A significant restructure of MTN Ghana’s financial technology business has begun.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

MTN Ghana has commenced a major restructuring of its financial technology operations as MobileMoney Ltd (MML) and MobileMoney Fintech Ltd (MMF Ltd) move toward a statutory merger aimed at meeting new regulatory requirements governing mobile money operators in Ghana.

In a joint notice issued by the two entities, MTN announced that MML, the current operator of the company’s mobile money services, will be merged into MMF Ltd, which will become the surviving entity and assume full responsibility for MTN’s fintech operations in the country.

The restructuring is intended to align the business with the Payment Systems and Services Act, 2019 (Act 987), which mandates that all dedicated electronic money issuers maintain a minimum of 30 percent local equity participation.

Compliance with this requirement is a key condition for securing and sustaining an operational licence from the Bank of Ghana.

Source: newsthemegh.com