How do you rate Uganda’s performance with MTN’s continental portfolio, both in digital adoption but also returns, compared to other African markets? Yes, as MTN, we are operating in 16 markets, of which Uganda is one of our key markets. In fact, Uganda was the second market that MTN went into in its international expansion. We started in South Africa, we went into Rwanda and quickly moved to Uganda. So, MTN Uganda has been a big part of the MTN family all this time. Uganda, in many respects, is the model operation. The macroeconomic environment has been pretty stable, the…
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At the 2025 Fintechs Annual Gathering in Kampala, Sitoyo Lopokoiyit, the M-PESA Africa managing director, delivered one of the event’s most compelling keynotes, part warning, part vision, and wholly inspiring….
At least UGX 88.1 billion remains unclaimed in closed mobile money and other e-money accounts, a Bank of Uganda report shows. The money, which is currently held Bank of Uganda (BoU), has been accumulating for over four years since the central bank took over the regulation of mobile money and e-money service providers. Details contained in the Bank of Uganda 2024/25 Integrated Annual Report indicate that during the 12 months to June 30, 2025, mobile money and e-money providers transferred UGX 10.8 billion in closed-account balances to the central bank for safekeeping. However, the report notes that by the reporting…
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Behind every billion-shilling leap in revenue, every surge in subscriber numbers, and every bold Fintech innovation at MTN Uganda is more than just strategy—it’s a story of people. A story of a sharp, diverse, and execution-driven leadership team that has turned ambition into action and growth into dominance. This is the powerhouse behind the performance. This is The Yellow Machine. MTN Uganda has long been a dominant force in the country’s telecom sector, but over the past two years, the company has entered a new era of accelerated and multidimensional growth, powered by a dynamic Executive Committee and the transformative…
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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…
Ahead of the fintech’s 3rd anniversary, CEO East Africa Magazine’s Executive Editor, Muhereza Kyamutetera, spoke to Richard Yego as well as Jemima Kariuki-Njuguna, the Chief Product Officer; Stephen Mutana, the Chief of Strategy and Stakeholder Management, Sarah Bateta Okwi the Chief Financial Officer and Alex Wekoye, the Chief Commercial Officer, about the unstoppable omnipresent platform of platforms that MTN MoMo is becoming. As mentioned above, 2023 marks the second full year of MTN MoMo’s existence as a standalone fintech as well as two years since you joined the company as its first substantive CEO. Can you share an overview of…
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“I don’t think we have dug into the space of bankers or the space of banking. We have just discovered a need that is not being met by conventional banks,” he says. “If you look at the model of most banks, they thrive on high-margin, low volume of customers/transactions model. That is their model. Their prices are huge, and their branches are not many. For mobile money, it is quite different. It is a large volume of customers and very small margins,” he further explains. “We are bringing financial services to those who are excluded or those who are disadvantaged….
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Uganda Securities Exchange’s (USE) Securities Depository USE SCD has today launched a digital Securities Central Depository (SCD) account opening platform in partnership with MTN Mobile Money in a bid to further democratize Uganda’s stock market. The innovation is the first of its kind in Uganda and is envisaged to simplify the process of opening an SCD account, which is a requirement for individual investors to participate in the securities market. While launching the digitalised SCD account opening service in a joint press conference between USE and MTN Mobile Money at the Kampala Serena Hotel today, Paul Bwiso, the Chief…
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MTN Group Ltd. values its mobile money arm at about US$5 billion (UGX18 trillion) and will consider a listing of the division, joining African wireless carriers trying to monetize a service that is particularly popular on the continent. The move comes after Mastercard Inc. and TPG Holdings LP invested $300 million in Airtel Africa Plc’s mobile-money business at a $2.65 billion value. “With similar valuations to that of Airtel, our valuation would sit at 75 billion rand, or about $5 billion,” said MTN Chief Executive Officer Ralph Mupita. “No decision has been made as yet, but listing will be an…
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MTN Uganda has introduced Mobile Money person to person transactions within the ayoba App, a feature that will enable customers to send money to each other in-app, while chatting, without having to log out of the app in order to send money. In July this year, MTN Uganda in partnership with SIMFY AFRICA, launched ayoba, with a core aim of enabling their customers to access more affordable communication. Ayoba is an instant messaging app that is currently available to Android devices with the iOS version set to be rolled out soon. Talking about the new features on the App, Susan…
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