MTN Uganda has secured strong shareholder backing to separate its mobile money business, MTN MoMo (U) Limited, from its core telecom operations. This move sets the stage for MoMo to become a standalone entity, with plans to list it separately on the Uganda Securities Exchange.
The decision, finalized at an Extraordinary General Meeting, follows weeks of intense investor scrutiny, postponed meetings, and legal challenges. Despite the turbulence, the vote marks a major milestone in MTN’s broader strategy to unlock value from its fast-growing fintech arm.
Under the approved plan, MoMo will merge into a new company called MTN New FinCo, which will be majority-owned by MTN Group Fintech Holdings and a trust representing minority shareholders. This new entity is also targeting a future public listing, reinforcing MTN’s commitment to transparency and inclusive growth.
MTN Uganda CEO Sylvia Mulinge hailed the move as a pivotal step aligned with MTN Group’s Ambition 2025 strategy, which aims to drive digital-led transformation across Africa. “This milestone reinforces what we’ve always known: when we build with trust, transparency, and purpose, our journey becomes unstoppable,” she said.
MTN Uganda, the country’s largest telecom operator with over 21 million subscribers, has seen its mobile money platform become a cornerstone of Uganda’s financial ecosystem. MTN MoMo now handles over $14 billion (UGX 55 trillion) in annual transactions and serves more than 10 million active users.
Board Chairman Charles Mbire emphasized that the spin-off aligns with global trends and positions MTN for a dual listing within the next 3–5 years, pending regulatory approval. “This transaction is designed to unlock value while future-proofing our fintech business,” he noted.
The move reflects a broader shift across Africa, where telecom operators are evolving into digital finance leaders. With competitors like Airtel also expanding their mobile money offerings, Uganda is emerging as a key battleground for fintech innovation. Mulinge added, “Digital finance sets the pace for growth. This structural separation allows us to sharpen our operational focus, enhance agility, and transform more lives through innovative solutions.”
MTN Uganda joins other MTN subsidiaries—like MTN Ghana and MTN Nigeria—in advancing the separation of their mobile money units. These developments signal a continent-wide transformation, where mobile money is no longer just a service but a strategic growth engine.
