MTN MoMo breaks away from MTN Uganda after shareholders’ approval at Extraordinary General Meeting 

Shareholders of MTN Uganda have officially approved the structural separation of its mobile money and fintech business, MTN MoMo, marking a significant strategic shift for the telecommunications giant. The decision, formalized at an Extraordinary General Meeting (EGM) held today, paves the way for MTN MoMo to operate as a distinct entity.

Under the approved plan, MTN MoMo will merge into a new, independent company that will be majority-owned by MTN Group Fintech Holdings B.V. Existing institutional and retail shareholders of MTN Uganda will continue to benefit from the growth of the fintech business through a novel trust structure, ensuring long-term shared value.

Sylvia Mulinge, CEO of MTN Uganda, hailed the resolution as a “powerful vote of confidence in MTN Uganda’s growth story.” She emphasized that the full shareholder approval for the structural separation ushers in “a new chapter in fintech innovation and value creation.”

Mulinge expressed pride in the trust placed by both institutional and retail investors, and highlighted the active participation of key stakeholders, including regulatory bodies and the Uganda Securities Exchange (USE).

“Their presence today wasn’t just symbolic,” Mulinge stated. “It signaled the strength of our governance, the transparency of this process, and the shared belief in MTN’s long-term vision for inclusive, digital-led growth.”

She added, “This milestone reinforces what we’ve always known: when we build with trust, transparency, and purpose, our journey becomes unstoppable.”

MTN Uganda stated that this structural shift is integral to its broader vision for accelerating digital transformation and fostering financial inclusion across Uganda, enabling MTN MoMo to potentially unlock new opportunities and partnerships in the rapidly evolving fintech landscape.