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MTN Uganda’s Financial Performance: A Beacon of Growth in Fintech

This article covers:

• MTN Uganda’s profit increases by 24.4%

• Fintech user growth at 13.6%

• Strategic adaptations in a challenging macroeconomic environment

Q1 Unaudited Results Overview

In the rapidly evolving landscape of fintech, MTN Uganda has emerged as a notable success story. The company’s unaudited financial results for the first quarter of 2024 have captured the attention of industry observers, showcasing a robust 24.4% increase in profit. This performance is particularly impressive against the backdrop of a challenging macroeconomic environment, underscoring the effectiveness of MTN Uganda’s strategies and its resilience in the face of adversity.

While other telecom and fintech entities in the region, such as MTN Rwanda, have faced hurdles resulting in profit declines, MTN Uganda’s trajectory tells a different story. The company’s revenue surged by 19.5% to UGX 750.49 billion in the first three months ending March 2024, driven by solid growth across its voice, data, and fintech business units. This growth is a testament to the company’s ability to innovate and adapt in a rapidly changing market.

Fintech User Growth

One of the most compelling aspects of MTN Uganda’s Q1 performance is the 13.6% increase in active fintech users. This surge is indicative of the growing acceptance and integration of fintech services among Ugandans, bolstered by MTN’s strategic initiatives to enhance user engagement and trust. Campaigns aimed at reducing fraud incidences have notably contributed to this positive trend, with an 86% reduction in fraud incidences reported, thereby fostering a safer environment for mobile money transactions.

The increase in fintech users is not just a number; it represents a substantial shift in consumer behavior towards digital financial solutions. MTN Uganda’s ability to capitalize on this shift has been central to its growth, further positioning the company as a leading player in the East African fintech space.

Strategic Moves Amid Macroeconomic Pressures

MTN Uganda’s impressive Q1 performance can be attributed to a series of strategic moves that have allowed the company to navigate through macroeconomic pressures successfully. The company has sustained a positive trajectory across all business segments, a feat that CEO Sylvia Mulinge comments on, highlighting the company’s resilience amidst heightened key macroeconomic indicators. This includes a significant capital expenditure increase of 27.9% to UGX 122.0 billion, underscoring the company’s commitment to investing in its future growth.

Moreover, MTN Uganda’s strategic focus on growing its voice, data, and fintech revenues has paid off, with the company reporting strong double-digit growth in these areas. This focus not only reflects the company’s adaptability to consumer demands but also its foresight in leveraging emerging opportunities within the fintech sector.


MTN Uganda’s Q1 financial performance is a clear indicator of the potential within the fintech sector in emerging markets. The company’s robust profit growth, coupled with a significant increase in fintech users, outlines a bright future for MTN Uganda. Additionally, its strategic adaptations in response to macroeconomic pressures demonstrate a level of agility and forward-thinking that sets it apart from competitors.

As fintech continues to evolve, MTN Uganda’s journey offers valuable insights into the dynamics of growth, innovation, and resilience in the face of challenges. The company’s success story serves as an inspiring model for other players in the fintech space, highlighting the importance of customer-centric strategies, investment in technology, and the agility to adapt to changing market conditions.

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