The National Social Security Fund (NSSF) has seen the value of its investment in MTN Uganda exceed UGX 1 trillion, thanks to a steady increase in the telecom company’s share price on the Uganda Securities Exchange (USE).

MTN Uganda shares have climbed from about UGX 312 in late November 2025 to UGX 428 by early February 2026, a rise of 37% in just two months. This growth has directly increased the market value of NSSF’s holdings, which include approximately 2.63 billion shares, representing 10.7% of MTN Uganda.

Analysts say the increase reflects strong financial performance, driven by rising revenue from mobile data and MTN Mobile Money, along with growing confidence in Uganda’s telecom sector.

"The growth of MTN Uganda’s share price demonstrates the strength of the telecom sector and the confidence of institutional investors in blue-chip stocks,” said a market analyst. “It also highlights the importance of MTN as a key asset in pension portfolios like NSSF.”

The recent gains have added more than UGX 305 billion in value to NSSF’s MTN holdings, strengthening the pension fund’s assets and benefiting its members. Other shareholders, including prominent Ugandan business leaders, have also benefited from the share price growth.

For ordinary Ugandans, the rise in MTN Uganda’s stock means that pension savings managed by NSSF are growing faster, helping secure a more stable financial future.

Why MTN Uganda Matters for Investors

MTN Uganda is a leading company in Uganda’s telecom sector, with millions of subscribers and a growing digital services network. Its performance often guides investor confidence on the Uganda Securities Exchange, and it is considered a reliable investment for large investors like NSSF.

While all stocks can go up and down, MTN Uganda’s steady revenue growth, regular dividends, and strong market position make it a cornerstone of Uganda’s stock market. Experts expect continued interest from investors as the company expands its services and fintech offerings, potentially supporting further stock market growth in 2026.