In a landmark move set to reshape Uganda’s financial technology landscape, shareholders of MTN Uganda have overwhelmingly approved the structural separation of the company’s mobile money arm, MTN MoMo.
The resolution, passed with a 99% majority during an Extraordinary General Meeting (EGM) held at MTN headquarters in Kampala, clears the way for MTN MoMo to operate as an independent fintech company.
Under the approved plan, MTN MoMo will merge into a newly created standalone entity, majority-owned by MTN Group Fintech Holdings B.V.
Meanwhile, local institutional and retail investors will retain financial interest in the new company through a trust structure, which will receive and distribute dividends to minority shareholders.
Charles Mbire, Chairman of the MTN Uganda Board, described the move as “a major strategic step” for the company. “The proposed structural separation of MTN and MoMo clearly shows that we are evolving into a modern tech company aligned with global trends,” he said.
The separation will still require approvals from key regulatory bodies, including the Bank of Uganda, Uganda Securities Exchange (USE), Capital Markets Authority, and the tax authorities.
If successful, the transformation is expected to open new avenues for growth and partnerships in the expanding of fintech sector.
Sylvia Mulinge, CEO of MTN Uganda, celebrated the strong support from shareholders and stakeholders alike, calling it a “powerful vote of confidence in MTN Uganda’s growth story.”
“This is not just a technical milestone but also a key sign of a shift a new chapter that is beginning in our business as we continue working to expand digital and financial inclusion in Uganda faster and further,” she remarked.
Mulinge also praised the presence of regulators and USE representatives at the meeting as an indication to “the strength of our governance and transparency.”
“This milestone reinforces what we have always known when we build with trust, transparency, and purpose, our journey becomes unstoppable,” she added.
MTN Uganda has also reaffirmed its commitment to list MTN MoMo on the Uganda Securities Exchange within the next three to five years, further deepening local participation in the fintech space.
As Uganda’s digital economy accelerates, this bold move by MTN signals a clear intention to lead the charge toward inclusive, tech-driven financial services a future built on innovation, trust, and shared prosperity.