KAMPALA – MTN Uganda’s mobile money platform has emerged as a powerhouse of the nation’s digital economy, processing a staggering Ush 158.6 trillion in transactions during 2024. This surge in mobile money activity has been a crucial driver of the company’s record-breaking performance, contributing significantly to its overall financial success.
The audited financial results released by MTN Uganda reveal that the company’s fintech division, powered by its mobile money service, has experienced substantial growth. The Ush 158.6 trillion transaction volume represents a 19.1% increase compared to the previous year, highlighting the growing reliance on digital financial services in Uganda.
This impressive figure is underpinned by a 26.6% increase in the number of mobile money transactions, reaching 4.3 billion in 2024. This surge in volume and value demonstrates the platform’s pivotal role in facilitating everyday financial activities for millions of Ugandans.
The growth in mobile money transactions has directly contributed to the overall growth of MTN Uganda’s fintech revenue, which climbed by 22.8% to Ush 947.5 billion. This robust performance is a testament to the company’s strategic investments in enhancing its mobile money platform and expanding its reach.
“The growth in mobile money transactions is a clear indication of the increasing adoption of digital financial services in Uganda,” stated a company representative. “Our platform has become an essential tool for Ugandans, enabling them to conduct a wide range of financial activities conveniently and securely.”
Beyond the sheer volume of transactions, MTN Uganda has also focused on expanding the functionality of its mobile money platform. The company has introduced advanced services, including payments and banktech solutions, which have contributed to a 39.1% increase in advanced services revenue.
Furthermore, MTN Uganda has refined its merchant network, resulting in a 19.6% growth to 85.9k merchants. This expansion has been supported by strategic investments in regional acquisition and merchant quality management, further solidifying the platform’s position as a key player in Uganda’s digital commerce landscape.
The company’s commitment to enhancing its mobile money platform is also reflected in the launch of “Market by MoMo,” a digital commerce platform designed to connect local merchants with buyers. This initiative aims to further leverage the power of mobile money to drive economic growth and financial inclusion.
The significant growth in mobile money transactions has played a crucial role in MTN Uganda’s overall financial success. The company reported a 30.1% increase in profit after tax, reaching Ush 641.5 billion, and a 19.5% increase in service revenue.
MTN Uganda’s board of directors has proposed a final dividend of Ush 8.5 per share, reflecting the company’s strong financial performance. As the company looks ahead, it plans to further enhance its mobile money platform and expand its fintech services, contributing to the continued growth of Uganda’s digital economy.
