MTN Uganda shareholders have officially approved the structural separation of MTN Mobile Money (U) Limited at an Extraordinary General Meeting held on July 22, 2025. The separation aligns with MTN Group’s Ambition 2025 strategy and aims to enhance operational focus, drive financial and digital inclusion, and deliver long-term value for shareholders.
Speaking about the approval, Sylvia Mulinge the CEO of MTN Uganda said, “Today’s Extraordinary General Meeting marks a powerful vote of confidence in MTN Uganda’s growth story. With full shareholder approval for the structural separation of MoMo from MTN UG, we’re entering new chapter in fintech innovation and value creation.”
The separated fintech business will be integrated into a new entity majority-owned by MTN Group Fintech Holdings B.V., with the other shareholders’ ownership held in trust for MTN Uganda’s shareholders.
Leading up to the decision, MTN spent a week holding town hall meetings with shareholders across the country explaining the plan and answering questions, something that helped gain shareholders’ support for the move.
Sylvia further added that, ” 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 the UGANDA SECURITIES EXCHANGE. Their presence today wasn’t just symbolic, it signaled the strength of our governance, the transparency of this process, and the shared belief in MTN’s long-term vision for inclusive, digital led growth. This milestone reinforces what we’ve always known: when we build with trust, transparency, and purpose, our journey becomes unstoppable”
Speaking about the separation, MTN board chairman Charles Mbiire said that Fintech is growing fast and it needs its own space. “Fintech is different. It needs freedom and flexibility to grow. By separating it, we are giving it room to innovate and lead”.
MTN Mobile Money was launched in 2009 at a time when mobile money was a bold and risky idea. 15 years later, mobile money has become a big part of daily life in Uganda. In 2021 MTN Uganda took its first step by legally separating the mobile money unit under the National Payments Systems Act.
The company is now taking the next step – turning the mobile money unit into an independent Fintech company. According to Sylvia Mulinge, the whole process has been divided into a three steps Journey. The two steps having been completed, they will now embark on the final step of listing the new Fintech Company on the Uganda Stock Exchange, a move that will happen within 3 – 5 years.
After a medium-term transitional period and subject to regulatory approvals and appropriateness of the market conditions, it is intended that the trust will dissolve and the new fintech entity will list, with MTN Uganda’s shareholders at the time subsequently holding two separate interests in two separately listed companies – MTN Uganda and the new fintech entity.