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Uganda’s millionaire class is quietly expanding. The country added 100 new dollar millionaires in the 12 months leading up to June 2025. The addition brings the total number of individuals with over $1 million in investable assets to 1,600, according to the Africa Wealth Report 2025 by Henley & Partners. This marks a steady growth from 1,500 in 2022 and a significant jump from 940 in 2021, when the country saw its sharpest increase in wealth despite grappling with the aftermath of the Covid-19 pandemic. Uganda’s dollar millionaire population grew by 45% in 2022 alone, adding 560 individuals in a…
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Uganda’s biggest Fintech, MTN Mobile Money (MoMo), is moving out of the family home. Long treated as just another product line within the telecom’s machinery, MoMo is being carved out into a separate corporate entity—MTN New FinCo—with ambitions to scale faster, partner globally, and perhaps one day join Africa’s elusive unicorn club. It’s a shift more than a decade in the making. Launched in 2009, MoMo lived for years as a revenue-generating cog inside MTN Uganda’s telecom engine. Its financials were buried within a blended mix of voice, data, and airtime earnings. Even after the 2021 National Payment Systems Act…
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In the Ugandan business world, a few people epitomize Warren Buffett’s timeless advice like Charles Mbire, a quietly dominant billionaire, cofounder and Board Chairman of MTN Uganda. In 2024 alone,…
Ugandan business leaders have expressed unequivocal support for the East African Crude Oil Pipeline (EACOP), a project they say will guarantee Uganda’s energy security as well as improve the livelihoods of Ugandans. In a joint statement to the Conference of the Parties (COP) 27, the business leaders said: “As Ugandan private business leaders, we register our support to the Lake Albert Oil & Gas Development project which will secure the supply of Petroleum Products to our domestic market, with the construction of a refinery and the commercialization of Liquefied Petroleum Gas (LPG). The remaining products will be evacuated to the…
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At just 200, Ugandans can own a part of MTN Uganda. While speaking today morning in Kampala, MTN Uganda CEO Wim Vanhellepute said the MTN IPO is officially open and the offer is open for the next six weeks during which anyone interested can apply for their share of the company. “Today, the MTN Uganda shareholder MTN South Africa is offering the general public 20% of its shares at the value of UGX200 per share. In total, MTN will sell Four and a half billion of its shares at the value of UGX 200 per share. The total number of…
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Yesterday, MTN Uganda announced intention to proceed with an initial public offer (IPO) and subsequently list on the Uganda Securities Exchange (USE). The move follows the requisite approval by the Capital Markets Authority and Uganda Securities Exchange for MTN Group to sell 20% of its shareholding in MTN Uganda to the public. MTN Group owns 96% of MTN Uganda. “The listing is in line with the Group’s strategic priority to create shared value, partly through ensuring broad-based ownership in its operating subsidiaries. It is also in line with the provisions of MTN Uganda’s NTO licence, which require its listing by…
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