Uganda’s mobile money sector has sustained explosive growth, with total transactions reaching Shs392.7 trillion in the year ending March 2026 a 29 percent jump as active accounts climbed to 36.7 million, Finance Minister Henry Musasizi has announced.
The surge underscores mobile money’s entrenched role in daily finance, payments, savings, and service delivery, particularly amid limited traditional banking reach.
Presenting performance indicators, Musasizi highlighted mobile telephones as pivotal for financial inclusion and economic activity.
“Mobile telephones have increased financial inclusion and improved access to e-commerce, telemedicine, marketing, and agricultural information for farmers,” Musasizi said.
Active accounts hit 36.7 million by 31 March 2026, with 1.22 million agents expanding reach into villages and urban areas. Officials credit this network with lowering barriers to deposits, withdrawals, and transfers.
Over the past five years, mobile money rebounded strongly from COVID-19 disruptions (sharp drops in early 2020 followed by 195% volume spikes later that year) and weathered taxes like the 2018–2024 levies on withdrawals,transfers, which temporarily slowed volumes by 8–39% in some segments.
Growth resumed via P2P transfers, merchant payments, and digital lending, making Uganda one of East Africa’s mature ecosystems.
Economists note the sector’s scale rivals top African markets, fueled by high mobile penetration. Platforms now extend to agricultural advisories, health, and SME marketing.
However, analysts flag ongoing risks: fraud, taxation impacts on low-value users, and cybersecurity.
Past levies highlighted vulnerability in informal usage. The allocation’s digital infrastructure push may sustain growth but risks falling short on rural electrification, device affordability, and literacy gaps that still exclude millions.
Musasizi’s comments align with NDP IV and the Tenfold Growth Strategy, positioning mobile money as key to formalizing the informal sector. Sustained digital investment will be critical for underserved areas.