MTN Uganda recorded a robust performance in the first half of 2025, with data revenue surging 31.3% year-on-year to Ush 490.2 billion ($133.7 million). This sharp rise highlights the growing shift in customer preferences toward digital services. In contrast, voice revenue inched up by just 0.4%—a steep slowdown compared to the 15.1% growth recorded in H1 2024.
The results, detailed in the company’s financial report for the six months ending 30 June 2025, mirror a pattern already seen in larger markets such as Nigeria, where improvements in internet penetration and quality have driven greater reliance on data services while slowing the expansion of traditional voice offerings. In Uganda, internet penetration has more than doubled in recent years from 7.4% in 2020 to 15.3% in 2023 providing a strong foundation for data-driven revenue growth.
Fintech services also played a pivotal role in MTN Uganda’s performance. Revenue from this segment rose 18.6% to Ush 524.6 billion ($146 million), powered largely by continued adoption of the MTN MoMo platform. The platform processed 20.3% more transactions than in the same period last year, reaching 2.4 billion transactions in total. Transaction value jumped 28.7% to Ush 89.3 trillion (about $24.91 billion).
Together, booming data and fintech revenues lifted the company’s total revenue by 13.1%, from Ush 1.52 trillion ($424.08 million) in H1 2024 to Ush 1.72 trillion ($479.88 million) in H1 2025. Earnings before interest, tax, depreciation, and amortisation (EBITDA) climbed 17.8%, underscoring solid operational efficiency and supported by an expanding customer base, which grew to 22.8 million subscribers.
However, profitability was tempered by a significant tax burden. MTN Uganda remitted Ush 681 billion ($190.0 million) in taxes during the period, which weighed heavily on the bottom line. Even so, the company posted a profit after tax of Ush 266.9 billion ($74.46 million).
Sylvia Mulinge, the Chief Executive Officer of MTN Uganda, stated:
This outcome was achieved against a challenging operating context characterized by changes in mobile termination rate (MTR) regulations, which impacted our voice revenue, as well as the settlement of a tax liability, which had an adverse effect on our bottom line.
