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After a turbulent 2024 that saw MTN Rwanda plunge into a full-year loss, the company has staged a powerful turnaround under its new Chief Executive Officer, Ali Monzer. The former MTN Uganda Chief Technology & Information Officer, who took charge earlier this year, has not only stabilised the business but returned it to profitability, driven by a disciplined focus on fintech growth, operational efficiency, and digital inclusion. A veteran of the MTN Group, he had spent years building and optimizing networks across Africa and the Middle East. Before Rwanda, he served as Chief Technology Officer at MTN Uganda, where he…
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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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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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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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Starlink, a satellite internet service under American billionaire Elon Musk’s SpaceX company, has submitted an application to obtain a license from Uganda Communications Commission (UCC). The license will allow Starlink to begin offering internet services in Uganda. “Starlink has submitted their application and we will be giving our position on that,” Mr Nyombi Thembo, the UCC Executive Director, told the CEO East Africa Magazine in an exclusive interview yesterday at the sidelines of an Airtel event to launch an AI-powered spam alert service in Kampala. Starlink uses advanced satellites and user hardware in a low earth orbit to deliver high-speed…
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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…
Pay television platform – DStv – is losing at least UGX2.7 billion due to illegal reproduction of its exclusive content by third parties through internet live streaming. An investigation by Uganda Communications Commission (UCC), which followed a formal complaint by MultiChoice Uganda found that residential and commercial piracy had led to enormous financial bleeding with DStv, as one of the its affected platforms losing at least UGX 2.74 billion per year. DStv, a direct broadcast satellite television service, is owned by MultiChoice. The company also owns GOtv. Thus, UCC has instituted a multi-agency probe that is seeking to find…
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Uganda Communications Commission (UCC) has asked the standards agency to investigate the illegal importation of streaming devices that are being used on the local market to reproduce content that is exclusive to MultiChoice Uganda. In a 13th February letter to Uganda National Bureau Standards (UNBS), UCC noted that following a complaint from MultiChoice over the illegal streaming of its exclusive content aired on DStv, it had investigated and found evidence of several devices that are being used to bypass MultiChoice systems. In its complaint, Multichoice had told UCC that numerous entities in Uganda were importing, selling and utilizing illegal internet…
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South Africa’s MultiChoice Group, the parent company of DStv, has registered its worst financial performance in its history revealing a loss of ZAR 4.1 billion (USD 222 million) for the financial year that ended March 2024, after a loss of ZAR 2.9 billion (USD 157 million) in the previous financial year in March, 2023. The Group suffered a 9% decline in active subscribers mainly due to a 13% decline in the Rest of Africa business as mass-market customers in countries like Nigeria had to prioritise basic necessities over entertainment, while the South African business showed more resilience than other regions with…
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