MTN Uganda, chaired by seasoned Ugandan tycoon Charles Mbire, has completed the structural separation of its mobile money operations into a standalone fintech business, officially setting the stage for its long-term expansion in Uganda’s financial technology space.
At the company’s Extraordinary General Meeting held on 22 July 2025, shareholders gave their full backing for the spin-off. This strategic move will see MTN Mobile Money (U) Limited merge into a newly formed entity, MTN New FinCo, which is majority-owned by MTN Group Fintech Holdings B.V. The remaining shares will be held in trust for MTN Uganda’s shareholders.
Mbire, who has long championed modernisation in Uganda’s telecommunications and financial services sectors, described the decision as a timely one. “This restructuring reflects where the industry is heading. We are aligning with global fintech trajectories while securing long-term value for our shareholders,” he said.
Chief Executive Officer Sylvia Mulinge confirmed that following regulatory approvals, the new fintech business will begin operations as an independent company. A public listing on the Uganda Securities Exchange is expected to follow within the next three to five years, opening new doors for both institutional and retail investors.
MTN MoMo has grown rapidly since its launch in 2009. Today, it facilitates over 32 million transactions and handles trillions of Ugandan shillings annually. Uganda’s National Payment Systems Act, enacted in 2020, requires companies operating payment systems to separate these services from other business operations. MTN’s decision directly responds to this regulatory shift.
With the spin-off, the fintech arm is better positioned to scale its operations. It will now focus on expanding services such as mobile wallets, micro-lending, savings, payments, and cross-border remittances. Analysts believe this streamlined approach gives the business greater room to innovate and form strategic partnerships with banks, fintech startups, and global digital finance players.
Charles Mbire remains one of the most influential private sector figures in East Africa. With a significant stake in MTN Uganda and previous involvement in guiding its historic 2021 IPO, he continues to play a key role in shaping the country’s digital and investment ecosystem.
His involvement provides assurance to investors and stakeholders that the fintech spin-off will be carefully managed with a clear long-term roadmap. The trust structure set up during the transition phase also ensures that current MTN Uganda shareholders retain indirect benefits from the growing fintech business.
The creation of MTN New FinCo is part of MTN Group’s wider “Ambition 2025” strategy, which aims to grow its fintech and digital services revenue across the continent. Similar structural reforms have already taken place in Nigeria and Ghana, reflecting a strong regional trend.
As the new entity prepares to launch formally, Ugandans can expect more tailored digital financial services and increased financial inclusion. For investors, the separation presents an opportunity to hold equity in two sharply focused companies — one in telecoms, the other in fintech.
The move is bold, calculated, and future-facing. And with Mbire at the helm, it is likely to become a landmark case in how African conglomerates manage digital transformation.
