MTN Uganda has announced a remarkable 30.1% increase in profit after tax (PAT) for the financial year 2024, reaching shs641.5 billion.
The company attributes this strong performance to strategic investments in fintech, digital innovation, and network expansion, further cementing its role in shaping Uganda’s digital and financial ecosystem.
At the release of the company’s 2024 financial results the Chief Executive Officer MTN Uganda Sylvia Mulinge noted that the company also posted a 19.5% rise in service revenue, totaling shs3.1 trillion .
This growth was driven by a 30.5% increase in data revenue and a 22.8% surge in fintech earnings. MTN Uganda’s success extends beyond financial performance, as its services continue to drive financial inclusion, empower businesses, and enhance economic growth.
MTN Uganda is also committed to improving digital access; network expansion efforts are on to serve customers with fast and trusted internet.
By the end of 2024, 4G coverage had reached 87.9%, while the number of 5G sites expanded from 37 in 2023 to 538.
This expansion has significantly improved digital connectivity for individuals and businesses, enabling greater access to online services.
Additionally, the introduction of Market by MoMo, a digital commerce platform, has facilitated seamless transactions for merchants, allowing them to extend their reach beyond traditional marketplaces.
MTN Uganda’s fintech sector continues to be a key growth driver, with earnings increasing by 22.8% in 2024.
The MoMo platform has evolved into a comprehensive financial ecosystem, offering payment solutions, savings options, and access to credit.
By enhancing the ease and security of financial transactions, ‘‘we are supporting both small businesses and individuals in participating more effectively in the economy, Investor confidence in our fintech strategy was further demonstrated by the shs370 billion in local currency debt financing it secured," Mulinge noted
The company’s financial strength has translated into greater shareholder value, with total 2024 financial year dividends increasing by 22.8% to Shs 22.1 per share.
Beyond shareholder returns, MTN Uganda remains a major economic contributor, paying shs1.3 trillion in direct and indirect taxes, which supports national infrastructure development and economic growth.
“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, ongoing technological investments, and a commitment to shared value, MTN Uganda is well-positioned for sustained growth in 2025 and beyond.