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The telecom firm recorded a 19.5% increase in service revenue to Shs 3.1 trillion, fueled by a 30.5% rise in data revenue and 22.8% growth in fintech earnings
Kampala, Uganda | JULIUS BUSINGE | MTN Uganda has delivered a 30.1% surge in net profit to Shs 641.5billion for FY 2024, a testament to its strategic investments in fintech, digital innovation, and network expansion, executives said on March 6.
Recognized as MTN Group’s OpCo of the Year, the company has not only strengthened its market leadership but also reinforced its 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 Shs 3.1 trillion, fueled by a 30.5% rise in data revenue and 22.8% growth in fintech earnings.
These numbers represent more than financial success—they reflect the company’s expanding role in enabling businesses, supporting financial inclusion, and driving economic growth.
The company’s investment in network expansion has significantly improved digital access. In 2024, 4G coverage reached 87.9%, while 5G sites grew from 37 in 2023 to 538—positioning MTN Uganda as the provider of Africa’s fastest LTE network, as recognized at the 2024 Mobile World Congress in Barcelona.
Expanded digital services
This expansion has facilitated greater access to digital services, enhancing productivity and connectivity for individuals and businesses. The launch of Market by MoMo, a digital commerce platform, has further enabled merchants to expand their reach, connecting buyers and sellers beyond traditional marketplaces.
MTN Uganda’s fintech growth continues to transform financial services. With fintech earnings increasing by 22.8%, MoMo has evolved into a comprehensive financial platform that supports payments, savings, and access to credit. The ability to transact seamlessly and securely is empowering individuals and businesses to operate more efficiently, further driving economic participation.
Investor confidence in MTN Uganda’s long-term fintech strategy was reinforced by the Shs 370 billion in local currency debt financing the company secured—one of Uganda’s largest syndicated transactions. This investment will accelerate the next phase of financial services innovation, ensuring more people can access the digital economy, according to Richard Yego, the MD at the MTN Uganda’s MoMO managing director.
Increased dividends
MTN Uganda’s financial strength translates directly into shareholder returns. Total FY2024 dividends increased by 22.8% to Shs 22.1 per share, reflecting the company’s commitment to delivering sustainable value.
Beyond investor returns, MTN Uganda remains a significant economic contributor, paying Shs 1.3 trillion in direct and indirect taxes, supporting infrastructure development, and reinforcing its role as a trusted development partner.
Additionally, MTN Uganda invested Shs 4.6 billion in community initiatives focused on education, youth empowerment, healthcare, and disaster relief, impacting thousands of people. These initiatives align with the company’s belief that long-term success is built on both financial performance and social responsibility.
Looking ahead, MTN Uganda is set to deepen its fintech expansion and accelerate the structural separation of MTN MoMo, ensuring it continues to lead in digital finance.
“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 said.
Meanwhile, Airtel Uganda, MTN’s closest competitor, also reported a strong financial performance, with profit after tax (PAT) rising by 6.6% to Shs 316.7 billion for the year ending December 31, 2024. The company attributed this growth to higher demand for data services, strategic cost management, and a stable macroeconomic environment.
