MTN Group chief executive Ralph Mupita has hailed Uganda as the company’s “model operation” and confirmed that it is now MTN’s second-biggest fintech market in Africa, second only to Ghana, and well ahead of Nigeria in meaningful contribution to the Group’s digital-financial services business.
Speaking to CEO East Africa Magazine’s Paul Murungi in Johannesburg, South Africa, on the sidelines of the B20 Summit, the official G20 platform for global business engagement, Mupita said Uganda’s macroeconomic stability, regulatory certainty, and forward-looking digital adoption have made the country one of MTN’s most reliable sources of fintech growth.
“Uganda in many respects is the model operation,” he said. “The macroeconomic environment has been pretty stable, the currency, inflation, all very well managed, which creates the opportunity to sustain investment over time.”
He noted that MTN Uganda was one of the operator’s earliest international markets after Rwanda and has maintained strong performance across connectivity and digital financial services over two decades.
“When we look over a long period of time, MTN Uganda has driven stellar performance… a very strong connectivity business… Then we have a very strong mobile money fintech business that is our second biggest across all our markets.”
Why Uganda Works
As Mupita explained, Uganda’s fintech strength is anchored in three structural foundations. A stable macroeconomic environment gives MTN predictable capital allocation cycles.
A strong, expanding connectivity business resulting in higher smartphone penetration and increased data feeds directly into digital-financial adoption. And a constructive relationship with regulators allows MTN to integrate more advanced fintech solutions without disruption.
“Uganda has been a really strong business for us as MTN over the last 25 years,” Mupita said.
He added that the regulatory climate allows MTN to “engage with the regulators in a very sensible and constructive way,” which is essential for fintech innovation.
On the question of whether fintech might merge with traditional banking, Mupita is cautious. “I’m not so sure that we’re going to see the integration,” he said. “There is a deep need for further financial inclusion in Africa… and there’s enough space there for traditional banks and fintechs or a combination of both to participate. It’s not an or, it’s an and.”
Uganda demonstrates this blended model, where telecom-led fintech handles scale and distribution while banks support credit, savings and regulatory capital.
Early this year, MTN Uganda earned significant recognition from the MTN Group, winning multiple continental awards that underscored its leadership, operational excellence, and community impact.
The company clinched the Regional Award and the Platform Business Award at the 2025 21 Days of Y’elloCare Awards for its standout work in digital inclusion and grassroots empowerment under the theme “Connecting at the Roots.”
MTN Uganda also won the prestigious Million Dollar Award for Best OpCo of the Year and the Group President and CEO Award for the remarkable results of its 2024 30 Days of Y’elloCare employee volunteer program.
Adding to this strong performance, CEO Sylvia Mulinge was named MTN Group CEO of the Year across all 20 markets—cementing MTN Uganda’s position as one of the Group’s best-run operations and a consistent driver of impact and innovation.
Competitive performance
MTN Group’s 2024 financial report explains the praise for Uganda’s performance. The operation posted 19.6 per cent service-revenue growth, lifting total revenue to R15.5 billion (USD 896 million). Data revenue grew 30.6 per cent, supported by a sharp rise in smartphone penetration from 39.1 to 44.9 per cent.
Meanwhile, fintech revenue rose 22.8 per cent, bringing Uganda’s digital-and-fintech revenue line to R4.67 billion (USD 270 million), or 30.2 per cent of the entire business—one of the deepest fintech contributions in MTN’s global footprint.
MTN Uganda processed 4.3 billion mobile money transactions during the year, an increase of 26.6 per cent, while total transaction value climbed to USD 44 billion, almost equivalent to the size of the country’s GDP.
Advanced fintech services—including payments, merchant solutions and BankTech—continue to strengthen Uganda’s overall fintech revenue mix.
The fintech momentum carried into the first half of 2025, where MTN Uganda saw transaction volumes reach 2.4 billion, growing 20 per cent year-on-year, while transaction values surged 43.9 per cent.
For MTN, Uganda is not just growing; it is performing with a margin profile unmatched by most of the Group’s larger, more volatile markets.
Ghana tops the fintech table, but Uganda is the most consistent engine.
Although Uganda is MTN’s second-largest fintech market, Ghana remains the largest and fastest-growing, delivering the Group’s strongest fintech acceleration for the second consecutive year.
MTN Ghana recorded R22.6 billion (USD 1.306 billion) in total revenue in FY24, of which R6.12 billion (USD 354 million) came from digital and fintech services, making it the biggest fintech revenue generator in the Group by absolute value.
Ghana’s fintech revenue grew 47.5 per cent in FY24, more than double Uganda’s pace. The growth reflects Ghana’s highly urban, digitally networked merchant economy and the penetration of digital lending and payment solutions.
Ghana’s fintech expansion saw its active MoMo subscriber base rise to 17.7 million, one of the highest mobile-money user counts in Africa.
But Ghana’s performance sits atop a shaky macroeconomic base. Inflation averaged above 20 per cent in 2024, and currency pressures remain elevated. A significant portion of Ghana’s fintech revenue reflects this inflationary environment and periodic currency devaluation, which inflates nominal revenue.
MTN Ghana’s strong EBITDA margin of 56.7 per cent shows the strength of the business model, but the operation faces far more economic volatility than its East African counterpart.
Uganda, by contrast, is expanding fintech on a macro base characterised by 3.3 per cent inflation in 2024, a stable shilling and predictable regulation.
As a result, Uganda’s fintech revenue reflects pure organic transaction growth, not inflation-adjusted nominal increases. Ghana leads in speed; Uganda leads in clarity, stability and return predictability.
Nigeria, MTN’s biggest market by subscriber and service revenue base, illustrates a very different fintech trajectory.
The operation reported R41.0 billion (USD 2.370 billion) in total revenue in FY24, but fintech contributed only R2.18 billion (USD 126 million)—just 5.3 per cent of MTN Nigeria’s P&L.
While fintech revenue grew 21.6 per cent in 2024, MTN Nigeria underwent a major cleanup of dormant and inactive MoMo wallets, resulting in a 46.6 per cent drop in active wallets.
Transaction volumes still grew 4.3 per cent, demonstrating the resilience of basic financial-transaction demand, but Nigeria’s fintech ecosystem remains in early-stage rebuild mode.
The contrast is stark. Nigeria brings unmatched scale, with over 77 million subscribers and a massive addressable market, but its fintech business still lacks the structural stability and depth of adoption seen in Ghana and Uganda.
Tribunal Backs URA in UGX 10.2 Billion Century Bottling Tax FightTaken together, the three markets illustrate MTN’s multi-speed fintech strategy. Ghana is the Group’s largest and fastest-expanding fintech engine, Uganda is the most efficient and margin-rich fintech operator, and Nigeria represents the largest long-term growth runway, albeit with high volatility.
In terms of growth, Ghana’s numbers are partially inflation-driven; Nigeria’s reflects regulatory resets; Uganda’s revenue expansion flows almost purely from transaction growth, digital adoption and network affordability.
MTN Group Q3 performance
MTN Group’s Q3 2025 performance shows a company increasingly defined by its fintech ambitions.
Over the nine months to September, MTN processed USD 342.3 billion in fintech transactions, underscoring how essential mobile money, digital payments, lending, and insurance have become across Africa.
But beyond the headline figure, the real story lies in the financial performance of MTN’s major markets, including Nigeria, Ghana, Uganda and South Africa. The numbers tell a story of renewed growth, disciplined execution and rising digital adoption.
Nigeria delivered MTN’s most dramatic turnaround. Service revenue climbed from USD 1.73 billion to USD 2.54 billion, representing 57.1% growth in constant currency. The country’s EBITDA more than doubled from USD 630 million to USD 1.31 billion, an extraordinary 121.8%.
Fintech was a highlight. Revenue in the segment grew 72.3%, boosted by soaring customer deposits up 80.5% since December 2024 and strong adoption of digital wallets, which reached 2.9 million active accounts.
Nigeria’s financial health also improved dramatically: the operation restored positive retained earnings, returned to a positive equity position and resumed dividend payments.
Ghana delivered consistently strong performance across all segments. Service revenue rose from USD 960 million to USD 1.44 billion, driven by heavy data consumption, subscriber growth and the expanding reach of MoMo.
Fintech revenue grew 36.8%, with a major drive from advanced services, including merchant payments and microloans. Ghana now has 17.7 million active MoMo users, reflecting its status as one of Africa’s most mature fintech markets.
Ghana’s market, now with a total subscriber base of 30.5 million, continues to demonstrate how deeply mobile money can be embedded into a national economy.
Uganda continues to deliver one of MTN’s most balanced and resilient performances with even stronger fintech momentum anchored by growing MoMo usage and rising digital transaction intensity.
MTN Uganda’s service revenue increased from USD 650 million to USD 760 million year-on-year, supported by data revenue growth of 30.2% and an expanding customer base.
But the standout performer was fintech, which registered significant new gains this year.
Fintech revenue rose to UGX 948 billion, representing a 23% year-on-year increase. This translates to USD 259 million at the current exchange rate.
Subscriber growth within fintech followed the same upward trajectory. MTN Uganda’s fintech subscriber base increased to 13.8 million, marking a major uplift in financial service adoption across the country.
Additionally, in Q3, MTN Uganda recorded 14.3 million cumulative MoMo subscribers, which is an 8% increase, contributing strongly to the company’s total base of 23.5 million customers.
Transaction activity also surged. Total MoMo transaction volumes rose to 3.6 billion, while the corresponding transaction value reached UGX 141 trillion, equivalent to USD 38.5 billion.
This expansion in transaction value underscores MoMo’s central role in Uganda’s day-to-day financial flows.
Operational performance strengthened accordingly. Uganda’s EBITDA increased from USD 339 million to USD 414 million, with margins improving to 53.8%, demonstrating the market’s strong operating leverage and efficient commercial execution.
South Africa grew service revenue modestly from US$1.85 billion to US$1.89 billion, a 2% increase that reflects a resilient performance in a highly competitive mobile environment. Data revenue rose 5%, driven by a 24.7% spike in traffic, while postpaid remained a strong anchor.
Fintech revenue, however, declined 5.1%, mainly due to weaker Xtratime and lower prepaid recharges. EBITDA fell to US$787 million, though margins remained healthy at 35.9%, reinforcing South Africa’s position as a stable cash generator for the Group.
How MTN verticals are driving the growth story
MTN Group’s fintech push rests on four verticals, including Payments & E-commerce, BankTech, Remittances and InsurTech.
Payments and merchant services continue to expand, with merchant payment value rising 19.5 per cent to USD 15.8 billion. MTN’s growing partnership with Mastercard, now with 309,000 virtual cards issued across Côte d’Ivoire, Uganda and Rwanda, is further expanding the payments ecosystem.
BankTech is one of the biggest growth engines. Total loans disbursed rose 68.6 per cent to USD 2.2 billion, driven mainly by strong uptake in Uganda and Ghana and new product launches in markets such as Benin, Rwanda and Zambia.
Remittances grew 5.8 per cent to USD 3.4 billion, even though Ghana’s inflows slowed as users shifted to alternative channels. The rest of MTN’s markets, however, recorded strong remittance value thanks to deeper integration with global money transfer operators.
InsurTech, though still small, is picking up pace. Active aYo policies rose 27.7 per cent across Ghana, Uganda and South Africa. MTN is steadily pushing insurance as a value-added component of its broader financial ecosystem.
Across its footprint, MTN handled 16.9 billion transactions, a 13.9 per cent rise from last year. Its agent network expanded to 1.3 million, while merchants grew to 2.1 million.
The company is also shifting its strategy: it’s now less focused on sheer transaction volume and more on deepening value through credit, merchant payments, insurance, savings and cross-border remittances.
These services generate higher margins and build stronger customer loyalty.
MTN’s performance shows a fintech business that is no longer experimental but central to the company’s identity and future.
With more than USD 342 billion moving across its platforms in just nine months, MTN is evolving into one of Africa’s most influential financial technology players.
The structural separation of the group’s fintech units in Ghana and Uganda, combined with the scaling of Nigeria’s MoMo Payment Service Bank, signals that MTN is gearing up for even bigger ambitions: attracting new investment, accelerating platform innovation and competing head-on with Africa’s biggest financial institutions and fintech disruptors.
