Kampala, Uganda | JULIUS BUSINGE | MTN Uganda has posted robust financial results for the first half of 2025, buoyed by surging demand for data and financial technology services as more Ugandans tap into the digital economy for communication, business, and daily transactions.
For the six months ending June 30, 2025, total revenue grew 13.3% year-on-year to Shs 1.7 trillion, with management attributing the growth to rising connectivity needs, greater adoption of digital payments, and sustained investment in network quality and customer experience.
Data services recorded the fastest growth, with revenue up 31.3% to Shs 490.2 billion. The number of active data subscribers jumped 23.4% to 10.8 million, reflecting wider internet penetration and increased usage of smartphones, video streaming, online education, and remote work tools.
Fintech income rose 18.6% to Shs 524.6 billion, as customers embraced mobile money and digital payments for personal and business transactions. MTN’s fintech user base grew 6% to 13.3 million, underscoring the central role of mobile money in Uganda’s evolving financial landscape.
Voice revenue, still a significant contributor, remained steady at Shs 629 billion, up 0.4% year-on-year.
“Our strong performance is anchored in the trust our customers place in MTN and our continued focus on enhancing the network, expanding access, and improving service quality,” said Sylvia Mulinge, chief executive officer of MTN Uganda.
“We are committed to driving inclusive growth through both connectivity and digital financial inclusion,” she added.
Customer growth
MTN’s total subscriber base increased 10.2% to 22.8 million. This expansion was supported by Shs 219.7 billion in capital expenditure during the half-year, which funded the deployment of 355 new sites to extend both 4G and 5G coverage.
As a result, 4G population coverage in Uganda improved from 87.8% at the end of 2024 to 88.2% by June 2025. Meanwhile, 5G coverage also expanded significantly, rising to 19% from 15.3% six months earlier. The company extended its fibre-optic network to boost capacity and support its growing home broadband services.
Earnings before interest, tax, depreciation, and amortization (EBITDA) rose 17.8% to Shs 924.2 billion, benefiting from operational efficiencies and the scale advantages of a larger customer base.
Tax settlement impacts profit
During the period, MTN Uganda contributed Shs 681 billion in taxes and concluded a one-off settlement with the Uganda Revenue Authority amounting to Shs 110.9 billion. This settlement reduced reported profit after tax by 9.7% to Shs 267 billion.
Excluding the tax settlement, underlying profit after tax grew strongly by 27.8% to Shs 377.9 billion, reflecting the strength of the core business.
The board declared an interim dividend of Shs 10.0 per share, amounting to Shs 223.8 billion, to be paid on September 19, 2025.
In line with its commitment to inclusive development, MTN Uganda continued to invest in community initiatives. Through its annual “21 Days of Y’ello Care” programme, the company partnered with four cultural kingdoms to support hospitals and schools, reaching more than 67,000 people.
Total corporate social responsibility (CSR) spending for the half-year stood at Shs 1.6 billion, targeting healthcare access, education, and digital literacy in underserved communities.
The outlook
MTN Uganda sees continued opportunities in expanding digital access and deepening financial inclusion. The company plans to maintain high investment in infrastructure to enhance network quality and extend broadband coverage to more rural areas.
“As digital adoption accelerates, we remain focused on innovation in both connectivity and financial technology to meet evolving customer needs,” Mulinge said.
Analysts note that MTN’s performance reflects broader economic shifts in Uganda, where data consumption and mobile money usage continue to outpace traditional voice services.
With a growing youth population, rising smartphone penetration and increased reliance on e-payments, MTN’s twin focus on data and fintech is expected to remain a key growth driver in the coming years.