MTN Breaks Out Fintech in Strategic Overhaul

In a decisive shift aimed at unlocking value, MTN Uganda has received shareholder approval to carve out its financial technology operations into a new firm — MTN Mobile Money Uganda Limited. The decision, confirmed at a general meeting held on July 22, 2025, signals a clear push by the telecom giant to deepen its focus on fintech growth across the continent.

This spin-off is in line with MTN Group’s broader strategy of separating mobile money operations from telecom services. Similar moves have already been executed in Nigeria and Ghana, where fintech units now operate as independent entities, each primed for focused growth and increased transparency.

The newly formed entity has been granted a licence by the Bank of Uganda, in compliance with the National Payment Systems Act 2020. The legislation mandates the separation of telecom and financial services, a move intended to strengthen regulatory oversight.

“The restructuring enhances both governance and regulatory alignment,” said Sylvia Mulinge, CEO of MTN Uganda. She noted that the independence of the fintech unit sets the stage for possible future fundraising or even a public listing.

Financial Boost and Regional Expansion in Sight

Financial results from the first quarter of 2025 show MTN Mobile Money Uganda earned $70.8 million, reflecting an 18.4% year-on-year increase. This revenue surge contributed to MTN Uganda’s total service revenue of $184.7 million, which rose by 15.5%, largely driven by data and fintech services.

These numbers highlight the growing importance of fintech within MTN’s operations as digital payment adoption spreads across Africa. The firm has plans to list its fintech arm on the Uganda Securities Exchange within three to five years, further inviting local and global investor interest.

Despite the structural shake-up, services will continue without interruption. Mobile money transactions under the MTN MoMo brand will remain active, and all customer agreements will transfer seamlessly to the new firm.

“For our users, it’s business as usual — only better,” MTN Uganda said in a statement.