JP Morgan

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…