Kofi Ahovi

 MTN Ghana is taking swift action to restructure its mobile money business, MobileMoney Ltd (MML), to meet the Bank of Ghana's regulatory requirement of having a minimum of 30% Ghanaian ownership. With a deadline of June 13, 2025, looming, MTN Ghana is working to avoid severe regulatory sanctions, including potential shutdown. Restructuring Plan To comply with the regulation, MTN Ghana will dissolve MML and transfer its assets, operations, and staff to a new local entity, New FinCo. A trust will hold 32.13% of New FinCo's stake on behalf of Ghanaian minority shareholders, while the MTN Group will retain 67.87%. This move is expected to ensure the future of MTN's mobile money business in Ghana. Future Plans MTN Ghana also plans to list New FinCo on the Ghana Stock Exchange within the next three to five years, allowing minority shareholders to directly trade in the new entity. This strategic realignment is seen as a necessary step to safeguard the company's mobile money b...

 Scancom PLC (MTN Ghana) has announced that several non-executive directors of the company have acquired ordinary shares as part of efforts to increase Ghanaian shareholding in the telecom giant. Effective August 16, 2024, Investcom Consortium Holdings SA, the majority shareholder, made the shares available for purchase following an independent due diligence process. The shares were offered at an execution price of GHS 1.77 per share to both directors and independent third parties. MTN Ghana confirmed that the transactions were conducted in compliance with relevant laws, including the Companies Act, 2019 (Act 992), the Securities Industry Act, 2019 (Act 929), and the Securities and Exchange Commission’s Corporate Governance Code, 2020. Additionally, the transactions adhered to MTN Ghana’s Insider Trading Policy and the rules of the Ghana Stock Exchange (GSE). The company emphasized that the shares were acquired under the same terms as those offered to other independent third partie...

 The Ghana Stock Exchange (GSE) on Thursday witnessed a total volume of 43,111 shares exchanging hands, valued at GH¢73,166.14. While this represented a modest uptick of 3.49% in trading volume, a simultaneous dip of 6.75% in the overall value traded indicated a mixed sentiment among market participants. Scancom Plc. (MTNGH) continued to assert its dominance on the volume chart, accounting for a substantial 64.36% of the total value traded with its transaction of 30,777 shares, valued at GH¢47,088.81. Following suit, SIC made its presence felt by trading 4,021 shares valued at GH¢804.2. On the other hand, EGH recorded relatively lower traded volumes, with a turnover of GH¢3,915.00, securing its place among the top 5 traded equities. Trading activity on Thursday however, did not witness any gainers or decliners, portraying a certain equilibrium in the market dynamics. Consequently, the total market capitalization experienced a lateral movement, closing at GH¢73.48 billion, indicativ...

  Shares of MTN Nigeria hit an all-time high while those of rival Airtel Africa jumped to a six-month peak on Monday after the telecommunications companies received approval to operate mobile money services in Africa’s most populous country. Mobile phone operators like South Africa’s MTN Group — MTN Nigeria’s parent company — have been pushing into financial services on the continent, where a large part of the population does not have good access to traditional banking services. MTN and Airtel Africa said on Friday they had been granted the in-principle approval by the Central Bank of Nigeria (CBN).   The licences, which Nigeria hopes will help drive financial inclusion and innovation, has been pending for more than two years after MTN and Airtel Africa applied to the central bank. The approval in principle comes as a surprise but it is the first step towards final approval subject to meeting all conditions set,” said Akintola Akinbamidele, sub-Sarahan Africa equity sales...