MTN Uganda has wrapped up 2024 on a high note, posting an impressive 30.1% growth in profit after tax (PAT), which now stands at Shs 641.5 billion. This is a reflection of the company’s bold investments in fintech, digital innovation, and network expansion.
As the crowned “Operating Company of the Year” within the MTN Group, MTN Uganda has proven it’s not just about connecting people but also about shaping Uganda’s financial and digital future.
At the heart of this success is Sylvia Mulinge, MTN Uganda’s CEO, who was named CEO of the Year across all 21 markets of the MTN Group. Her leadership has been instrumental in driving the company to new heights. Under her guidance, MTN Uganda saw service revenue jump by 19.5%, reaching Shs 3.1 trillion. This growth was powered by a staggering 30.5% rise in data revenue and a 22.8% increase in fintech earnings.
These numbers highlight how MTN Uganda is enabling businesses to thrive, helping more Ugandans access financial services, and contributing to economic growth in ways that go beyond just selling data or airtime.
One of MTN Uganda’s biggest wins in 2024 has been its investment in expanding network coverage. The results speak for themselves: 4G coverage now reaches an impressive 87.9%, while the number of 5G sites has grown from just 37 in 2023 to a whopping 538 in 2024.
These advancements earned MTN Uganda recognition as Africa’s fastest LTE network at the Mobile World Congress in Barcelona this year—a proud moment for both the company and the country.
For Ugandans, this means faster internet speeds, better connectivity, and more opportunities to tap into the digital world—whether it’s for work, entertainment, or education. Businesses are also benefiting from this improved infrastructure, which makes it easier to connect with customers and partners both locally and globally.
To further support businesses, MTN rolled out Market by MoMo, a digital commerce platform that allows merchants to sell their products online. This platform is helping sellers reach buyers far beyond their usual marketplaces, opening up new opportunities for growth and success.
MTN Uganda’s fintech arm continues to be a game-changer for financial services in Uganda. With fintech revenue growing by 22.8% in 2024, Mobile Money (MoMo) has evolved into much more than just a way to send or receive money—it’s now a full-fledged financial platform offering payments, savings options, and even access to credit.
For many Ugandans, especially those without access to traditional banking services, MoMo is making life easier and more secure. Whether it’s paying bills, saving for school fees, or getting quick access to credit for business needs, MoMo is empowering individuals and businesses alike to do more with their money.
The company’s confidence in its fintech strategy was further reinforced when it secured Shs 370 billion in local currency debt financing—one of the largest syndicated transactions ever seen in Uganda. This funding will fuel even more innovation in financial services, ensuring that no one is left behind as the country moves further into the digital age.
MTN Uganda’s success isn’t just benefiting its customers—it’s also paying off for its shareholders. In 2024, dividends increased by an impressive 22.8% to Shs 22.1 per share, showing that the company is committed to delivering value across the board.
But what really sets MTN apart is its dedication to giving back to the community. In addition to paying Shs 1.3 trillion in taxes (both direct and indirect), MTN invested Shs 4.6 billion in initiatives focused on education, youth empowerment, healthcare, and disaster relief this year alone.
These efforts have touched thousands of lives across Uganda and reflect the company’s belief that true success comes from balancing financial performance with social responsibility.
Looking forward to 2025 and beyond, MTN Uganda isn’t slowing down anytime soon. The company plans to deepen its fintech offerings while working on separating MTN MoMo into an independent entity—an exciting move that will allow it to focus even more on revolutionizing digital finance in Uganda.
As Sylvia Mulinge puts it: “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.”
With strong momentum behind it and big plans ahead, MTN Uganda is well-positioned to continue leading Uganda into a brighter digital future—one where everyone has a chance to thrive.
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