MTN MoMo Net Profit Soars by 23% Amid Digital Payment Surge in Uganda

MTN Mobile Money Uganda Ltd, the fintech arm of telecommunications giant MTN Uganda, has reported a robust 23% increase in net profit, reaching Shs 250.2 billion for the financial year ending December 31, 2024. This impressive growth underscores the escalating importance of digital payment solutions within Uganda’s burgeoning economy.

The company’s revenue also witnessed a significant climb of 25.2% to Shs 981.9 billion, fueled by a substantial acceleration in both the value and volume of transactions processed through its platform. In 2024, MTN MoMo facilitated a staggering 4.3 billion transactions, totaling a value of Shs 158.6 trillion, indicating a sharp rise in both user adoption and overall customer activity.

Richard Yego, the Managing Director of MTN MoMo, attributed this strong performance to a stable macroeconomic environment and the company’s ongoing commitment to investing in “innovative, secure, and inclusive financial services.”

He further highlighted the crucial role played by reforms within the Bank of Uganda’s regulatory sandbox, which he noted had been instrumental in extending vital financial services to previously underserved communities across the nation.

The MTN MoMo platform experienced a significant expansion in its user base, with the active user count growing by 13.9% to reach 13.8 million. Simultaneously, its agent and merchant network broadened considerably, reaching 212,500 registered agents and 85,900 merchants, thereby enhancing accessibility to mobile financial services for a wider segment of the population.

In the past year, MTN MoMo introduced several key initiatives, including MoMo Ticketing, which enables the digital purchase of event tickets, and Market by MoMo, a platform designed to facilitate online commerce for small and medium-sized enterprises. Strategic collaborations with global financial services leaders Mastercard and Jumo further diversified the company’s offerings, introducing crucial micro-loan and savings products specifically tailored to the needs of the informal sector.

Demonstrating its commitment to its users and the national economy, MTN MoMo also returned Shs 43.4 billion in interest to its wallet holders and contributed a substantial Shs 452.4 billion in taxes to the Ugandan government. This solidifies its position as a significant contributor to the formal financial system in Uganda.

Looking ahead to 2025, MTN MoMo has outlined plans for further strategic investments in critical areas such as cybersecurity, digital literacy initiatives aimed at empowering users, and the continued onboarding of new merchants. These efforts are geared towards deepening financial inclusion across Uganda and driving sustained growth within the country’s rapidly evolving digital economy.