The Board of Directors of MTN Mobile Money (U) Limited has announced the appointment of Mr. Phrase Lubega as the new Managing Director of the company. This move, which remains subject to regulatory approval by the Bank of Uganda, underscores MTN’s ongoing dedication to strengthening leadership in one of the country’s most vital digital financial services platforms.
As mobile money continues to power economic activity and financial inclusion across Uganda, Lubega’s return to a senior role at MTN MoMo Uganda signals a strategic push toward deeper innovation, operational excellence, and expanded access to financial tools for millions of Ugandans.
Lubega steps into this position at a transformative time for the sector. Mobile money in Uganda has evolved dramatically since its early days, growing from a novel service to a cornerstone of the national economy. With millions of active users and hundreds of thousands of agents, platforms like MTN MoMo facilitate trillions of shillings in transactions annually, supporting everything from everyday remittances and merchant payments to savings and lending products.
This appointment comes as MTN advances structural separations of its fintech operations, aiming for greater independence and scalability while navigating a competitive market that includes players like Airtel Money and evolving regulatory expectations.
Phrase Lubega is no stranger to MTN Uganda or the broader African fintech space. As a Ugandan national with nearly three decades of experience spanning telecommunications, information technology, and financial services, he brings a unique blend of technical expertise, commercial acumen, and strategic vision honed across multiple markets.
His career trajectory reflects the very growth story of mobile money in Uganda itself, from its formative stages to its current prominence as a driver of digital economic empowerment.
Lubega’s journey began in the late 1990s when he joined the telecom sector, initially with Celtel Uganda before moving to MTN Uganda in 1999. Starting in roles focused on billing systems and prepay tariffs, he steadily advanced through positions in systems development, enterprise applications, and IT leadership. By 2009, he had risen to the position of Chief Information Officer at MTN Uganda, where he played a pivotal part in modernizing IT infrastructure. This technical foundation proved instrumental in enabling the scaling of mobile money services, helping position MTN as a market leader in a rapidly digitizing environment.
His transition into mobile financial services leadership marked a defining chapter. Appointed as General Manager for Mobile Financial Services, Lubega spearheaded the launch of innovative products such as MoKash, a savings and lending solution that expanded financial access for unbanked and underbanked populations. Under his guidance, the business achieved notable revenue growth amid competitive pressures and strict regulatory oversight. He also served in sales and distribution roles, focusing on agent network expansion and ecosystem development—key elements that have since become hallmarks of successful mobile money operations in Uganda.
Beyond Uganda, Lubega’s career has taken him to senior roles within the MTN Group, where he has contributed to continent-wide fintech strategies. He has held positions such as Group Executive for Fintech Commercial Operations and General Manager for Commercial and Go-to-Market. In these capacities, he drove mobile financial services growth across MTN’s footprint, enhancing customer acquisition, retention, and operational expansion in diverse markets.
His governance experience is equally impressive, having served as a non-executive director on boards for MTN Mobile Money operations in countries including Benin, Congo Brazzaville, and Guinea Conakry.
Most recently, prior to this appointment, Lubega served as Interim Managing Director of MoMo Payment Service Bank in Nigeria. There, he shaped the bank’s long-term strategy and digital banking model, delivering strong revenue growth, operational efficiencies, and the successful launch of new products that bolstered market competitiveness. This hands-on leadership in one of Africa’s largest fintech markets equips him with fresh insights into scaling digital solutions in complex regulatory and competitive settings.
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