Overview:
MTN Uganda saw a 19.5% increase in service revenue to Shs 3.1 trillion, driven by a 30.5% rise in data revenue and a 22.8% growth in fintech earnings. These results underscore the company's expanding role in enabling businesses, supporting financial inclusion, and driving economic growth.
MTN Uganda has announced a 30.1% increase in profit after tax (PAT) to Shs 641.5 billion for FY 2024, attributed to strategic investments in fintech, digital innovation, and network expansion. Recognized as MTN Group’s OpCo of the Year, the company has solidified its market leadership and its role in Uganda’s digital and financial transformation.
Under the leadership of Sylvia Mulinge, named CEO of the Year across MTN Group’s 21 markets, MTN Uganda saw a 19.5% increase in service revenue to Shs 3.1 trillion, driven by a 30.5% rise in data revenue and a 22.8% growth in fintech earnings. These results underscore the company’s expanding role in enabling businesses, supporting financial inclusion, and driving economic growth.
Network expansion has significantly improved digital access, with 4G coverage reaching 87.9% and 5G sites increasing from 37 to 538 in 2024. This expansion, recognized at the 2024 Mobile World Congress, facilitates greater access to digital services and enhances connectivity. The launch of “Market by MoMo,” a digital commerce platform, has further connected buyers and sellers.
MTN Uganda’s fintech growth continues to transform financial services. With a 22.8% increase in fintech earnings, MoMo has evolved into a comprehensive financial platform supporting payments, savings, and credit access. Investor confidence was reinforced by the Shs 370 billion in local currency debt financing, one of Uganda’s largest syndicated transactions, which will accelerate financial services innovation.
The company’s financial strength translates into increased shareholder returns, with total FY 2024 dividends rising by 22.8% to Shs 22.1 per share.
Beyond investor returns, MTN Uganda remains a significant economic contributor, paying Shs 1.3 trillion in direct and indirect taxes. The company also invested Shs 4.6 billion in community initiatives focused on education, youth empowerment, healthcare, and disaster relief.
Looking ahead, MTN Uganda plans to deepen its fintech expansion and accelerate the structural separation of MTN MoMo. “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,” Mulinge stated.
With strong financial momentum, continued investment in technology, and a commitment to shared value, MTN Uganda is positioned for sustainable growth in 2025 and beyond.