• MobileMoney Fintech CEO says company may list within 3–5 years
• Listing would allow users to invest in the company via mobile channels
• Ghana’s stock market remains dominated by institutional investors

MobileMoney Fintech Limited Chief Executive Officer Shaibu Haruna said in a media interview on April 20 the company could list on the Ghana Stock Exchange within three to five years.

The statement follows the separation of the mobile money business from MTN Ghana into a standalone fintech entity. Haruna said a future listing would allow platform users to invest directly in the company, including through mobile channels.

The development comes at a time when Ghana’s financial system is becoming more digital, while its capital market remains relatively shallow in terms of retail participation and liquidity. The Ghana Stock Exchange continues to rely heavily on institutional investors, with limited penetration among the country’s 19 million mobile money users.

At the continental level, mobile money has become the dominant retail financial infrastructure. According to the GSMA, Sub-Saharan Africa accounts for more than 70% of global mobile money accounts, reflecting the scale of digital payment adoption across the region. This infrastructure has remained largely separate from capital markets.

According to the World Bank, African stock exchanges face low market depth and limited participation, which constrain their role in capital mobilization. In Ghana, trading activity remains concentrated among institutional investors.

The African Development Bank identifies digital financial services as a tool to expand access to financial products and improve the mobilization of domestic savings, while noting that integration into formal investment channels remains uneven across the continent.

The Bank of Ghana continues to monitor mobile money operations, particularly in areas such as consumer protection and agent-level compliance. Any expansion of mobile platforms into investment-related services would require regulatory oversight to ensure transparency and investor protection.