MTN MoMo Ghana’s chief executive, Shaibu Haruna, has detailed plans to diversify the company’s services and prepare for an eventual initial public offering, while addressing public concerns over its lending costs and fraud controls. The mobile money fintech, which became a separate entity from its parent MTN Ghana in 2025, is targeting expansion beyond its core payments business into areas such as savings, insurance, and investment products.
In an interview published on April 27, Haruna stated that an IPO is a long-term ambition, contingent on the company first achieving greater scale and diversification. “We want to build a business that is sustainable and can stand on its own,” he said, framing the public listing as a future milestone rather than an immediate goal. The separation from MTN Ghana last year was a foundational step in this direction, granting the fintech operational independence.
Haruna also responded to criticism regarding the cost of MoMo’s loan products. He defended the pricing, arguing that the company’s credit offerings are competitively priced within the Ghanaian market and are designed to be accessible. “Our loans are priced competitively, and we ensure they are accessible to our customers,” Haruna said. He linked the service’s viability to the company’s broader financial health, which he suggested would ultimately benefit customers.
Parallel to its expansion strategy, MTN MoMo Ghana is intensifying efforts to fortify its platform’s security and regulatory compliance. According to a statement from the Ghana News Agency on April 27, the fintech is implementing enhanced monitoring systems and stricter agent network controls to safeguard against fraud and misuse. This follows directives from the Bank of Ghana, which has been urging electronic money issuers to strengthen their internal safeguards.
The compliance drive includes a renewed focus on its vast agent network, a critical channel for service delivery in a country where mobile money penetration is deep. NewsGhana reported on April 27 that the newly independent entity is taking steps to tighten agent compliance, aiming to ensure all agents adhere strictly to regulatory and company policies. This initiative is seen as essential for maintaining trust in the system, which processes millions of transactions daily.
MTN MoMo’s position in Ghana’s financial ecosystem is significant. The platform is one of the largest mobile money services in West Africa, operating in a market where digital financial services have become mainstream. Its plans to broaden into adjacent financial products reflect a common trend among mature mobile money operators across Africa, seeking to capture more value from their extensive customer bases.
The path to an IPO and service diversification is nonetheless intertwined with regulatory expectations. The Bank of Ghana has been active in shaping the digital finance landscape, with recent attention on consumer protection and system integrity. MTN MoMo’s concurrent emphasis on compliance suggests an alignment with these regulatory priorities, potentially smoothing the way for its future growth ambitions.
Haruna’s comments present a dual narrative for MTN MoMo Ghana: one of ambitious growth and product innovation, and another of prudent governance and risk management. The balance between these objectives will likely define the company’s trajectory as it evolves from a mobile payments utility into a more comprehensive financial services provider, with a potential public listing awaiting on the horizon.