CLYDESTONE GHANA PLC COMMENCES HIGH COURT PROCEEDINGS AGAINST MTN GHANA, MTN GROUP AND MOBILEMONEY FINTECH
An important development in Ghana’s capital markets that deserves close attention.
Clydestone Ghana Plc (GSE: CLYD) has filed a Writ of Summons and Statement of Claim at the Commercial Division of the High Court of Ghana, dated 27th July 2026. The proceedings name three defendants: Scancom PLC (GSE: MTNGH), trading as MTN Ghana, MTN Group Limited (JSE: MTN), and MobileMoney Fintech Limited.
Who is Clydestone
Founded in June 1989 and listed on the Ghana Stock Exchange since May 2004, Clydestone is one of only two technology companies listed on the exchange. The Company holds an Enhanced Payment Service Provider licence from the Bank of Ghana, operates Postilion Switch and G-Switch infrastructure, and serves as a UnionPay International Principal Acquirer and Third-Party Processor. For more than three decades, Clydestone has built payment infrastructure supporting banks and financial institutions across Ghana.
The Claim
Clydestone alleges that in 2007, MTN Ghana commissioned it to develop a full commercial and operational framework for launching a mobile money business, personally authored by Founder and Group CEO Paul Jacquaye. The Company claims the NDA and MoU meant to govern that work were never executed. Clydestone further alleges MTN Ghana used the work without authorisation to launch Mobile Money in 2009, later extending it across Africa, with no payment received since December 2007.
Why Now
Clydestone says the full commercial scale only became independently verifiable in 2026. Two publications changed that: the GSMA State of the Industry Report on Mobile Money 2026, ranking Ghana the world’s top mobile money regulatory market, and MTN Ghana’s 2025 Annual Report, disclosing approximately 19.3 million active Mobile Money users and GHS 6.0 billion in annual revenue. Clydestone’s Board reviewed its 2007 documentary record and concluded there were sufficient grounds to proceed.
Relief Sought
Declarations, damages, equitable remedies, and any further orders the Court considers appropriate.
Governance Position
The Board has unanimously authorised the proceedings with the support of the Company’s majority shareholder, and confirms operations remain unaffected.
A Note on Process
These are allegations that have not been tested in court. None of the named defendants have filed a response. Shareholders should treat this as an evolving matter and exercise appropriate caution.
This case raises broader questions about how commissioned intellectual property is protected in Ghana’s fintech sector. we’ll continue tracking developments as it moves through the Commercial Division.
What’s your read on how disputes like this typically resolve in Ghana’s courts?
