the value of what they own and when a second MTN-related counter could appear on the bourse.
Shareholders of Scancom PLC formally approved the merger at an Extraordinary General Meeting held at the University of Professional Studies, Accra, in December 2025, responding directly to mandates under the Payment Systems and Services Act, 2019 (Act 987), which requires electronic money issuers operating in Ghana to maintain at least 30 percent local equity participation. The Bank of Ghana had issued a directive on May 12, 2025, requiring compliance by December 31, 2025, or face regulatory consequences including potential business shutdown.
Under the structure that emerged, a trust mechanism established by Scancom PLC holds shares in MobileMoney Fintech Limited on behalf of Ghanaian minority shareholders, with the trust holding 27,870,000 A1 ordinary shares representing approximately 28 percent of the company, while MTN Dutch Holdings retains 72,130,000 A2 ordinary shares representing roughly 72 percent.
For existing Scancom PLC shareholders, the key near-term assurance is that economic interests are preserved. Shareholders’ existing ownership in Scancom will be mirrored in MobileMoney Fintech Limited, ensuring continuity of investment value, with investors holding shares in Scancom receiving an equivalent number of shares in the new entity and maintaining their proportional stake. The transition is also confirmed as tax-neutral, with transaction costs shared between the entities rather than passed to investors.
The longer-term question is the GSE listing. MobileMoney Fintech Limited Chairperson Victoria Bright confirmed at the December EGM that the business is envisaged to be listed on the Ghana Stock Exchange within three to five years, once it is robust enough as a standalone operation. That window — running from late 2028 to late 2030 at the outer limit — depends on the company completing its digital transformation and achieving full operational independence from Scancom PLC.
At the time of listing, the trust mechanism will dissolve and shareholders will receive direct ownership stakes in MobileMoney Fintech Limited, transitioning from indirect economic exposure through the trust to direct equity ownership in a separately listed fintech company. That moment would mark the first time a dedicated mobile money business has listed on the GSE and would give investors a pure-play fintech counter in a market currently dominated by banking stocks and the Scancom telecommunications listing.
The mobile money business that investors would eventually hold directly is already generating substantial revenue. MTN Ghana’s full-year 2025 results confirmed a 35.7 percent rise in Mobile Money income, with 19.3 million active MoMo users as of December. Whether that trajectory continues through the structural transition period, and whether regulatory clearances from the Bank of Ghana and the Securities and Exchange Commission (SEC) arrive within the projected window, will determine how quickly a second MTN counter reaches the GSE.
