In an effort to comply with Ghana’s financial regulations, Scancom PLC, the operators of MTN Ghana, have announced plans to restructure their mobile money subsidiary, MobileMoney LTD (MML). The proposed changes, detailed in a shareholder circular released by the Ghana Stock Exchange on May 2, 2025, will involve the creation of a new financial company (FinCo). This separate entity is expected to be listed on the Ghana Stock Exchange within the next three to five years.
The restructuring comes as a direct response to Ghana’s Payment Systems and Services Act of 2019, which requires electronic money issuers to maintain at least 30 per cent local ownership. Currently, MML operates as a wholly-owned subsidiary of Scancom PLC, which itself achieved 30 per cent Ghanaian ownership through public trading on the GSE in September 2024.
Under the new structure, MML will merge with New FinCo, transferring all assets, liabilities, and employees to the newly incorporated Ghanaian company. A trust mechanism will hold approximately 32.13 percent of New FinCo on behalf of minority shareholders, ensuring compliance while safeguarding their economic interests in the mobile money business. This arrangement will remain in effect until New FinCo is expected to be listed on the GSE, at which point shareholders will receive direct ownership stakes.
The company stressed that the transition will be tax-neutral for shareholders, with costs shared between Scancom PLC, New FinCo, and MTN Group. The circular invited shareholders to attend an Extraordinary General Meeting on May 21, 2025, at the Accra International Conference Centre, with virtual participation available. While the meeting is informational only and requires no shareholder vote, it represents an important opportunity for investors to understand the implications of the restructuring.
By: Kweku Zurek
