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Ugandan tycoon Charles Mbire’s MTN Uganda hits 20 million customer milestone

This achievement reaffirms its position as a leading telecom services provider in the region

by Omokolade Ajayi
Charles Mbire

MTN Uganda, the Kampala-based telecoms operator partially owned by Ugandan tycoon Charles Mbire, reached a significant milestone, hitting the 20 million customer mark. This achievement reaffirms its position as a leading telecommunications services provider in the region.

“MTN Uganda’s achievement of 20 million customers is the equivalent of the entire population of a sister market,” said Yolanda Cuba, MTN Group Vice President for Southern & Eastern Africa. “This achievement underscores MTN Uganda’s commitment to connecting the country.”

Sylvia Mulinge, CEO of MTN Uganda, commended her team for their dedication and perseverance in achieving the ambitious target. “This achievement is a testament to our collective effort and unwavering commitment to connecting all of Uganda. It proves that no goal is too ambitious when we work together towards a common purpose,” she stated.

MTN Uganda’s market dominance

MTN Uganda boasts an impressive 98-percent coverage area, serving a vast majority of the Ugandan population. The recent addition of 20 million subscribers further solidifies its domestic presence and extends its reach within the global MTN network.

This success comes under the leadership of Chairman Charles Mbire, a prominent Ugandan tycoon with a significant stake (4 percent) in MTN Uganda. Mbire’s influence extends beyond the telecom sector, with diverse investments across finance, energy, real estate, and mining, solidifying his position as a key player in the Ugandan economy.

Financial growth

MTN Uganda reported strong financial performance in 2023, with a profit of Ush493.08 billion ($127.1 million) for the fiscal year, reflecting a 21.43-percent increase from the previous year. This growth was driven by strong performance across all operations.

The company’s audited financial results show a surge in profit to Ush493.08 billion ($127.09 million) from Ush406.05 billion ($104.66 million) in 2022, fueled by a 16.7-percent increase in total revenue to N2.67 trillion ($687.97 million) from N2.29 trillion ($589.28 million).

Maintaining its industry leadership, MTN Uganda’s recently published financial report, its third since listing on the Uganda Stock Exchange in 2021, revealed significant growth in key segments. Voice revenue rose 11.6 percent, while data and mobile money revenue surged 21.6 percent and 17.6 percent, respectively.

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