The news
- MTN Uganda’s H1 2025 financial results show a 13.1% revenue growth.
- The revenue growth is driven by an uptick in data usage and increased adoption of MTN MoMo.
- Voice revenue increased by 0.4%, while data revenue increased by 31.1%.
In H1 2025, data revenue for MTN Uganda increased year-on-year by 31.3% to Ush 490.2 billion ($133.7 million). On the other hand, voice revenue marginally increased by 0.4%, a significant decline from 15.1% in H1 2024.
These numbers, reflected in MTN Uganda’s financial results for the first half of the year (PDF), ending 30th June 2025, indicate a notable improvement in Uganda’s market and point to a similar transition that larger markets like Nigeria have experienced.
As Internet penetration and quality improves, users inevitably begin to migrate to more data services, leading to slower growth for voice services. In Uganda, Internet penetration has doubled from 7.4% in 2020 to 15.3% in 2023.
This significant uptick in data revenue, coupled with an 18.6% increase in fintech revenue to Ush 524.6 billion ($146 million), were major drivers in the company’s 13.1% total revenue growth from Ush 1.52 trillion ($424.08 million) in H1 2024 to Ush 1.72 trillion ($479.88 million) in H1 2025.
EBITDA also increased by 17.8%, demonstrating strong operational performance as the company’s customer base increased to 22.8 million.
MTN MoMo continues to experience notable adoption in Uganda, with transaction volume on the platform rising by 20.3% to Ush 2.4 billion. Transaction value also grew by 28.7% to Ush 89.3 trillion (≈$24.91 billion).
Although revenue increased, MTN Uganda’s overall earnings were weighed down by a Ush 681 billion ($190.0 million) tax remittance in the first half of 2025. Nevertheless, the company still achieved profitability with a profit after tax of Ush 266.9 billion ($74.46 million).
“This outcome was achieved against a challenging operating context characterised 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,” Sylvia Mulinge, CEO of MTN Uganda, said in a statement.
