MTN Uganda to Spin Off Fintech Unit-Plans IPO in the Works
MTN Uganda will spin off its mobile money and fintech division into a stand alone company, majority-owned by MTN Group. The board has approved listing the new firm on the Uganda Securities Exchange within the next three to five years, reflecting the sectorβs explosive growth.
MTN Uganda completed the spin-off of its MoMo (Mobile Money) fintech business into a standalone entity, MTN New FinCo LLC, in alignment with MTN Group’s Ambition 2025 strategy. Shareholders approved the move in July 2025, recognizing the potential for increased scale, investment, and innovation in the fintech sector.
MTN Uganda, the East African country’s largest telecom firm, plans to split off its fintech unit into a separate entity and aims to list it on the local bourse in three to five years, the company said late on Tuesday.
The company, which has a mobile subscriber base of about 21 million, is a unit of South Africa’s MTN Group and competes mainly with the local unit of India’s Bharti Airtel
MTN Uganda received shareholder nod at an extra-ordinary general meeting held on Tuesday for the proposed separation of its mobile money and fintech business, the company said in a statement.
Mobile money is a cell phone-enabled service that allows subscribers to transfer money and make payments for products and services like utility bills, energy purchases, food orders and ride hails. The platform has grown rapidly in Africa, where it is now widely used.
Under the reorganisation, MTN Uganda’s mobile money fintech business will be transformed into a separate entity majority owned by MTN Group Fintech Holdings B.V, the fintech arm of MTN Group.
The goal is to “ultimately see the independent fintech business list separately on the Uganda Securities Exchange (USE), alongside MTN Uganda, within a three- to five-year period,” MTN Uganda Chief Executive Sylvia Mulinge said in the statement.
