MTN Uganda’s profit rose 29.6% to Shs 459.4B in 9 months, driven by fintech, data growth, youth campaigns, and strong investment in digital infrastructure.
🚀 MTN Uganda Reports Big Profit Boost
MTN Uganda has posted a 29.6% rise in profit after tax, reaching Shs 459.4 billion in the first nine months of 2024. That’s up from Shs 354.5 billion during the same period in 2023. The growth is linked to more people using mobile money, data services, and improved network coverage.
👩💼 CEO Mulinge Credits Smart Expansion
MTN Uganda’s Chief Executive, Sylvia Mulinge, said the results came from smart planning.
“Our investment in infrastructure and focus on digital services continue to pay off,” she said during the earnings update.
📱 Fintech and Data Drive Growth
Revenues from MTN Mobile Money (MoMo) and mobile data went up by more than 20%. More Ugandans are using digital money services, and that demand helped MTN grow fast.
🔗 See how mobile money is transforming Uganda
🏗️ Better Network, Faster Internet
MTN Uganda invested Shs 200 billion in network upgrades in 2024 — up from Shs 160 billion the year before. The upgrades include 4G and 5G infrastructure to meet the need for faster, more reliable internet.
“Their focus on faster internet is paying off,” said telecom analyst Henry Tumusiime in Kampala.
🔗 Read about 5G growth in East Africa
🧑🏽🎓 Youth Campaign Brings 500K New Users
Early in 2024, MTN ran a campaign offering affordable data and free education content to young people. It worked: over 500,000 new users signed up. The total number of subscribers is now 17 million, up from 16.5 million in 2023.
🌍 A Win for MTN Group’s Africa Strategy
MTN Uganda’s strong results support MTN Group’s wider plan to grow digital access across Africa.
“We’re focused on quality, affordability, and expanding digital inclusion,” Mulinge said.
🔗 Inside MTN Group’s digital finance plans
✅ Bottom Line
MTN Uganda’s strategy is working. Smart investments, digital services, and youth outreach have fueled strong growth. The company is now a leader in Uganda’s fast-moving digital economy—and it’s not slowing down.
