MTN Uganda Shareholders Approve Structural Separation of MoMo Business

MTN Uganda Limited has received shareholder approval for the proposed structural separation of its mobile money and fintech business, MTN Mobile Money (U) Limited (“MTN MoMo”), marking a significant milestone in the company’s strategic evolution.

The resolution was passed during a hybrid Extraordinary General Meeting (EGM) held earlier today, where shareholders voted overwhelmingly in support of the transaction. This move will see the amalgamation of MTN MoMo into a new entity, which, pending regulatory approvals, will operate under a new company majority-owned by MTN Group Fintech Holdings B.V. The remaining shares will be held through a trust structure, ensuring continued benefit for MTN Uganda’s institutional and retail minority shareholders.

Charles Mbire, Chairman of the Board of MTN Uganda, commended shareholders for their unwavering support: “We are grateful to our shareholders for their confidence and backing of this strategic step. This transaction aligns with global market trends and is designed to unlock value for our shareholders while future-proofing the fintech business. The Board is confident that this decision is in the long-term interest of all stakeholders.”

Sylvia Mulinge, Chief Executive Officer of MTN Uganda, reiterated the company’s commitment to delivering meaningful impact through digital and financial inclusion: “Today’s shareholder approval marks a significant milestone in our journey to accelerate financial and digital inclusion in Uganda. The structural separation of our fintech operations enables us to drive sharper operational focus, enhance agility, and unlock greater efficiency to deliver superior shareholder value and transform lives through digital innovation.”

Richard Yego, the Chief Executive Officer of MTN MoMo Uganda Ltd expressed his optimism regarding MoMo’s growth following the separation: “As part of our Ambition 2025, building the largest digital platforms was one of the pillars. The structural separation is part of the journey of building the largest Fintech platform in Africa. As MTN MoMo, we have done quite a lot, and we are happy that the shareholders have given this approval. Once the separation is complete, we shall be able to serve our customers better.”

The structural separation forms part of MTN Uganda’s alignment with the MTN Group’s Ambition 2025 strategy, aimed at leading digital solutions for Africa’s progress. It also underscores the company’s commitment to supporting Uganda’s broader digital transformation agenda.

The completion of the transaction remains subject to regulatory approvals and other customary conditions. MTN Uganda will continue to work closely with the relevant authorities to secure the necessary consents for implementation.

S&L Advocates and Stanbic Bank Uganda Limited are acting as legal and financial advisors to MTN Uganda on the transaction. Further updates will be shared in line with the company’s regulatory and disclosure obligations.

MTN Uganda is a leading telecoms company in Uganda with a primary objective of carrying on the business of a national operator of a telecommunications network pursuant to the National Telecommunications Operator (NTO) licence granted by the Uganda Telecommunications Commission (UCC). Among our offerings are network services, digital and financial technology services, interconnect and roaming, sale of mobile devices, and MTN Mobile Money (conducted through subsidiary MTN Mobile Money Uganda Limited). MTN has a presence in all 134 districts of Uganda. Services are delivered through a network of over 212,044 MoMo agents, 100,985 MoMo merchants, 200 service stores and 13 main distributors. For the period ended March 31, 2025, MTN Uganda had 22.8 million subscribers, 13.6 million MoMo users, and 10.2 million active data users.

MTN Mobile Money (U) Limited (MTN MoMo) is a 100% subsidiary of MTN Uganda Limited and the leading Mobile Financial Services provider in Uganda, providing services to over 13.6 million customers. MTN MoMo Uganda avails its customers with safe, secure and trusted virtual mobile money wallet services, person-to-person money transfer, utility payments, MoMo Pay, school fees payment, savings and loans and many other financial services using a mobile phone. Download the MTN MoMo app for free from google play or the App store and enjoy MTN MoMo’s best-in-class Mobile Financial Services.