MTN Uganda’s Data and Fintech Momentum Powers Double-Digit Growth
For the six months ended 30 June 2025, service revenue climbed 13.3% year-on-year to USh 1.7 trillion, fuelled by the twin engines of data and fintech.
MTN Uganda has opened its half-year books for 2025, and the story is one of strong operational momentum, expanding digital reach, and a growing financial services footprint — all set against a backdrop of regulatory shifts and a hefty tax settlement.
For the six months ended 30 June 2025, service revenue climbed 13.3% year-on-year to USh 1.7 trillion, fuelled by the twin engines of data and fintech. Data revenue surged 31.3% to USh 490.2 billion as more Ugandans moved online, with active data subscribers jumping 23.4% to 10.8 million. Traffic volumes rose 42.6%, and MTN’s continued investment in 4G and 5G coverage pushed population reach to 88.2% and 19% respectively.
Fintech operations continued their ascent, with revenue up 18.6% to USh 524.6 billion. Mobile Money (MoMo) remains at the heart of this growth, handling 2.4 billion transactions worth USh 89.3 trillion — a 28.7% increase in value. Advanced services, such as the MoMo Virtual Card in partnership with Mastercard, now make up 30% of MoMo revenue, underscoring MTN’s push into more sophisticated digital financial solutions.
EBITDA rose 17.8% to USh 924.2 billion, and margins improved to 53.7%, thanks to disciplined cost control and a stable macroeconomic environment. However, profit after tax slipped 9.7% to USh 267.0 billion after a one-off USh 110.9 billion tax settlement with the Uganda Revenue Authority, following a long-running transfer pricing audit. Without this, adjusted profit after tax was up 27.8%, reflecting the underlying strength of the business.
Shareholders will see a first interim dividend of USh 10.0 per share, worth a total of USh 223.9 billion, payable on 19 September 2025. They also gave near-unanimous approval for the structural separation of MTN Mobile Money (U) Limited from MTN Uganda — a strategic move designed to unlock value and accelerate growth in the fintech business, pending regulatory sign-off.
The company maintained a solid balance sheet, cutting net debt by 12.7% to USh 1.3 trillion and reducing leverage to 0.7x. Capital expenditure, excluding leases, came in at USh 219.7 billion, with much of it channelled into expanding network capacity and fibre reach, now at 18,510 km nationwide.
Looking ahead, MTN Uganda sees continued growth in both connectivity and fintech. Plans are in motion to strengthen voice revenue after last year’s mobile termination rate changes, push further into home broadband, and roll out new financial products like Yinvesta and Cover by MoMo. The company has kept its medium-term guidance intact — targeting upper-teens service revenue growth, EBITDA margins above 50%, and capex intensity in the low teens.
“We remain confident in our growth potential and are committed to deepening penetration and usage of our services, ensuring customers enjoy the benefits of a modern connected life. Despite a challenging operating environment, we solidified our market leadership with robust growth in data and fintech, supported by prudent cost management and continued investment in network expansion.”
— Sylvia Mulinge, CEO, MTN Uganda
With a growing customer base now at 22.8 million and a clear focus on digital and financial innovation, MTN Uganda is signalling that its ambitions go well beyond connectivity. The next six months will test whether it can sustain this momentum while navigating a complex regulatory landscape and an increasingly competitive market.
