When Sylvia Mulinge stepped into the CEO role at MTN Uganda in October 2022, the air crackled with expectation and a fair dose of apprehension.
It wasn’t just another leadership change. It was a passing of the torch during one of the most volatile economic periods Uganda had faced in years, fresh out of the Covid pandemic.
Inflation was biting, the shilling was shaky, and the telecom giant, fresh off its historic stock market listing, was now under the microscope of thousands of new shareholders.
Mulinge, a seasoned executive with a proven record at Safaricom, was no stranger to pressure.
But this wasn’t Kenya. This was Uganda. And she was stepping into some very big shoes, replacing Wim Vanhelleputte, the widely respected industry stalwart.
“There’s still a huge usage gap, but the coverage has been provided,” she said just a few months into the job.
“Is it an infrastructure issue? Is it a lack of understanding? If I’m a lady in a market selling tomatoes, what’s the relevance of the internet in my daily life?”
That question—raw, human, and unpretentious signaled something different.
Mulinge wasn’t just here to steer a telecom. She was here to bridge Uganda’s digital paradox.
A Storm, then a surge
Most CEOs spend their first year playing it safe. Not Sylvia. From day one, she read the room. MTN, she knew, had to become more than a network. It had to be indispensable.
While competitors hesitated, Mulinge doubled down on MTN’s relevance, affordability, and ruthless internal discipline.
The numbers equally tell a compelling story. MTN closed 2022 with UGX 2.27 trillion in service revenue, up 11.1% year-on-year.
Profit after tax? A remarkable UGX 406.1 billion, representing a 19.3% leap.
At a time when many were playing defence, MTN was very much on the offensive—expanding network coverage, onboarding millions of new users, and doubling down on fintech and digital services.
“I am particularly pleased with our performance this year, which is a demonstration of the resilience of our business model,” said Mulinge in her first results commentary as CEO.
Data, devices, and demand: The digital growth story
Perhaps the most resounding success of 2022 was data.
As Uganda’s digital appetite grew, MTN was well-prepared to feed it.
Data revenue soared by 24% to UGX 511.3 billion, powered by a 26.6% rise in active data users, who grew from 5.3 million to 6.7 million.
More Ugandans went online, streamed videos, attended Zoom meetings, and made payments—and they did so on MTN’s expanding 4G network.
Behind the scenes, MTN rolled out 475 new base stations, bringing the total to over 3,067 sites.
The result? A leap in 4G coverage from 62.7% to 79.9%, making fast internet more accessible to rural and urban communities alike.
But network upgrades weren’t the only catalyst. MTN aggressively pushed its device financing programme, making smartphones more affordable.
The result? Smartphone penetration across its network grew to 35%, up from 30.8% the year before.
MoMo on the move: Fintech fires on all cylinders
If data was the star, Fintech was the workhorse. MTN’s Mobile Money platform—MoMo—cemented its position as a cornerstone of Uganda’s digital economy.
In 2022, Fintech revenue jumped 24.9% to UGX 656.1 billion, fueled by a surge in digital transactions, payments, and remittances.
The numbers are staggering: MoMoPay merchant numbers tripled to 173,000. Platform transactions hit 2.6 billion, up 27.8%.
Total value of transactions rose to a mind-blowing UGX 92.3 trillion, a 39.8% year-on-year growth.
The Fintech strategy was a big promise. MTN’s advanced services—such as remittances, merchant payments, and bank interfaces— made 23.3% of total Fintech revenue, up from just 14.7% in 2021.
Interestingly, while the agent network held steady at 166,000, this was by design.
MTN embarked on an agent consolidation strategy, focusing on profitability and performance, rather than sheer numbers.
The voice comeback and other revenue levers
Voice—long the mainstay of telecom revenue—has been slowly yielding ground to data and Fintech.
In 2022, voice revenue declined slightly by 0.5%, though it still accounted for 44.2% of total service revenue.
But the year told two stories: In the first half, revenue dipped 4.9% as inflation ate into consumer spending.
In the second half, as the shilling stabilized and fuel prices calmed, voice usage bounced back 4.3%, thanks in part to better network quality and savvy Customer Value Management campaigns.
“We saw the voice business begin to rebound as macro pressures eased and our pricing and segmentation strategies took hold,” Mulinge noted.
MTN also saw growth in digital services, particularly among youth.
Revenues from gaming and video streaming spiked by 22% and 137.5% respectively, supported by the MTN Pulse platform targeting digital-savvy customers.
Profitability, cash flow, and shareholder value
MTN’s EBITDA rose 11.5% to UGX 1.18 trillion, with margin improving to 51.6%, well above its 50% target.
The telecom also squeezed value from its operations, saving UGX 33.7 billion through cost-cutting measures.
Capital expenditure or capex – excluding right-of-use assets – jumped 22.5% to UGX 331 billion, as the telecom fast-tracked its investment programme to hedge against supply chain risks.
Even with this, free cash flow increased by 7.7% to UGX 848.4 billion, reinforcing MTN’s strong liquidity and balance sheet discipline.
The year ended with a generous UGX 15.9 per share dividend, up 6.1%, rewarding shareholders for the company’s resilience and earnings growth.
Going green and staying compliant
Beyond profit, MTN also made strides in sustainability. Over 64% of its sites were powered by hydroelectricity, reducing carbon emissions by 4.4%.
In its offices and data centres, green solutions were adopted to minimize environmental impact.
In compliance and governance, MTN earned recognition as an Authorized Economic Operator (AEO) by URA—an elite tax-compliant status—and achieved ISO certification for Information Security Management, underscoring its commitment to protecting customer data.
Ambition 2025 and policy battles
Mulinge was fired up for the coming year but reamined “cautiously optimistic.”
The focus was still on executing its Ambition 2025 strategy—deepening digital inclusion, expanding Fintech, and investing in infrastructure.
On the policy front, the company lobbied for more spectrum to improve network speeds (700/800MHz and 2600MHz bands), lower smartphone taxes to increase accessibility and revisiting the mobile money withdrawal tax (0.5%) to encourage cashless adoption.
Ending the year with over 17.2 million mobile subscribers, 6.7 million active data users, and 11 million Fintech users, the company had already shown promise of re-shaping the future of digital and financial services in Uganda.
MTN in 2023: A bold digital march fueled by strategy, speed, and soul
If 2022 was a year of strategic groundwork, 2023 was the year MTN turned that foundation into a launchpad.
In a market still tiptoeing through post-pandemic uncertainty and economic pressures, MTN chose to surge forward—with purpose, pace, and precision.
“2023 was another significant year for MTN as we continued to implement our ambitious growth strategy,” Mulinge noted in a message to shareholders.
“We grew all our headline numbers and delivered a resilient performance amidst an evolving external environment.”
And grow they did—across every revenue line, every segment, and every key metric that matters.
A story of strong, broad-based growth
MTN’s total revenue reached UGX 2.67 trillion, up from UGX 2.29 trillion in 2022, marking a 16.7% year-on-year growth.
But it’s how that revenue was built that tells the whole story.
The largest contributor was voice revenue, which rose by 11.6% to UGX 1.12 trillion (up from UGX 1.00 trillion in 2022), driven by stronger voice traffic, improved customer bundles, and festive promotions that resonated with a broader and growing subscriber base, now at 19.5 million, up 13.3% year-on-year.
Interestingly, though, voice’s share of service revenue declined slightly to 42.5%, compared to 44.2% in 2022, as data and Fintech became increasingly dominant revenue engines.
Data revenue rose to UGX 621.98 billion, up from UGX 511.35 billion—a significant 21.6% increase.
The growth came from a 22.4% rise in active data subscribers, improved smartphone penetration (up to 39.1%), and a 50.8% spike in total data traffic.
MTN also expanded its fiber network by over 2,600 kilometers, bringing broadband connectivity to more homes and businesses, reinforcing its ambition to “own the home.”
Then came Fintech, the quiet powerhouse. Revenue from mobile money and related Fintech services reached UGX 771.64 billion, up 17.6% from UGX 656.12 billion the previous year.
This performance was anchored on solid growth across deposits, withdrawals, peer-to-peer transactions, and a recovering remittance market.
Though lending products faced some credit scoring challenges, the company still saw its ecosystem grow by 1.2 million users, processing UGX 133.2 trillion in transaction value – a staggering 44% jump from UGX 92.3 trillion in 2022.
Fintech’s share of service revenue edged up to 29.3%, slightly higher than the 29.0% recorded the previous year.
And the agent and merchant network exploded: merchant numbers grew by 68.7% to 292,000, while agents reached 170,000, collectively processing 3.4 billion transactions in 2023, up 30.8% from 2022.
Other service revenue, which includes inbound roaming data, SMS, and digital services, also saw notable growth, increasing by 22.7% to UGX 119 billion, up from UGX 96.95 billion.
For Fintech, Mulinge went beyond transfers, weaving an ecosystem: loans (MoMoAdvance), savings (MoKash), merchant payments (MoMoPay), and even launching “Market by MoMo,” an e-commerce bazaar, and “Tesadeals” for young hustlers.
The masterstroke? Successfully shepherding MoMo’s separation into a fully licensed subsidiary under the Bank of Uganda – a complex move, securing its future.
Netflix Strikes $82.7 Billion Deal to Take Over Warner Bros., Redefining the Global Entertainment LandscapeMeanwhile, Mulinge was laying tracks for the next generation. In 2023, Mulinge made history again, launching Uganda’s first commercial 5G service.
“5G is not just a buzzword. It’s the foundation for Uganda’s next wave of industrial growth,” she said, her vision clear.
4G coverage climbed relentlessly to 87.9%, and fibre optic cables snaked across the country, growing 47.2% in 2024 alone.
Connecting People: The heart of the matter
Mulinge never lost sight of the “market vendor” she pondered about on day one.
Bridging the digital divide became a crusade. The aggressive “Kabode” device financing programme put 1.6 million smartphones into new hands in 2023, pushing national smartphone penetration to 44.9% by 2024.
Investments poured into rural coverage, pushing 2G to 98.6% and 3G to 92.6% by 2023.
“We’re not just expanding infrastructure. We’re connecting more Ugandans—students, farmers, businesses—to the digital world. That’s impact,” she noted, grounding the tech in tangible human benefit.
Financial discipline with strong margins
MTN’s service revenue, which excludes device and SIM card sales, came in at UGX 2.63 trillion, up from UGX 2.27 trillion—a 16.1% growth.
This robust topline performance was matched by disciplined cost management and operational efficiency.
EBITDA (earnings before interest, taxes, depreciation, and amortization) grew to UGX 1.37 trillion, up 16.3%, while the EBITDA margin held steady at 51.4%, demonstrating MTN’s ability to manage costs even as inflation cooled from double digits in 2022 to a more manageable average of 5.5%.
Depreciation and amortization increased by 8.6%, reflecting the capital intensity of expanding a modern digital network.
Finance costs, on the other hand, grew by 22.9%, primarily due to growth in lease obligations as MTN ramped up site deployments.
However, with all debt denominated in local currency and a comfortable net debt-to-EBITDA ratio of 0.9x, MTN’s balance sheet remained healthy.
Bottom line? Profit after tax rose to UGX 493 billion, up from UGX 406 billion, representing a 21.4% increase, with PAT margin improving slightly to 18.5%.
Investing in a digital and sustainable future
In sustainability, MTN took major strides by reducing carbon emissions by 60.5%.
Over 92% of its sites were upgraded to run on solar and lithium-ion batteries, with 67% connected to the national grid, reducing reliance on diesel generators.
Gender equity was also in sharp focus. By October 2023, MTN had crossed the 50% female workforce threshold, with women making up 51% of the total workforce and 38% of senior management.
These gains reflected deliberate efforts to embed inclusion into MTN’s corporate DNA.
Through the MTN Foundation, the company invested UGX 4.4 billion in social impact initiatives—from education to health and entrepreneurship—directly impacting millions of Ugandans.
2024: A year that roared to life
If 2023 had been about Mulinge finding her footing, 2024 was the year MTN found its wings and soared.
The telecom didn’t just perform. It strategized, executed, and dominated—digitally, financially, and operationally.
At the break of the new year, many eyes were cautiously optimistic. Uganda’s economy was steadying itself. Inflation cooled to an average of 3.3%, down from 5.5% the previous year.
The shilling appreciated by 2.7%, offering a welcome breather for importers and investors alike.
It was the kind of quiet confidence MTN needed to unleash its full arsenal.
By the end of the year, MTN had raked in UGX 3.17 trillion in total revenue, a monumental 18.9% leap from UGX 2.67 trillion in 2023.
The heartbeat of this growth? Service revenue, which hit UGX 3.14 trillion, up by 19.5% year-on-year.
Voice still echoes—but It’s data and MoMo that roar
In a world increasingly going digital, voice still mattered. MTN’s voice revenue grew by 12.7%, totaling UGX 1.26 trillion.
With 2.6 million new subscribers added, bringing subscribers to 22 million, voice traffic grew by 18.8%.
But beneath the numbers was a subtle shift—the voice share of service revenue shrank from 42.5% in 2023 to 40.1% in 2024.
Why? Because MTN’s data and Fintech segments caught fire.
Data revenue surged by 30.5%, rising from UGX 622 billion to UGX 812 billion.
It wasn’t just about more people coming online—it was how they were doing it.
Smartphone penetration rose to 44.9%, up from 39.1%. MTN’s device financing programme and relentless investment in 4G and 5G infrastructure (which grew from 37 to 538 5G sites) drove a 49% surge in data traffic.
And then came MTN MoMo—the golden goose.
Fintech revenue surged 22.8% to UGX 947.5 billion, on the back of a 13.9% increase in active Fintech users to 13.8 million.
MoMo was no longer just a mobile wallet; it had become a cornerstone of Uganda’s financial system.
With over 4.3 billion transactions processed (up 26.6%) and a transaction value of UGX 158.6 trillion (up 19.9%), MoMo now contributed 30.1% of total service revenue.
And it wasn’t just about basic wallets. MTN’s advanced services, like banktech and digital payments, grew 39.1%, accounting for 28% of MoMo revenue.
Infrastructure: MTN’s quiet workhorse
Behind the dazzling numbers lay a mountain of investment.
MTN committed UGX 418 billion in capex (excluding leases) in 2024, extending fiber footprint by 47.2% to 17,774 km and broadening 4G coverage to 87.9% of the population.
And 5G? That futuristic buzzword turned practical utility, now reaching 15.3% of the population.
The results were tangible: MTN was crowned the fastest mobile network in Uganda and Africa’s top LTE performer at the 2024 Mobile World Congress in Barcelona.
This wasn’t just a PR win—it was validation of MTN’s ambition to lead Uganda’s digital transformation.
The profitability that speaks volumes.
Strong top-line growth met disciplined cost control to produce a financial symphony.
Operating expenses grew at 16.9%, slower than revenue, thanks to UGX 72.6 billion in cost efficiencies.
This disciplined execution drove EBITDA up 20.7% to UGX 1.66 trillion, with margins improving to 52.2%.
Profit after tax? UGX 641.5 billion, a 30.1% increase, pushing up earnings per share to UGX 28.7.
And the reward for shareholders? A final dividend of UGX 8.5 per share, culminating in a total dividend payout of UGX 506 billion, up from UGX 382.9 billion in 2023.
MoMo goes borderless and the future gets brighter
In the fourth quarter, MTN unveiled Market by MoMo, a digital marketplace linking Ugandan merchants to global buyers.
It was the clearest signal yet that MTN’s Fintech ambitions are borderless.
And in 2025, these ambitions take a sharp turn. MTN is structurally separating its MoMo business—transforming it into an independent financial services entity.
The goal? Greater speed, flexibility, and ability to attract third-party partnerships.
But the Fintech strategy is just one leg of a broader three-pronged future:
Consolidating voice leadership despite regulatory headwinds like a 44% cut in mobile termination rates.
Deepening data penetration through device financing, network densification, and home broadband expansion (where MTN doubled subscribers in 2024).
Building the most valuable digital platforms in Uganda, not just as a telecom, but as an enabler of livelihoods and innovation.
A corporate citizen with a conscience
In a year defined by profits, MTN didn’t forget its purpose. It invested UGX 4.6 billion through its foundation, reaching over 6,800 vulnerable youth through education, skills, and healthcare programmes.
It also responded to disasters, offering relief to over 200 families affected by the Kiteezi landfill landslide.
MTN also contributed UGX 1.3 trillion in direct and indirect taxes, making it one of Uganda’s top corporate taxpayers—and a pillar of national development.
The Sylvia Mulinge effect
There is a quiet power in Sylvia Mulinge’s leadership.
In just over two years, she’s shifted MTN from a legacy telecom to a digital-first juggernaut, navigating complex regulatory waters, guiding a successful secondary listing that took public shareholding to 20%, and securing UGX 370 billion in local syndicated debt—the largest in recent times.
That debt? Oversubscribed 1.6 times. Confidence in the MTN story is high—and growing.
2025: Another promising year
In the early months of 2025, the digital frontier in Uganda continues to expand — and at its helm, Mulinge, continues to steadily prove herself as one of Africa’s most effective telecom CEOs.
Two years into her tenure as MTN’s first female chief executive, Mulinge is steering the company into yet another period of record performance, technological reinvention, and financial discipline, despite a complex web of regulatory headwinds and macroeconomic uncertainty.
When MTN released its earnings for the quarter ended March 31, 2025, the headline figure was as bold as the strategy behind it: UGX 181 billion in profit after tax, up 20.6% from UGX 150 billion it posted during the same quarter in 2024.
MTN’s 2025 first-quarter results are not just numbers on a balance sheet — they are a reflection of Mulinge’s disciplined leadership, unwavering focus on customer experience, and relentless drive to digitise Uganda’s economy.
