MTN Uganda is not just a technology company; we are building the infrastructure for Uganda’s digital future while ensuring our business contributes meaningfully to communities and the environment
MTN Uganda has reported a remarkable 30.1% surge in profit after tax, reaching Shs641.5 billion for FY2024. This performance is a testament to the company’s strategic investments in fintech, digital innovation, and network expansion. Recognized as MTN Group’s OpCo of the Year, the company is not only reinforcing its market leadership but also playing a pivotal role in shaping Uganda’s digital and financial landscape.
Under the leadership of Sylvia Mulinge—named CEO of the Year across MTN Group’s 21 markets—MTN Uganda recorded a 19.5% increase in service revenue to Shs3.1 trillion. This growth was driven by a 30.5% rise in data revenue and a 22.8% increase in fintech earnings, reflecting the company’s expanding role in enabling businesses, supporting financial inclusion, and driving economic progress.
The company’s aggressive network expansion has significantly enhanced digital access. In 2024, 4G coverage reached 87.9%, while the number of 5G sites jumped from 37 in 2023 to 538. This rapid expansion has positioned MTN Uganda as Africa’s provider of one of the fastest LTE networks—a feat recognized at the 2024 Mobile World Congress in Barcelona. Greater digital access has facilitated improved productivity and connectivity for both individuals and businesses, while initiatives like the launch of Market by MoMo have empowered merchants by connecting buyers and sellers beyond traditional marketplaces.
MTN Uganda’s fintech division continues to transform financial services. With fintech earnings up by 22.8%, the MoMo platform has evolved into a comprehensive solution supporting payments, savings, and credit. Investor confidence in the company’s long-term fintech strategy was further bolstered by securing Shs370 billion in local currency debt financing—one of Uganda’s largest syndicated transactions—which will accelerate the next phase of financial services innovation.
Financial strength is also translating into attractive shareholder returns. Total FY2024 dividends increased by 22.8% to Shs22.1 per share, underscoring the company’s commitment to delivering sustainable value. Beyond its financial metrics, MTN Uganda remains a significant economic contributor, paying Shs1.3 trillion in direct and indirect taxes, supporting infrastructure development, and investing Shs4.6 billion in community initiatives focused on education, youth empowerment, healthcare, and disaster relief.
MTN Uganda’s listing on the Uganda Securities Exchange (USE) originally combined both its traditional GSM operations and its MTN MoMo mobile money business into a single entity. The company is now exploring the structural separation of MTN MoMo into a standalone entity. This move is expected to enhance transparency and allow each division’s performance to be evaluated more clearly. For shareholders, this means the potential to earn from each business separately through more focused management and improved valuation metrics. For the USE, a separate listing for MTN MoMo would diversify the market offerings and attract investors specifically interested in high-growth digital finance.
Reflecting on the company’s vision, Sylvia Mulinge stated, “MTN Uganda is not just a technology company; we are building the infrastructure for Uganda’s digital future while ensuring our business contributes meaningfully to communities and the environment.”
Looking ahead, with strong financial momentum, continued investments in cutting-edge technology, and strategic initiatives such as the separation of MTN MoMo, MTN Uganda is poised for sustainable growth in 2025 and beyond. These efforts will not only drive further innovation in digital finance and telecommunications but also transform lives by deepening economic participation and connectivity across Uganda.