The telecom giant attributed this growth to significant expansions in data and fintech services, as well as a continued commitment to enhancing Uganda’s digital and financial inclusion.

Service revenue surged by 20.1% to Shs 2.31 trillion, with data and fintech segments posting gains of 30.1% and 23.5%, respectively.

CEO Sylvia Mulinge credited the success to MTN Uganda’s strategic focus on expanding high-demand services and streamlining operations.

“Our substantial growth in profit and service revenue highlights MTN Uganda’s role as a leader in Uganda’s digital transformation journey,” said Mulinge.

“By focusing on our data and fintech verticals and investing in network quality, we have managed to expand access to digital and financial services for millions of Ugandans, while also enhancing profitability.”

The company’s total subscriber base rose by 13.3% to 21.6 million, driven by strong growth in both data and mobile money users.

Data subscribers increased by 24.1%, reaching 9.3 million, while mobile money users rose by 13.2%, bringing the total to 13.2 million.

This subscriber growth was supported by MTN Uganda’s continued investment in 4G and the rollout of 5G, which has expanded access to faster, more reliable internet across Uganda.

MTN Uganda invested Shs 297.9 billion in capital expenditure to expand its network and enhance service quality.

This funding went toward expanding 4G coverage from 83.7% to 87.9% and launching 5G, enabling faster internet speeds for consumers.

Additional infrastructure improvements included extending fiber networks in Kampala and key upcountry areas.

“Our investment in digital infrastructure is foundational to delivering a superior customer experience and driving Uganda’s digital economy,” noted Mulinge.

“By expanding 4G and launching 5G, we are empowering Ugandans with faster and more reliable connectivity, essential for economic growth and innovation.”

The company’s device financing strategy also helped drive a 48.5% increase in data traffic as smartphone penetration expanded, with more Ugandans accessing the internet and taking advantage of MTN Uganda’s data offerings.

Fintech services continued to grow, as mobile money transactions surged to Shs 114.5 trillion—a 13.3% increase over last year.

Profitability and Dividends Reflect Strong Performance

MTN Uganda’s earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 22.3%, with the EBITDA margin rising to 51.7%, attributed to operational efficiencies and a favorable economic environment.

As a result, MTN Uganda declared a second interim dividend of Shs 7.5 per share, rewarding shareholders for the company’s robust performance.

Looking to the future, MTN Uganda plans to sustain its growth by focusing on its Ambition 2025 strategy, which prioritizes digital inclusion, financial service expansion, and infrastructure investments.

The company expects to maintain “upper-teen” growth in service revenue and keep its EBITDA margin above 50%.

“Our success is driven by our dedication to our customers, employees, and stakeholders, and we are excited about the opportunities that lie ahead,” said Mulinge.

GD Experts Ltd was honored for its groundbreaking work in advancing MTN’s technological capabilities, leading to significant improvements in operational efficiency and service delivery. “We are thrilled to recognize GD Experts Ltd for their remarkable ingenuity and expertise,” said Michael Sekadde, MTN Uganda’s Human Resources General Manager. “Their dedication to innovation and excellence has solidified their position as a valuable partner in our mission to deliver world-class services.”

Ericsson was also praised for its commitment to excellence and innovation, which has been instrumental in helping MTN Uganda achieve its strategic objectives. “Ericsson has consistently demonstrated a forward-thinking approach, pushing the boundaries of what’s possible,” said Nicholas Beijuka, MTN Uganda’s General Manager Capital Projects. “Their deep understanding of our needs has enhanced our network infrastructure, ensuring reliable, high-quality connectivity in a competitive industry.”

The recognition of these outstanding suppliers was a highlight of the forum, which focused on “Building Tomorrow’s Supply Chain Today.” The event emphasized the importance of innovation, collaboration, and adaptability in creating resilient, future-ready supply chains. It also highlighted the need to harness emerging technologies and financial solutions to enhance operational efficiency and sustainability in the supply chain ecosystem.