MTN Group has taken a significant step toward its Ambition 2025 strategy, by agreeing to separate its moible money unit from its GSM operations.
The decision was taken during during an extra-ordinary general meeting of its shareholders this week. The compnay said the move aims to enhance scale, efficiency, and customer service delivery across MTN’s fintech and MoMo businesses.
The move means that going forward, MTN MoMo will be a separate entity.
Sylvia Mulinge said the company was entering a new chapter in fintech innovation and value creation.
“We’re especially proud of the trust placed in us by our investors both institutional and retail and the active participation of key stakeholders, including our regulators and USE Uganda,” she said.
She said the milestone reinforces what they have always known: ‘when we build with trust, transparency, and purpose, our journey becomes unstoppable.’
MTN Uganda is the first listed MTN subsidiary to secure shareholder approval for this fintech restructuring. Other listed subsidiaries are expected to follow suit, with MTN Ghana already outlining similar plans at an extraordinary general meeting (EGM) in May to align with national financial regulations and the Group’s strategy.
The separation awaits regulatory approvals and other standard conditions.
In 2024, MTN MoMo recorded over 63 million active monthly users.
