In a year marked by rapid changes in Uganda’s telecom and digital finance sectors, MTN Uganda’s 2025 half-year results reveal a narrative of resilience and calculated innovation, one that demonstrates how MTN is more than just part of the transformation but a key player shaping it.
From skyrocketing data usage to fintech innovations like virtual cards, MTN Uganda is redefining what it means to connect and empower Ugandans. But amidst the growth, there’s a tax twist and regulatory hurdles.
The Big Picture: A Snapshot of Momentum
This table isn’t just data; it’s proof of MTN Uganda’s dual-engine growth model: connectivity fuelling data, and fintech turning transactions into treasure.
Driving Up Revenue: The Data and Fintech Engines
What happens when Ugandans embrace the digital age? MTN Uganda’s service revenue tells the tale, climbing 13.3% year-on-year to a whopping USh 1.7 trillion.
Data: Uganda’s Online Wave in Full Swing
Picture this: more Ugandans streaming, scrolling, and sharing than ever before. Data revenue exploded by 31.3% to USh 490.2 billion, driven by a 23.4% jump in active data subscribers to 10.8 million. Traffic volumes? Up 42.6%.
MTN isn’t just capitalising on demand; they’re building the infrastructure. Their 4G coverage now reaches 88.2% of the population, while 5G hits 19%.
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It’s a smart bet on the future, ensuring seamless connectivity in a country where mobile internet is becoming an essential.
Fintech: MoMo’s Steady Rise
Revenue here grew 18.6% to USh 524.6 billion, with Mobile Money (MoMo) at the core. They processed 2.4 billion transactions valued at USh 89.3 trillion, a 28.7% increase in value that screams “digital economy boom”.
What’s exciting? Advanced services now account for 30% of MoMo revenue. Take the MoMo Virtual Card, launched in partnership with Mastercard; it’s opening doors to global e-commerce for Ugandans without traditional banking. This isn’t just money transfer; it’s financial inclusion on a higher scale.
Financial Fortitude: Wins, a Tax Hiccup, and Shareholder Perks
EBITDA? Up 17.8% to USh 924.2 billion, with margins expanding to 53.7%. Credit goes to tight cost management and a steady Ugandan economy, no small success in a volatile world.
But here’s the plot twist: profit after tax dipped 9.7% to USh 267.0 billion due to a one-off USh 110.9 billion tax settlement with the Uganda Revenue Authority.
Stemming from a transfer pricing audit, it’s a reminder of regulatory realities. Leave that out, and adjusted profit after tax increases to 27.8%, a truer reflection of operational prowess.
Shareholders aren’t left out. A first interim dividend of USh 10.0 per share (totalling USh 223.9 billion) is set for September 19, 2025.
Plus, they’ve greenlit the separation of MTN Mobile Money (U) Limited from the parent company. Pending regulatory approval, this could supercharge fintech growth by unlocking new investments and agility.
On the balance sheet front: net debt dropped 12.7% to USh 1.3 trillion, with leverage at a comfy 0.7x. Capex (excluding leases) hit USh 219.7 billion, mostly funnelled into network upgrades and expanding fibre to 18,510 km. It’s like MTN is laying digital highways across Uganda.
Voices from the Top: CEO Sylvia Mulinge’s Take
In her own words, Sylvia Mulinge, CEO of MTN Uganda, captures the essence:
“We remain confident in our growth potential and are committed to deepening penetration and usage of our services, ensuring customers enjoy the benefits of a modern connected life. Despite a challenging operating environment, we solidified our market leadership with robust growth in data and fintech, supported by prudent cost management and continued investment in network expansion.”
Her optimism isn’t just talk; it’s backed by a customer base now at 22.8 million, hungry for more digital tools.
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Road Ahead: Navigating Growth and Challenges
MTN Uganda isn’t sitting back and enjoying its success. They’re eyeing upper-teens service revenue growth, EBITDA margins over 50%, and capex intensity in the low teens.
Key initiatives include strengthening voice revenue post-termination rate changes, expanding home broadband, and launching products like Yinvesta (investment tools) and Cover by MoMo (insurance via mobile).
The next half? It’ll be a test of sustaining momentum amid regulations and competition. With a focus on “modern connected life”, MTN is positioning itself as Uganda’s digital lifeline, beyond calls and texts, into wallets and homes.
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Ronnie Paul is a seasoned writer and analyst with a prolific portfolio of over 1,000 published articles, specialising in fintech, cryptocurrency, climate change, and digital finance at Africa Digest News.
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