MTN Ghana, the largest telecommunications network operator in the country, did the 2026 edition of its annual Media and Stakeholders engagement, but while mobile money activities have always attracted considerable attention at each year’s forum since the service was introduced in 2010, this year’s edition saw it become the biggest area of focus.
This was primarily because a new standalone company MobileMoney Fintech LTD (MMFL) has been established, responsible for operating MTN’s mobile money business in Ghana – and it has got off to an auspicious start, in mid-April 2026, restricting the accounts of approximately 9,000 agents nationwide to enforce regulatory compliance and protect customers from fraud.
Effective March 31, 2026, MTN Ghana (Scancom PLC) completed a structural separation of its MoMo operations, merging its previous entity, MobileMoney LTD, into this newly incorporated fintech subsidiary. This move ensures compliance with Ghana’s Payment Systems and Services Act, 2019 (Act 987), which requires mobile money services to operate as independent, well-capitalised entities.
The establishment of the new company was approved at an Extraordinary General Meeting (EGM) convened late last year. MMFL is owned by MTN Dutch Holdings B.V. and the MTN Ghana Fintech Trust, which protects the interests of minority shareholders. Since MMFL is currently a private company, MTN Ghana Fintech Trust holds shares (approximately 28–30 percent) on behalf of all minority shareholders to mirror their stake in Scancom PLC.
Effectively, the new company offers the wide range of digital financial services previously offered by MTN Mobile Money Ltd including: bill payments, airtime, and money transfers as well as loans, savings, insurance, and e-commerce solutions, serving over 17 million registered subscribers in Ghana.
Importantly, MTN executives explain that shareholders proportional exposure to MoMo’s earnings and growth remains exactly the same as before the split. They will now receive dividends from two distinct sources: from Scancom PLC, deriving from core telecom services (voice, data); and from MMFL, deriving from mobile money operations, paid through the Fintech Trust until the company is listed on the Ghana Stock Exchange, expectedly within the next three to five years. At that point, the Trust will dissolve, and shareholders will receive direct shares in MMFL for every MTN Ghana share they own.
Instructively, industry experts believe a standalone fintech entity can attract specific investors and higher market valuations than it would as part of a telecom group.
Besides, the split ensures the MoMo license is compliant with Act 987, preventing potential regulatory suspensions by the Bank of Ghana that would have jeopardized the company’s revenue and dividends.
In 2025, MTN Ghana’s Mobile Money (MoMo) business delivered exceptional financial growth, driven by a surge in advanced services and an improved macroeconomic environment, which is why equity market investors, operators and analysts are proving to be deeply interested in the unfolding developments.
The fintech segment was a primary growth pillar for MTN Ghana, achieving key metrics for the year ending December 31, 2025:
It generated revenues of GH¢6.0 billion, a 35.7 percent year-on-year increase from GH¢4.4 billion in 2024 as active users reached 19.3 million, growing by 12.3 percent from the previous year.
Transaction value surged by 53.8 percent to reach GHc 4.1 trillion (up from GH¢2.7 trillion in 2024), while transaction volume Increased by 18.4 percent to 8.4 billion transactions.
Revenue from “advanced services” (payments, lending, and insurance) grew by 55.9 percent, now contributing significantly to the total fintech revenue mix. Also, the value of funds held in MoMo wallets grew by 60.9 percentvto GH¢38.4 billion.
Following the structural separation into MobileMoney Fintech LTD (MMFL) on March 31, 2026, the company has set aggressive targets focused on platform scaling and financial inclusion.
Management guidance for 2026 projects overall service revenue growth in the mid-to-upper thirties percent range.
Earnings before interest, taxation, depreciation and amortization (EBITDA) margins are projected to remain healthy in the mid-to-upper fifties percent range.
MTN Ghana plans to invest US$1.1 billion over the next three years (2026–2028), including rolling out at least 500 new network sites in 2026 to improve service quality and as the majority shareholder in MMFL, a large proportion of this will directly benefit the newly established standalone fintech, This three year investment plan is a massive acceleration from the previous US$1 billion five-year cycle, specifically designed to transition MTN Ghana from a telecom provider to a “platform-led” business through MMFL.
The capital injection will fuel the rollout of high-margin advanced services like micro-lending, insurance, and retail merchant payments via the MoMo app.
Investment is being directed into AI- driven fraud prevention tools to secure the ecosystem, a move aimed at reducing revenue leakage and boosting customer trust.
Also, In 2026 alone, 500 new network sites are being built to ensure high-speed, reliable connectivity in peri-urban and rural areas, which is critical for real-time mobile money transactions.
The investment plan also includes building large-scale data centres to support the backend processing of millions of daily MoMo transactions and enable future AI-based fintech products.
The strategic focus for 2026 is in part on advanced fintech, doubling down on lending, digital assets, and the “merchant space” using GHQR to modernise the payment ecosystem.
It also aims to make the MoMo app the “preferred choice” for customers through enhanced features and intuitive design.
The third strategic focus aims at strengthening security and regulatory compliance, evidenced by the recent restriction of some 9,000 non-compliant agent accounts in April 2026.
This three year investment cycle is expected to drive three primary financial outcomes.
Firstly, by increasing network reliability and service variety, the company maintains its guidance for fintech service revenue growth in the mid-to-upper thirties percent range for 2026.
Secondly, while capex is high, the shift toward “advanced services” (which carry higher margins than standard person to person transfers) is intended to protect EBITDA margins in the mid-to-upper fifties percent range.
Thirdly, modernized infrastructure and AI reduce the cost of manually managing fraud and agent compliance, leading to a leaner and profitable business compared to traditional banks.
As a separate entity, MMFL’s capital efficiency and high margins (evidenced by a 12.5 percent Return on Assets in 2025) are designed to provide a robust, secondary dividend stream alongside core telecom payouts.
The separation also allows investors to value the fintech business independently of the telecom arm. Standalone fintechs often command higher valuation multiples, potentially increasing the overall market value of investors holdings.
Indeed, the investment plan strengthens the business case for the upcoming IPO of MMFL on the Ghana Stock Exchange (expected by 2029–2031), where shareholders in the Fintech Trust will receive direct ownership of these high-growth shares.
All these considered, expect non-equity holding stakeholders in MMFL to now seek to become shareholders too.
By: Toma Imirhe / businesspostonline
