MTN in 2024 delivered yet another solid year, cementing its place as Uganda’s most profitable and actively traded listed company. With double-digit revenue growth and record earnings, the telecom giant showcased operational strength and investor confidence. Yet, looming over this strong performance is a strategic pivot that has analysts sounding the alarm: the planned spin-off of its fintech arm—MoMo—could significantly alter the company’s growth trajectory and valuation dynamics. Fintech Fuelled, But For How Long? MTN Uganda’s total revenue surged by 18.87% to UGX 3.17 trillion ($857.49 million) in FY2024, up from UGX 2.67 trillion in FY2023. Of this, fintech services…
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Chipper Cash users across Africa have been left stranded after the popular fintech app suffered a major service disruption caused by a global cloud outage. The company confirmed the incident…
MTN Uganda has announced a profit after tax (PAT) of UGX 181 billion for the first quarter ended March 31, 2025, representing a 20.6% year-on-year increase from UGX 150 billion in Q1 2024. The result was underpinned by robust growth across its core service segments of voice, data and fintech, and saw the telco’s total service revenue rise to 13% year-on-year to UGX 841 billion from UGX 741 billion in the previous year within the period reported. This growth was also supported by disciplined cost management, which lifted the telco’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) by 13.7%…
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Housing Finance Bank (HFB) has partnered with Pesapal Uganda, a leading provider of digital payment and business solutions, in a strategic move aimed at enhancing payment experiences for both customers…
Maria Nakiganda, 26, has been a leader at so many levels. She has previously represented the School of Physical Science in the Students’ Guild at Makerere University. She is now…
Ugandans on average transacted UGX 159 trillion on MTN Mobile Money, which translated to UGX 435 billion per day for the 12 months to December 2024. Details contained in the…
By Brenda Mpoora Saving and Credit Cooperative Societies (SACCOs) are making a tremendous contribution in promoting a savings culture and driving financial inclusion to the last mile user in Uganda. A closer look at the 2023 FinScope report shows SACCOs had the highest growth of uptake in formal financial services from 5 percent to 14 percent. Since 2018, SACCOs grew much more in adoption against all financial services, with the proportion of Ugandans utilizing them for savings and credit more than doubling. Beyond the uptake, SACCOs have numerous needs ranging from technology, digital infrastructure, compliance and capital to scale. With…
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Uganda is embracing the digital age, and the fintech sector is growing rapidly, transforming how people access financial services. At the forefront of this change is MTN Mobile Money (U) Ltd (MTN MoMo), a leader in mobile financial services that is making it easier for Ugandans to engage with their finances. MTN MoMo offers a wide range of services, including a robust credit ecosystem that enhances financial access and supports economic growth across the country. Through partnerships with respected financial institutions like NCBA, KCB, PostBank Uganda, and Jumo, MTN MoMo has brought to the customers several innovative products—such as MoKash,…
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South African fintech start-up Omnisient has received a $7.5 million investment from Arise, a company that invests in African financial service providers and fintechs that advance financial inclusion. Founded in December 2019, Omnisient is a privacy-preserving data collaboration and insights platform that allows the owners and users of consumer data to collaborate to extract commercial insights without compromising consumer privacy. The technology provides a controlled, secure environment in which data can be analysed. Omnisient’s innovative approach to preserving privacy while enabling retailers, financial services and healthcare firms to collaborate on consumer intelligence has earned numerous accolades, including ‘winner for social…
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Following a spirited four and a half years as the Country General Manager of Interswitch in Uganda, Peter Kawumi has been elevated to the Regional Managing Director, East Africa. In that role, Peter will “assume responsibility for strategic, sustainable growth and consolidation of all our businesses and initiatives within East Africa,” according to an Interswitch Group statement on its LinkedIn page. Interswitch Group is Africa’s leading home-grown digital payments and e-commerce company. “Peter brings a wide range of experience in digital channel utilisation, customer acquisition, scaling plans in consumer services, developing and commercialising products and solutions. We believe the…
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