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Shareholders and beneficiaries of MobileMoney Limited (MML) have approved the proposed merger of MobileMoney Limited (MML) and MobileMoney Finance (MMF) at an Extraordinary General Meeting held in Accra. The meeting was convened in direct response to a directive from the Bank of Ghana (BoG), which had given MML a deadline of 31 December 2025 to complete the restructuring of its operations under a unified regulated entity. This requirement necessitated the EGM to secure stakeholder consent.
Under the restructuring, all assets, liabilities and employees of MML would be transferred to MMF, creating a single, streamlined institution better aligned with BoG’s enhanced regulatory framework for fintechs and electronic money issuers.
Voting results from the meeting showed strong stakeholder confidence:
Resolution 1: Approval for Fairness Report to be waived-Beneficiaries only
For: 19,476,269,306 shares
Against: 8,927,701 shares
Abstain: 1,329,246 shares
Approval: 99.95%
Resolution 2: Approval of the Merger (MML into MMF) – Beneficiaries Only
For: 1,443,918,868 shares
Against: 88,092 shares
Abstain: 4,445 shares
Approval: 99.99%
This provides the corporate backing needed to proceed to the final regulatory and court approval stages.
In an interview, MML’s CEO, Haruna Shaibu explained that the merger was a structural realignment that would not affect the MoMo brand or customer experience. He emphasized that it strengthened governance, regulatory compliance, and MTN’s ability to innovate and expand digital financial services, including collaboration with the Bank of Ghana on the eCedi project. He noted that shareholder approval was crucial for proceeding with regulatory and court processes to finalize the merger.
Mr Haruna stressed that the approval positioned MTN Ghana to roll out new products, enhance financial inclusion, and ensure seamless coexistence between mobile money and eCedi wallets.
He also added that the company’s governance reforms sat alongside its broader commitment to protecting digital users from fraud and online abuse.
Victoria Bright, Director at both MMF and MML explained that during the transition period, shareholder interests would remain fully protected. All shares would be held temporarily by a trust until the newly merged entity MML was listed separately on the Ghana Stock Exchange (GSE).
She emphasized that the mirroring of shareholding would continue throughout the process.
“The number of shares a beneficiary holds today will be exactly the same number transferred to them when the new entity lists.
Economic, governance and voting rights will remain intact and protected by the trust until the handover.
At listing, every beneficiary will receive their mirrored shares directly and individually,” Madam Bright explained.
