MTN Uganda’s mobile money transactions hit Ush 158.6 trillion in 2024

MTN Uganda’s mobile money platform has cemented its position as a key pillar of the nation’s digital economy, processing a record Ush 158.6 trillion in transactions in 2024.

This marks a 19.1% increase from the previous year, reflecting the growing reliance on digital financial services across the country.

According to the company’s audited financial results, mobile money transactions surged by 26.6%, reaching 4.3 billion transactions in 2024. This growth has significantly boosted MTN Uganda’s fintech revenue, which rose by 22.8% to Ush 947.5 billion. The platform’s expansion and strategic investments in digital financial services have fueled this impressive performance.

“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.”

Beyond transaction volume, MTN Uganda has broadened its mobile money services by introducing advanced financial solutions, including payments and banktech services. This innovation has driven a 39.1% increase in revenue from advanced services. The company has also expanded its merchant network by 19.6%, reaching 85,900 merchants, further solidifying its role in Uganda’s digital commerce landscape.

To further support financial inclusion, MTN Uganda launched “Market by MoMo,” a digital commerce platform designed to connect local merchants with buyers. This initiative aims to harness the power of mobile money to drive economic growth and digital trade.

The remarkable growth in mobile money transactions has been a major contributor to MTN Uganda’s overall financial success. The company reported a 30.1% increase in profit after tax, reaching Ush 641.5 billion, while service revenue grew by 19.5%. In light of this strong performance, MTN Uganda’s board has proposed a final dividend of Ush 8.5 per share.

Looking ahead, MTN Uganda plans to enhance its mobile money platform and expand its fintech services, reinforcing its commitment to driving the country’s digital transformation and financial inclusion.