Kampala – MTN Uganda has reported a significant surge in mobile money transactions, reaching a record Ush 158.6 trillion in 2024, according to the company’s audited financial results. This marks a 19.1% increase from the previous year, underscoring the growing reliance on digital financial services across the country.
The total number of mobile money transactions also saw remarkable growth, surging by 26.6% to 4.3 billion transactions over the year. This expansion has contributed to a substantial increase in MTN Uganda’s fintech revenue, which rose by 22.8% to Ush 947.5 billion. The company attributes this impressive performance to strategic investments in digital financial services and the continued expansion of its mobile money platform.
“The growth in mobile money transactions is a clear indication of the increasing adoption of digital financial services in Uganda,” an MTN Uganda representative stated. “Our platform has become an essential tool for Ugandans, enabling them to conduct a wide range of financial activities conveniently and securely.”
Expansion and Innovation in Mobile Money Services
Beyond transaction volume, MTN Uganda has diversified its mobile money services by introducing advanced financial solutions, including payments and banktech services. These innovations have led to a 39.1% increase in revenue from advanced financial services. Additionally, the company expanded its merchant network by 19.6%, reaching 85,900 merchants, further reinforcing its role in Uganda’s digital commerce sector.
In an effort to support financial inclusion, MTN Uganda launched “Market by MoMo,” a digital commerce platform designed to connect local merchants with buyers. This initiative leverages the power of mobile money to drive economic growth and enhance digital trade.
Strong Financial Performance
MTN Uganda’s impressive growth in mobile money transactions has played a key role in its overall financial success. The company reported a 30.1% increase in profit after tax, reaching Ush 641.5 billion, while its service revenue grew by 19.5%. As a result of this strong performance, the company’s board has proposed a final dividend of Ush 8.5 per share.
Future Outlook
Looking ahead, MTN Uganda plans to further enhance its mobile money platform and expand its fintech services, reinforcing its commitment to driving Uganda’s digital transformation and financial inclusion. With continuous investments in innovation and customer-centric solutions, the company aims to maintain its position as a leader in the nation’s digital economy.