In 2024, MTN Uganda delivered more than just record-breaking financial results—it delivered measurable national impact. With UGX 641.5 billion in net profit, UGX 1.3 trillion in total tax contributions, and UGX 418.0 billion invested in digital infrastructure, the company solidified its role as a powerhouse of inclusive economic growth in Uganda. MTN supported more than 1,323 direct jobs, empowered over 212,500 MoMo agents, facilitated UGX 158.6 trillion in mobile money transactions, and spent UGX 980.2 billion on local suppliers, including UGX 73.6 billion with women-owned businesses.
As Uganda’s largest taxpayer and one of its most influential private sector investors, MTN’s economic footprint spans from remote villages accessing 5G for the first time to SMEs receiving microloans through MoMo. In every corner of the country, MTN is not just connecting people—it’s stimulating commerce, driving digitisation, and enabling national development from the ground up.
Fueling the National Treasury: Over UGX 1.3 Trillion in Taxes
One of MTN Uganda’s most direct contributions to the economy is through taxation. In 2024, the company paid a total of UGX 1.3 trillion in taxes, representing a 14.9% increase from the previous year’s figure of UGX 1.1 trillion. This significant contribution makes MTN one of the top taxpayers in the country, directly supporting national expenditure on infrastructure, education, healthcare, and public services.
These taxes include corporate income tax, VAT, excise duty, PAYE, and sector-specific levies. The company also made additional statutory contributions of UGX 50.5 billion to the Uganda Communications Universal Service and Access Fund (UCUSAF)—a fund aimed at promoting equitable access to communication services in underserved and rural areas. Through its consistent tax compliance and large contributions, MTN serves as a critical financial pillar for the government’s service delivery efforts.
Creating Jobs and Building Human Capital
In 2024, MTN Uganda provided direct employment to 1,323 people, reinforcing its status as one of the country’s largest private employers. More than a headcount, these jobs reflect the company’s investment in human capital—offering competitive remuneration, health and wellness benefits, learning opportunities, and career development.
Among MTN’s staff, 48.4% are women, and 38% of MTN leadership is made up of women. The company’s employee value proposition, “Live Inspired,” focuses on agility, diversity, inclusion, and preparing its workforce for the future of work. A standout initiative in 2024 was the continued deployment of the MTN Learn platform, which enables staff to upskill and reskill through on-demand digital courses.
But the company’s employment impact goes far beyond its payroll. Through its 212,500 registered MoMo agents, 86,000 MoMo Pay merchants, contractors, distributors, and field service technicians, MTN indirectly supports hundreds of thousands of jobs across Uganda. These are not only jobs—they are livelihoods sustained by a growing digital ecosystem that the company is continuously expanding.
Empowering Local Enterprise Through Procurement
MTN’s economic impact is also visible in its extensive procurement activities. In 2024, the company spent a total of UGX 980.2 billion on local suppliers, representing a 21.8% increase over the previous year. This localised procurement strategy stimulates multiple sectors—from construction and logistics to IT and advertising—ensuring that MTN’s capital circulates within the national economy.
Crucially, UGX 73.6 billion of this spend went to women-owned businesses, highlighting MTN’s commitment to supplier diversity and inclusive economic participation. The company’s ambitious target to support 250 female suppliers by 2025 underscores its intent to drive structural transformation in the private sector, one procurement order at a time.
These supplier relationships create ripple effects—helping SMEs scale operations, formalise structures, and integrate into Uganda’s larger economic framework. For many small businesses, MTN’s procurement contracts are a lifeline and a launchpad.
Expanding Digital and Financial Infrastructure
In 2024, MTN Uganda invested UGX 418.0 billion in capital expenditure, with a focus on network expansion, fibre rollout, and digital platforms. This investment brought MTN’s fibre optic coverage to 17,774 kilometres, marking a 47.2% year-on-year increase. The expanded network infrastructure not only improves service quality but also unlocks opportunities for businesses and institutions that rely on digital connectivity.
The company’s mobile network coverage continued to extend its reach:
- 2G coverage rose to 98.9%,
- 3G to 94.6%,
- 4G to 87.9%,
- and 5G to 15.3%, up from just 0.3% the previous year.
In total, 1,093 new sites were deployed in 2024, many of them in rural and underserved areas. This continued investment in “last-mile connectivity” ensures that remote communities are not left behind in Uganda’s digital transformation.
Furthermore, MTN’s Bayobab Uganda subsidiary—launched in 2024—is reshaping the digital infrastructure landscape. As a neutral, fibre-focused business, Bayobab provides wholesale digital infrastructure on an open-access model. Its mission is to give telecommunications operators, hyperscalers, and tech firms more control and flexibility over their networks. This structural transformation enhances Uganda’s competitiveness in the regional digital economy.
Businessman Haruna Sentongo, A Brother to Billionaire Businessman Hamis Kiggundu, Ordered to Pay UGX 10.38 Bn to I&M Bank or Lose PropertyFintech for Inclusion: MoMo’s Expanding Role
One of MTN Uganda’s most transformative contributions to inclusive growth is through its fintech subsidiary, MTN MoMo. In 2024, the company registered a 22.8% growth in fintech revenue, reaching UGX 947.5 billion. The MoMo platform processed over 4.3 billion transactions, representing a total value of UGX 158.6 trillion, and grew its user base to 13.8 million active subscribers.
The impact of these numbers is immense. For many Ugandans, particularly those in rural areas, MoMo is their first and only access point to formal financial services. It enables users to save, borrow, send and receive money, pay school fees, access credit, and make utility payments with ease and safety.
In 2024 alone, MTN disbursed UGX 1.45 trillion in micro-loans through its MoMo platform in partnership with banks like NCBA, Postbank, KCB, and Jumo. This access to capital is helping SMEs, informal traders, and individuals build financial resilience and grow their ventures.
Additionally, MTN’s mobile money agents serve as financial access points, bringing banking services to within walking distance of 60% of Uganda’s adult population. Through this reach, MTN MoMo is supporting the goals of the National Financial Inclusion Strategy (2023–2028) and helping more Ugandans transition from a cash-based to a digital economy.
Stimulating Capital Markets and Broadening Ownership
In June 2024, MTN Uganda concluded a successful secondary share offer in fulfilment of the company’s commitment to achieving a 20% public float under its listing obligations on the Uganda Securities Exchange.
The secondary offer was 130% oversubscribed, reflecting strong investor confidence and cementing MTN’s place as one of the most widely held and traded companies on the local bourse. More significantly, the share offer deepened Uganda’s capital markets and expanded financial inclusion by giving everyday Ugandans an opportunity to own a piece of a high-performing company.
The broader shareholder base includes individuals, institutional investors, pension funds, and Saccos—representing over 2 million indirect beneficiaries of MTN’s financial success. This is how MTN is helping to democratise wealth creation and foster a savings and investment culture among Ugandans.
Partnering for National Development
MTN Uganda’s economic contribution also manifests through strategic partnerships with the government. In 2024, the company served as the exclusive telecommunications partner for Uganda’s first digital national population and household census, held in May. This partnership enabled the timely collection and transmission of data and showcased how private sector expertise can enhance public service delivery.
MTN also engaged with government institutions such as the National Start-up Technical Working Group to support Uganda’s digital entrepreneurship ecosystem. The company’s partnerships with ministries, regulators, and policymakers are guided by a mutual goal—to create a more connected, inclusive, and competitive Uganda.
A Partner in Progress
As Uganda targets an economic growth range of 6.4% to 7.0% in 2025, MTN Uganda stands as a reliable partner in progress. Its investments in connectivity, fintech, infrastructure, and people are not just building a stronger company—they are building a stronger nation.
From tax contributions that fund public services, to fibre cables that support startups, from digital loans that empower micro-entrepreneurs to mobile towers that connect rural schools, MTN Uganda’s economic footprint is everywhere.
It is a story of inclusive growth powered by purpose. And in 2024, MTN wrote its most impactful chapter yet.