Corporate
MTN Uganda Shareholders Approve Landmark Separation of Mobile Money Business, Paving Way for Fintech Independence
In a major milestone for Uganda’s digital economy, MTN Uganda shareholders have overwhelmingly approved the structural separation of its mobile money arm, MTN Mobile Money (U) Limited, with a resounding 99% vote in favour during a hybrid Extraordinary General Meeting (EGM) held on July 22.
The resolution marks the second phase of a strategic three-step process to transform MTN MoMo into a fully-fledged, standalone financial technology (fintech) entity. The new company will be primarily owned by MTN Group Fintech Holdings B.V.—a subsidiary of MTN Group—with the remaining shares held in trust for local investors, ensuring continued public participation in its future growth.
Sylvia Mulinge, CEO of MTN Uganda, described the move as a “strategic shift,” emphasizing that this was more than a technical milestone—it’s the beginning of a transformative era.
“MoMo is no longer just a product—it is a platform that powers businesses, connects families, and unlocks access to essential services,” Mulinge told journalists at a post-EGM briefing. “By separating its structure, we are giving it the flexibility and freedom required to innovate, scale, and lead in Africa’s fast-evolving digital economy.”
MTN MoMo currently serves more than 13 million users and has been a central driver of financial inclusion in Uganda since its inception in 2009. Following its earlier legal separation under the National Payment Systems Act in 2021, this new step pushes it closer to full autonomy.
The company plans to list MTN MoMo on the Uganda Securities Exchange (USE) within the next three to five years—potentially making it Uganda’s first independently listed fintech firm.
To manage the complex transaction, MTN Uganda has brought on board S&L Advocates and Stanbic Bank Uganda Limited as legal and financial advisors. Meanwhile, engagements with regulatory authorities including the Capital Markets Authority (CMA), Uganda Revenue Authority (URA), and Uganda Communications Commission (UCC) are already underway to secure the necessary approvals.
“This is not just strategy—it’s stewardship,” said MTN Uganda Board Chairman Charles Mbire. “This decision demonstrates our commitment to corporate governance, long-term investor value, and national progress.”
MTN Uganda mounted a nationwide campaign to ensure shareholders, many of whom are retail investors, were fully educated about the implications and opportunities of the separation. This included regional town hall meetings, vernacular radio programs, and detailed shareholder circulars.
Richard Yego, Managing Director of MTN MoMo, echoed the optimism surrounding the move, aligning it with the company’s broader goals under MTN Group’s Ambition 2025.
“The structural separation is about more than compliance—it’s about creating the largest and most inclusive fintech platform in Africa,” Yego said. “With this shareholder endorsement, we’re ready to hit the ground running.”
Despite the internal corporate changes, MTN reassured customers that mobile money services would continue without disruption under the MTN MoMo brand. “Our customers won’t notice any change in their daily usage—we are restructuring to serve them even better,” Mulinge noted.
The separation comes at a time when Uganda is actively promoting financial inclusion, digital transformation, and economic modernization. The creation of a focused fintech entity aligns with national development strategies, and reinforces Uganda’s position as a regional innovation hub.
With regulatory backing, investor confidence, and visionary leadership, the move signals a turning point not only for MTN Uganda but also for Uganda’s broader fintech ecosystem.
As the country embraces a digital future, MTN’s bold pivot places it at the forefront of technological innovation, ready to unlock new economic opportunities for millions of Ugandans.
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