MTN Group is pushing ahead with its plan to carve out its fast-growing financial services operations across key African markets — and the pieces are finally falling into place. With a fintech business valued at over $5.2bn, the Johannesburg-listed telecoms giant is in the thick of a strategic transition that could redefine digital finance in Africa.
At the centre of this transformation is MoMo, MTN’s mobile money platform, which has ballooned into a financial super-app of sorts across markets like Uganda, Ghana and Nigeria. Now, MTN is seeking to turn MoMo into a suite of independent fintech companies, each designed to meet local regulatory demands while creating clearer pathways for investor participation — including Mastercard, which is in line to take a minority stake.
In Uganda, MTN’s local subsidiary is preparing to spin off its MoMo business into a new standalone entity. The proposal, which will be discussed at an extraordinary general meeting on July 2, envisions the new fintech company being jointly held by MTN Group Fintech Holdings B.V. and a trust representing minority shareholders.
It’s more than just corporate reshuffling. The move aligns with Uganda’s National Payment Systems Act of 2020, which requires mobile money services to operate as independent units. The MTN Group has made no secret of its intention to “unlock value,” and this restructuring — part of its Ambition 2025 roadmap — is designed to do just that, by increasing regulatory transparency, attracting investors and sharpening operational focus.
MTN Uganda’s MoMo service already boasts over 13 million users, and it’s growing fast: mobile money revenues rose 19% in Q1 2025, with a 31.4% jump in transaction value and 18.4% overall revenue growth for the unit.
In Ghana, MTN’s operator Scancom PLC is pursuing a similar path. A May 2 shareholder circular announced plans to merge its mobile money unit, MobileMoney Ltd (MML), into a new fintech company (New FinCo), which will eventually list on the Ghana Stock Exchange. As per Ghana’s Payment Systems and Services Act of 2019, electronic money issuers must be at least 30% locally owned — a requirement MML now meets through Scancom’s public listing.
New FinCo will be majority controlled by MTN but will include a trust holding 32.13% on behalf of minority shareholders. This mechanism ensures Ghanaian compliance while keeping minority interests intact until the new company goes public in three to five years. Shareholders were invited to an EGM on May 21 to receive details of the transaction — though a vote was not required.
While Uganda and Ghana move ahead, Nigeria — MTN’s biggest market — remains a more complex beast. CEO Ralph Mupita confirmed that the fintech separation process is advancing slower in Nigeria, citing “more regulatory processes to work through.”
Still, the goal remains the same. MTN aims to spin off its Nigerian fintech operations as part of its broader deal with Mastercard, signed in 2023, which gives the payments giant a pathway to acquire a minority stake in MTN Group Fintech. The valuation for the fintech unit stands at around $5.2bn on a cash- and debt-free basis.
MTN’s fintech play is attracting interest not just because of MoMo’s scale but also its versatility. The company has steadily expanded its portfolio — including lending, savings, insurance, merchant services, and international remittances.
A Quiet Powerhouse in African Fintech
Even as MTN’s core telecoms business battles macro headwinds — including a crashing naira in Nigeria and operational challenges in Sudan — the fintech engine is proving remarkably resilient.
In its 2024 half-year results, MTN reported a 27.2% year-on-year growth in fintech revenue, led by markets like Ghana, Uganda, and Cameroon. “Advanced” services like credit, insurance, and merchant payments are becoming more prominent, now contributing nearly 25% of total fintech revenue.
Remittances have emerged as a major growth lever. MoMo facilitated $1.9bn in international money transfers in H1 2024, a 42.4% increase year on year. MTN has expanded its remittance footprint to 174 outbound and 577 inbound corridors, adding services in countries like South Africa, eSwatini and South Sudan.
Meanwhile, MTN’s merchant payment volume surged by 31.1% to $9bn, while its lending business grew loan disbursements by 73% to $731.6m. In total, transaction volumes across the fintech ecosystem rose by 18% to 9.7 billion, with total transaction value climbing to an eye-watering $146.6bn.
What’s Next?
As MTN prepares for Mastercard’s investment and the eventual IPO of its Ghana fintech unit, the group is laser-focused on consolidating its gains. Plans are underway to roll out card issuance and acceptance capabilities in seven markets, as part of its deepening partnership with Mastercard.
Still, competition is intensifying. Vodacom’s M-Pesa remains a formidable rival, while local startups and banks are growing bolder in their fintech ambitions.
But few players on the continent can match MTN’s scale or momentum in fintech — and its structural separation strategy could unlock even more. “We’re scaling the business through sequential launches of commercial initiatives,” said Mupita. “Fintech remains central to our growth thesis.”
With millions of users, billions in transactions, and deepening investor interest, MTN’s fintech arm is no longer a sideshow. It’s becoming the main event.