Mobile Money FinTech (MMF) Limited has secured shareholder approval for two major resolutions at its 2025 Extraordinary General Meeting (EGM), held on Monday, December 1, at the UPSA Auditorium.
The meeting, which brought together shareholders and qualifying beneficiaries, featured an open forum where the management team addressed questions from participants.
The shareholders later voted to approve both the waiver and Fairness Report as well as the proposed merger outlined in the Merger Agreement. Both resolutions were unanimously passed.
Speaking to the media after the event, Director of both MMF and Mobile Money Limited, Victoria Bright, explained that the decisions mark a crucial stage in the restructuring of the company’s mobile money operations.
According to her, the restructuring will transfer the mobile money business into a new Ghana-incorporated entity, Mobile Money FinTech Limited, which will take over operations after the merger.
“What we are doing now is a 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,” she said.
She noted that the company is positioning itself for future growth, with plans to list Mobile Money FinTech Limited on the Ghana Stock Exchange within the next three to five years, subject to internal readiness and market conditions.
“Three to five years from now, we see the business being as robust as possible. We are planning on listing the shares of Mobile Money FinTech Limited within that stipulated period.”
Ms Bright highlighted ongoing steps required before listing, including completing a full digital transformation, achieving operational independence from SCANCOM PLC, and strengthening governance and leadership structures.
“We are currently undergoing a digital transformation, and we would like to complete that exercise before any listing. Operationally, we are not yet fully independent from SCANCOM PLC, and we would like to be independent before we move ahead,” she added.
She also clarified the concept of “mirroring” or “stapled shares,” assuring shareholders that their ownership in SCANCOM PLC will be reflected exactly in the new MMF entity.
“What we mean is that whatever shares you have now in SCANCOM Ghana will be mirrored in the new MMF entity. If you have 10 Ghana shares now, you will have 10 shares in the new entity,” she explained.
“At the time of listing, those shares will be allocated separately, and each company will then trade independently on the Ghana Stock Exchange.”
On his part, the CEO of Mobile Money Limited, Shaibu Haruna, described the approval as a significant milestone in efforts to meet regulatory requirements for localisation of the mobile money business.
“This is a very important milestone in our journey. What this process means is that our shareholders have accepted for Mobile Money FinTech Limited to merge with Mobile Money, making FinTech the surviving entity,” he said.
He stressed that the merger represents a structural adjustment and will not affect customer experience, noting that the MTN MoMo brand remains unchanged.
“It is a mere structural change. The name MoMo from MTN remains the same, and our customers will continue to enjoy the great services we provide,” he said.
Mr Haruna added that the restructuring will enhance innovation, strengthen governance, and enable the company to deliver better services to customers while aligning with regulatory expectations.