Strong demand for data and fintech services has catapulted MTN Uganda to robust double-digit growth in 2025.
The telecom giant announced a 13.6% increase in overall revenue this morning, along with healthy dividend payouts that are sure to make investors smile all the way to the bank next month.
The Kampala-listed operator reported revenue of $970 million (Ush3.6 trillion) for the year ended December 2025, as Uganda’s rosy macroeconomic environment, marked by low inflation, a stable currency and rising foreign investment, provided fertile ground for digital and financial services growth.
The results make Uganda the third market in the MTN stable to publish earnings after MTN Nigeria and MTN Ghana, both of which recently released strong performances.
Investors are now watching closely ahead of MTN Group results due on Monday (March 16), which are expected to reflect the strong momentum from its key African markets.
At the heart of MTN Uganda’s growth story was surging demand for mobile internet and digital financial services.
Data revenue jumped 28.8% to $270 million (Ush1.0 trillion), supported by the addition of 1.8 million new active data users, bringing the total to 12 million. Smartphone penetration also rose to 42.8%, boosted by device financing programmes.
Fintech, largely driven by mobile money, also posted strong gains, with revenue climbing 17.3% to $285 million (Ush1.1 trillion), reflecting the rapid expansion of digital payments, lending and savings services on the platform.
“These results reflect our sustained commitment to customer centricity, supported by rigorous network investment and continued innovation in a rapidly evolving environment,” said Sylvia Mulinge, CEO of MTN Uganda.
The strong revenue performance translated into improved profitability, with EBITDA rising 17% to Ush1.9 trillion, pushing the margin to 53.8%, as the company benefited from disciplined cost management and efficiencies.
Mulinge stressed that Uganda’s improving macroeconomic conditions, including inflation averaging 3.6% and a strengthening Ugandan shilling, played a crucial role in boosting consumer spending and business confidence.
“We are encouraged by the favourable macroeconomic conditions characterised by low inflation and a stable currency, which supported business confidence and investment,” she said.
The board declared a final dividend of Ush8.25 per share, bringing the total dividend for the year to Ush28.75 per share, a 27% increase from the previous year. Payments are scheduled for April 30, following book closure on April 10.
Looking ahead, MTN Uganda expects continued growth as digital adoption deepens across the economy. The country’s central bank projects economic growth of between 6.5% and 7.0% in 2026, which the company believes will support rising demand for connectivity and financial services.
Mulinge assured that MTN will continue investing heavily in network expansion, fibre infrastructure and fintech innovation to maintain momentum.
“We remain confident in our strategy and the strength of our brand to deliver sustained value as we enter the next phase of growth,” she said.
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