MTN Uganda has officially announced a landmark proposal to structurally separate its mobile money and fintech operations from the core telecommunications business, a move set to redefine the company’s financial services footprint in Uganda and align to the Group’s Ambition 2025 strategy. The proposed transaction, to be tabled for shareholder approval during an Extraordinary General Meeting (EGM) on Wednesday, July 2, 2025, involves the amalgamation of MTN Mobile Money (U) Limited (MTN MoMo) into a newly created entity, MTN New FinCo, which will become the surviving company. Once complete, MTN MoMo will be deregistered from the companies register, and MTN…
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MTN is expected to complete the separation of its financial technology (Fintech) business from its listed company under MTN Uganda in the first half of this year. The separation, which MTN Group chief executive officer Ralph Mupita told Bloomberg is part of the requirements for a reorganization in preparation for a $200 million (UGX 732.2 billion) capital investment by Mastercard in the company’s Fintech business, is more advanced in Uganda and Ghana, but remains behind schedule in Nigeria due to a complex regulatory landscape that requires additional processes before the separation is finalised. In July last year, MTN Uganda, in…
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Northern Uganda’s economic landscape, driven largely by agriculture, has presented unique challenges and opportunities for financial inclusion. dfcu Bank has taken strategic steps to adapt its services and empower communities, with a special focus on women, youth, and rural populations. In this interview, Nancy Ocitti Acayo, dfcu’s Northern Regional Manager, discusses the bank’s efforts, challenges, and achievements in its quest to drive economic empowerment in the region. How has dfcu Bank adapted its services to meet the needs of residents in Northern Uganda? Agriculture is at the heart of Northern Uganda’s economy, so we’ve tailored products like agricultural loans with…
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Bank of Uganda recently released its annual report for 2022/2023. The report highlights the central bank’s performance in relation to its major obligation as the guardian of country’s economy. It also sheds light on the bank’s internal processes. Here are the 10 important take-aways from the report. 1. Economy grew by 5.3% beating projections Probably the best news from the report is that the economy remained resilient in the FY 2022/23. Preliminary estimates from Uganda Bureau of Statistics (UBOS) show that the economy grew by 5.3 percent in FY 2022/23 higher than the revised growth of 4.6 percent in FY…
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In 2022, Uganda received USD 1.3bn in remittances from its diaspora community according to a World Bank and KNOMAD report. This would account for about 4.5% of Uganda’s GDP and make Uganda the 8th biggest recipient of remittances below Sudan and DRC, but ahead of Mali and South Africa. In general, remittances to sub-Saharan Africa increased by 6.1% to USD 53bn in 2022 driven by several African countries dealing with food insecurity, supply chain disruptions, severe drought (Horn of Africa), floods (in Nigeria, Chad, Niger, Burkina Faso, Mali, and Cameroon), and high youth unemployment/underemployment rates (Uganda) that force people to…
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Mobile Money challenger startup, Wave, has been listed by the famed Silicon Valley accelerator program, Y Combinator in its inaugural Top Companies List by Revenue. The list was shedding light on the remarkable success stories within the Y Combinator community. With revenue being a key indicator of growth, this list recognizes the startups that have achieved significant net revenue throughout 2022. While specific revenue figures are kept confidential (most of the companies on the list are private companies so aren’t compelled by law to release their revenue), the collective achievements of these companies are nothing short of impressive, generating a…
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Ecobank Uganda has today announced that it has partnered with financial technology firm, MTN Mobile Money Uganda Limited (MTN MoMo) to enable mobile money traders, merchants, and consumers to access electronic cash commonly known as float at any of Ecobank’s branches and Digital solutions (Omni Lite and Omni Plus) countrywide. “We are delighted to partner with the largest and most subscribed financial technology company in Uganda, to ease access to mobile money float in our effort to enable our business and individual customers to #GoForMore. This partnership is in line with Ecobank’s strategic pillar of partnership to scale. At Ecobank,…
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Wave Mobile Money Uganda Limited, one of the latest entrants in the lucrative mobile money market, has laid off 300 staff, CEO East Africa Magazine can exclusively reveal. It is yet to be clear on which departments have been affected and who, but a statement from the company to this reporter confirmed the move, which is said to be aimed at right-sizing the business. “We have come to the hard decision to scale back our teams, narrow and sharpen our focus in Uganda to make sure we are fit for purpose,” read the statement. The company however insisted the move…
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Asiimwe Colin, until recently the Head of Marketing at Multichoice Uganda has been snapped up by digital money firm, Wave Mobile Money Uganda as its Marketing Lead, CEO East Africa Magazine can exclusively reveal. According to very close sources in the industry, as Marketing Lead, Colin, will be in charge of “market transformation, above the line marketing, digital communications, corporate affairs and below the Line marketing,” amongst others. Wave, which started from Senegal in West Africa, and is now in Cote D’Ivoire and Uganda amongst others, in October 2021, got a license got a Payment Service Provider from Bank of…
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Mobile Telecommunication Network-MTN Uganda has dismissed as unfeasible, talks of plans to make the National ID an identification requirement for anyone intending to withdraw cash from a Mobile Money agent.The company says the current level of digitization in the country is not yet at a stage where such a mass service would require an ID.Copies of a printed notice purportedly from MTN has been making rounds on social media claiming that starting February 1, anyone who intends to withdraw cash from a mobile money agent will have to present their National Id.MTN has denied having issued such a notice but…
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