MTN Uganda anticipates closing the financial year with good results in line with market guidance, driven by increased data consumption, sustained growth in mobile money services, and ongoing investment in network expansion, according to Chief Financial Officer Andrew Bugembe.
Mr. Bugembe’s remarks follow MTN Uganda’s recent recognition by the Uganda Revenue Authority for contributing over UGX 2.4 trillion in taxes over the past three years—the highest contribution by any private sector entity. He noted that this award underscores the company’s expanding scale as well as its commitment to transparency and national development.
Below are excerpts from the interview:
We are just a few weeks away from the close of the financial year. How would you describe MTN Uganda’s business performance so far and what have been the key drivers of growth in 2025?
2025 has been a strong year for MTN Uganda, characterised by solid commercial momentum and disciplined execution across the business. We continue to see robust demand for data services as more Ugandans adopt digital lifestyles, driven by smartphone penetration, 4G expansion, and stronger network resilience. Fintech remains a major growth engine, with MTN MoMo deepening its role in the lives of Ugandans, boosting everyday transactions, enterprise payments and government collections, in line with Uganda’s broader digitisation agenda.
Our performance has also been supported by sustained investments in network coverage and capacity. This year alone, we expanded 4G across more sites, rolled out additional fibre, and enhanced rural connectivity ensuring reliable, secure, and high-quality services for our customers. At the same time, we maintained tight cost discipline to protect margins while enabling long-term strategic investments, driving shareholder value. So overall, MTN Uganda remains well-positioned to close the financial year with resilient results and strong operational fundamentals.
MTN Uganda was recently recognised by the Uganda Revenue Authority with the Highest Revenue Contribution Excel Award after contributing over UGX 2.4 trillion in the last three years. What does this award mean for MTN Uganda?
We are greatly honoured by this recognition from URA. The award is a clear affirmation of MTN Uganda’s commitment to being a compliant, transparent and responsible corporate citizen. Over the last three years, our tax contribution of more than UGX 2.4 trillion reflects not just the scale of our business, but our deep-rooted belief that responsible taxation is essential to national development.
It also strengthens the trust and collaboration we have with government institutions and regulators. For our investors, both local and international, this recognition signals strong financial integrity and reinforces confidence in MTN Uganda’s stability. Fundamentally, the award underscores our resolve to drive Uganda’s progress, supporting national priorities and contributing meaningfully to the economy.
Corporate governance is central to MTN Uganda’s operations. How does the company ensure transparency, accountability and compliance in its financial practices?
Strong governance is at the heart of MTN Uganda’s operations. We operate under a clear Board structure with independent oversight through the Audit, Risk, and Compliance committees. These structures ensure that we adhere to the highest standards of accountability and ethical conduct.
Our financial reporting is guided by International Financial Reporting Standards, complemented by rigorous internal controls, independent external audits, and continuous risk assessments. Intragroup transactions are conducted strictly at arm’s length and fully aligned with transfer-pricing regulations.
Equally important is our commitment to proactive stakeholder engagement. We ensure timely, accurate and transparent disclosures to shareholders, regulators and the public. As part of MTN’s Ambition 2025, we continue to modernise our financial systems, enhance automation, digitisation and strengthen data governance so that our financial integrity remains beyond compromise.
Beyond government revenue, how do MTN Uganda’s tax contributions and financial practices benefit communities and other stakeholders?
MTN’s contribution to Uganda extends well beyond tax revenue. Taxes fund essential national services, security, roads, health care and education among others, which directly benefit the communities we serve. Our financial stability enables us to sustain large-scale network investments, including expanding connectivity to underserved areas and enhancing digital inclusion in line with the National Development Plan IV.
Thousands of Ugandans benefit through our partnerships with local suppliers, agent networks, SMEs and distributors; creating jobs and supporting enterprise growth. Through the MTN Foundation, we invest in digital skilling, education, health and youth empowerment initiatives such as the MTN ACE, Changemakers, PachiPanda among others. All these efforts solidify our role as a long-term development partner to Uganda.
What are MTN Uganda’s plans to sustain financial transparency, strengthen governance, and support Uganda’s development priorities?
Looking ahead, we will continue to prioritise strong governance and financial transparency. We are upgrading our financial systems and controls, enhancing automation, digitisation and building deeper analytics to strengthen oversight. We will maintain strict compliance across all areas of the business and uphold the highest standards of reporting and disclosure.
On the commercial front, we will continue investing in digital innovation, MoMo growth, high-speed connectivity and rural coverage to ensure more Ugandans participate in the digital economy. Our strategy remains closely aligned with national priorities under NDP IV; particularly digital transformation, financial inclusion and youth empowerment.
Ultimately, we believe that everyone deserves a modern connected life, and so our goal is to create long-term value for customers, communities, shareholders and the country. MTN Uganda is committed to supporting Uganda’s socio-economic progress while sustaining a resilient, transparent and future-ready business.
