MTN Uganda recently launched a fixed Internet product for businesses. This fiber internet service dubbed MTN Business Internet is specifically tailored to meet the internet needs of small to medium business owners, offering them unlimited, fast and reliable Internet at a fixed cost per month.
MTN Business Internet provides an affordable yet unlimited Internet to meet all business Internet connectivity needs such as; remote collaboration like online meetings and video conference calls, easy monitoring of your security systems, managing business website, business email and social media pages, Wi-Fi for your customers, online orders and deliveries.
While launching MTN Business Internet, Ibrahim Senyonga General Manager of MTN Uganda’s Enterprise Business Unit said that Uganda has been recognized as one of the most entrepreneurial countries in the world with the majority of the businesses aspiring to go online to earn their fair share of the eminent digital business dividends. From advertising and marketing, landing customers and clients, to closing deals, and managing business operations, it is critical that business owners swiftly adopt the usage of Internet technologies to leverage the exponential growth that comes with digitization. In the new digital era where the world has become a global village, it’s imperative for businesses to stay connected and to communicate amongst themselves, with suppliers, customers, and any other audiences, which can easily be done through the internet.
“This makes an affordable, fast, and reliable Internet connection of paramount importance. With MTN Business Internet, more business owners across the country shall be able to efficiently run their businesses using MTN’s fast, reliable, and affordable yet unlimited internet that can handle all the different needs of their businesses,” Senyonga.
A number of businesses have already recorded a great performance in their businesses because of the affordable and reliable unlimited internet connectivity brought about by the MTN business Internet solution.
Derrick Juuko, the Head of Marketing and IT operations at Ecopharm pharmacy said that their delivery services have been made easier and faster as customers prefer to place orders online. “These days our business runs a lot online. We have been able to communicate with our clients including patients or hospitals to take in urgent orders for medicine online, which is more efficient due to the very fast and affordable MTN Business Internet that we are connected to,” Juuko said.
Early this year, MTN was recognized and awarded as the best data and voice Network in Uganda by Rohde & Schwarz, an accolade that speaks to its reliable and fast internet speeds across the country.
Bennett Kwesiga, the General Manager at Isabella lounge bar, restaurant and health club in Ntinda is another happy MTN Business Internet customer. Kwesiga said that it is critical for their business to stay connected to the Internet for security purposes. “With the affordable, fast, and unlimited MTN Business Internet, we are able to keep track of what is happening in and around the restaurant with our Internet-enabled security cameras, thus ensuring the safety of our customers and their property, especially vehicles,” Kwesiga said.
He further noted that with the affordable unlimited MTN Business Internet, the establishment is able to provide Wi-Fi to its customers who prefer to work remotely at the restaurant.
“The Wi-Fi we provide helps our customers conduct online meetings while they enjoy a cup of tea and a meal, which has made our business more successful,” Kwesiga added.
To sign up for MTN Business Internet, simply visit the MyMTN App , select ‘Buy’, then select ‘Business solutions’ to sign up. You can choose between the Business Internet Life package that offers up to 20MBPS at Ugx.195,000/= per month or the Business Internet Essential package that offers speeds of up to 40MBPS at only Ugx.295,000/= per month. Both packages offer unlimited data connectivity for 30 days. The customer should ensure that they signup while at their business premises.
Senyonga reaffirmed that the MTN Business Internet solution is in line with MTN’s Ambition 2025 strategy of leading digital solutions for Africa’s progress which is anchored on MTN’s belief that everyone deserves the benefits of a modern connected world.
- The bicycle races are competitive engagement between the 9 counties (Masaza) that make up the kingdom of Tooro
- Launched by the Omukama H.R.H Oyo Nyimba Kabamba Iguru Rukidi IV, the preliminary races will take place in each county to select riders who will represent their counties in the finale on Saturday 3rd September 2022
- The “Obugaali bwa Masaza” is part of activities leading up to this Empango celebrations, marking the 27th coronation anniversary of H.R.H the Omukama of Tooro
- This is part of activities contained in a cooperation agreement signed between MTN Uganda and the Kingdom of Tooro, back in 2019.
MTN Uganda in partnership with Tooro Kingdom has today launched the inter-county bicycle racing competition that will be competed for by the 9 counties (Masaza) of Tooro. The launch took place at the Tooro Kingdom administrative headquarters in Muchwa, Fort portal where the bicycle racing kit was unveiled to the public ahead of the competitions.
This bicycle racing competition comes barely three months after the kingdom concluded a two-month-long MTN-sponsored football tournament dubbed the Tooro Masaza cup that engaged all 9 counties of Tooro Kingdom.
Dubbed the Obugaali bwa Masaza, the bicycle racing is a precursor to the 2022 Empango celebrations, marking the 27th coronation anniversary of H.R.H the Omukama of Tooro.
Speaking at the launch of the bicycle races, Andrew Tusubira, MTN Uganda’s Western Region Business Manager confirmed that the races shall kick off on 22nd July 2022 in Kyaka county until 21st August leading to the finals that shall take place on the 3rd of September, during the Empango celebrations week.
Tusubira further noted that MTN was proud to be a partner of Tooro Kingdom, with which the company had a successful Masaza football engagement early this year.
“As MTN, we are strongly grounded in the belief that we are good together. We only succeed if the communities in which we operate succeed. Being a partner in development also means that we have a responsibility to support the social-economic opportunities in our communities,” said Tusubira.

Tooro Kingddom officials and MTN Uganda represenattive at the laucnh of the obugali bwa masaza bicycle race
Besides being a socially entertaining sport, cycling confers unique health benefits like improved strength, balance, and coordination, making it a great sport.
Rt. Hon Bernard Tungakwo, the Prime Minister of Tooro Kingdom thanked MTN Uganda for taking such a beneficial social activity to the people of Tooro Kingdom and for recognizing the value that cultural institutions offer to their subjects.
“These bicycle races will surely foster unity in social development and growth for our people, especially the youth, just like the Tooro Masaza Cup did. We are indeed honored to partake in this project with our loyal friends from MTN Uganda,” said Tungakwo.
Each of the 9 Kingdoms of Tooro shall hold county-level competitions to identify 10 outstanding cyclists; 5 riding sports bicycles and 5 riding ordinary bicycles to compete in the final races on 3rd September. The finals shall be presided over by the King of Tooro, His Royal Highness King Oyo Nyimba Kabamba Iguru Rukidi IV.
While celebrating its 20th anniversary in Uganda, MTN organized bicycle races across Uganda in the districts of Arua, Gulu, Lira, Kabale, Mbarara, Fort Portal, Hoima and Mbale. The races were warmly welcomed as participants rode from neighboring districts to take part in the races, a great indication of the love for the sport in the country.
Apart from Tooro Kingdom, MTN Uganda has partnered with other cultural institutions namely; Bunyoro, Ker Alur, Ker Kwaro (Acholi), and Busoga Kingdom whose ongoing Masaza Cup is majorly sponsored by MTN Uganda. These partnerships seek to uplift the socio-economic, and cultural wellbeing of the subjects of the respective kingdoms through supporting health, education, and sports initiatives in the kingdoms. This is based on the premise that cultural institutions play a pivotal role in the maintenance, revitalization, and documentation of peoples’ cultural heritage as well as in facilitating their subjects’ social-economic wellbeing, interaction, and engagement.
- MTN Uganda Foundation has handed over a newly constructed and furnished maternity ward at Ibakwe HC II in Obongi district to combat the soaring maternal and child mortality rates in the region.
- The Ugx.400Million project was implemented by MTN Uganda foundation in partnership with Medical Teams International, the Office of the Prime Minister and UNHCR.
- This corporate Social Investment in Ibakwe HC II by the MTN Uganda Foundation is part of a Ugx.1 billion pledge made to the Office of the Prime Minister (OPM) through UNHCR at the Refugee summit in 2017.
- Ibakwe health center II in Obongi district is to be upgraded to heath center III as per the Ministry of Health guidelines with the support of the MTN Uganda foundation
MTN Uganda Foundation has today handed over a newly constructed and equipped maternity ward at Ibakwe HC II in Obongi district, in a concerted effort to lower the soaring maternal and child mortality rates in the region. This project is underpinned by MTN’s commitment to creating shared value and improving the lives of the people living in the communities within which it operates.
In line with its commitment to investing in Uganda’s health sector with the aim of achieving SDG 3 which focuses on health and well-being, MTN Uganda Foundation injected a total of Ugx.400Million in the construction and equipping of a full-fledged maternity ward complete with delivery beds, running water, electricity, and sanitary facilities among others.
The maternity ward was commissioned today in an event held at Ibakwe Health Center II in Obongi, presided over by the Obongi District Resident District Commissioner (RDC), Matata Buga. Also in attendance was Amina Rukia, the OPM Secretary in charge of Health, MTI’s Country Director, Daryl Crowden and the UNHCR Moyo sub-office head, Sana Khana.
While handing over the newly constructed maternity ward, Phillip Odoi, the MTN Uganda Northern Region Business Manager said that the new maternity ward will ease the issue of overcrowding that the mothers previously faced while seeking antenatal and maternity services at the health center.
“Due to the ever-growing health needs of people living in this settlement, it is important that we support the government’s efforts in extending better health services to them,” said Odoi.
Plans are also underway to upgrade the facility into a health center III as a way of improving health services delivery to the masses in the Palorinya refugee settlement. The Palorinya refugee settlement camp in Obongi District inhabits about 80% of Sudanese refugees who fled their country in hope of a better and safe life in Uganda. The camp is about 10km away from the nearest capable health facility and has had an urgent need for improved health services in the area for a while.
This corporate Social Investment in Ibakwe HC II by the MTN Uganda Foundation is part of a Ugx.1 billion pledge made to the Office of the Prime Minister (OPM) through UNHCR at the Refugee summit in 2017.

Officially opening the maternity ward at Ibakwe HC II tht will benefit the residents of the Palorinya Refugee settlement in Obongi district.
The first part of the pledge saw the MTN Uganda Foundation procure and distribute 10 cold chain refrigerators to 10 refugee health-supporting facilities. These facilities include; Arua-Oduoi HC III, Moyo -Idiwa HC III, Isingiro-Rulongo HC II, Kikuube-Malembaa HC II, Yumbe-Bidibidi HC III, Yumbe- Bangatuti H III, Yumbe-winga HC III, Lamwo-Awich HC III, Kyegegwa-Mukonde HC II, and Kamwenge-Kyempango HC III to safely transport and store medicines and vaccines.
The newly constructed maternity ward at Ibakwe HC II and its eventual upgrade into a HCIII will go a long way in meeting the health service needs of the people in Obongi district and its surrounding areas.
In his keynote speech at the Maternity ward handover ceremony held at Ibakwe Health Center II, Matata Buga, the Obongi district RDC said that the construction of a new maternity ward at Ibakwe HC II is going to highly contribute to the health centers’ upgrading to the level of Health center III as per the guidelines of the Ministry of Health.
” The construction and equipping of the maternity ward at Ibakwe HC II has brought me such joy and confidence in companies like MTN Uganda. This has indeed shown us that the company indeed cares about the communities so much that they are supporting the efforts of the government of Uganda by undertaking projects to make a positive impact in these communities.” Buga said.
MTN Uganda, in a bid to achieve its objectives of creating shared value and doing good together, has over the years accelerated the implementation of partnerships like this one with Medical Teams International and UNHCR that saw the realization and completion of the project.
MTN Uganda has over the years showcased its commitment to improving the communities in which they operate by engaging in socio-economic developments and ensuring that livelihoods are changed for the better.
Over the years, MTN Uganda has been donating all its Marathon proceeds towards improving maternal health services across the country. Some of the past beneficiaries include; Kawempe Hospital, Muyembe HC IV, Karugutu HC IV, Kalangala HCIV and Pakwach HC IV among others.
Key among the interventions MTN is undertaking this year, is the upgrade of Ibakwe health Centre II in Palorinya refugee settlement located in Obongi district and Bwizi health centre III in Western Uganda.
Excitement and jubilation consumed the cities of Mbarara, Gulu and Kabale last weekend as the recent cohort of lucky winners received their brand-new toyota succeed cars in the MTN MoMoNyabo Waaaka promotion.
The MTN MoMoNyabo Waaka promotion in its 4th edition, has been ongoing for over two months and has had the MTN Uganda team cruising across the country spreading cheer through the streets every week with brand new Toyotas succeed cars for grabs.
The promotion is in its 7th week and has given away 3 cars each week since its inception. The cars have been delivered specifically by the MTN team reaching out to each lucky winner in their home towns. The winners have been selected through a random draw system that picks on any lucky MTN number holder.

Milly Lakot a fish seller in Gulu central Market celebrates her win.
This random draw selection style was used to choose from numerous MTN MoMo users who deposited money on their account’s and 2 wonderful ladies and a gentleman had the fortunate opportunity to emerge as last week’s 3 winners.
Among the lucky winners was, Dorothy Aturinda a student at Kabale University, Benedict Asiimwe a health worker in Rukiga village-Mbarara, and Milly Lakot a fish seller in Gulu central Market.
” When I was called as the lucky winner of MTN, I was filled with so much joy and shock, I decided to bake a cake and share it with the lovely team from MTN MomoNyabo.” said Dorothy Aturinda.” I hope you have enjoyed a piece of my victory cake that I managed to share with you” she added.
Dorothy Aturinda received her car at her hostel premises in Mbarara where she was the envy of many onlookers and her campus mates.
Milly Lakot arrived with a huge entourage in support of her recent win to collect her brand-new Toyota succeed. She said “I had to come with my whole family so they can witness what MTN momo has done for me. I needed encouragement to receive this amazing prize.”
The 3 final cars are in waiting for the next lucky winners as the MTN MoMoNyabo waaka promotions draws to a near end. To get a chance in the random draw as a winner deposit twenty thousand shillings on your MTN MoMo accounts
As we come to the end of this fourth edition of MTN MoMoNyabo Waaka promotion, 2.5 billion shillings will have been awarded to over 16,000 MTN MoMo customers and agents across the country.
In the course of the MoMoNyabo promotion continues, Ugandans are cautioned to be aware of conmen, emphasizing that all winners are to be contacted only by 0312120000, which is the official calling number from MTN.
MTN has also urged customers to ensure that their MTN mobile money simcards are registered fully in the same names reflected on their National Identifications. This can be done at any service center country wide.
MTN once again got crowned as Uganda’s most admired African brand in Uganda by Brand Africa 100 | Africa’s Best Brands rankings, based on a survey carried out across 29 countries that represent as much as 85% of the continent’s GDP and population by GeoPoll, the world’s leading mobile surveying platform, with strategic analysis, insights and ranking conducted by Kantar, the world’s leading data, insights and consulting company.
Brand Africa was founded on the premise that developing and building successful brands in Africa will create jobs and a tax base to fund Africa’s development and create a favorable reputation as an entrepreneurial, independent, and competitive continent. Since 2011, every year in partnership with Kantar and Geopoll, Brand Africa independently surveys, analyzes and ranks brands in Africa.
While handing over the most admired brand award to MTN Uganda, Brand Africa’s Uganda chairman and Publics Africa Managing Director, Joseph Kanyamunyu, congratulated MTN on this win. “I congratulate MTN for consecutively winning this award in the last two years. This is a powerful endorsement by the people of Uganda for the impact the brand has made in transforming the lives of Uganda and Africa at large.”
While receiving the award, Enid Edroma, the MTN Uganda General Manager, Corporate Services said that: “This award solely stands on the shoulders of our commitment to bridging the digital divide in Uganda and championing financial inclusion. MTN Uganda has purposed to enable the benefits of a modern connected life to the people and to attain government objectives on improving livelihoods. We feel greatly honoured that our efforts have been recognized and awarded”.
The award comes months after MTN was recognized as the best data and voice Network in Uganda having attained the Best Network Performance Score during the national network benchmarking campaign in a countrywide assessment undertaken at the end of last year by Rohde & Schwarz.
In fulfilment of its ambition 2025 which is geared towards leading digital solutions for Africa’s progress, MTN Uganda is rolling out a 300million dollar infrastructure project across the country to further deliver the benefits of a modern and connected life to all its customers.
- Uganda National Roads Authority (UNRA) has signed a pact with telecom company MTN to avail toll fee payment option on its MTN MOMO platform.
- Kampala-Entebbe Expressway commuters with Upesi cards can now recharge conveniently using MTN MoMo.
- The top-up can be done via the MTN MoMo app and via USSD by dialing *165*4*5*6# and following prompts.
- This service underpins MTN’s commitment to developing digital solutions that deliver the benefits of a modern connected world to all its customers as enshrined in its ambition for 2025.
Uganda National Roads Authority in partnership with MTN Mobile Money Uganda, has today launched a payment option for topping up the upesi card at the Kampala-Entebbe Expressway using Mobile Money.
The Entebbe Expressway has a road toll fee system that requires payment to grant access for usage. A fee of different amounts is levied at the toll gates and access is granted to the different classes of motor vehicles and motor bikes.
Officiating at the launch, UNRA Executive Director, Ms. Allen Kagina commenting further on providing ease for road users using cash remarked,
“We are privileged to inform our Road users that today, we are launching the first option in Partnership with MTN Uganda.”
Commenting on the update, the General Manager of EGIS that is managing the Kampala-Entebbe Expressway, Mr. Yavuz Cagatay said:
“This update will not only ease the Upesi card recharge exercise but also make it convenient and easy for the road users to reload their Upesi cards from any place and not come to our points of sale which was hectic for them. This mobile money option is only available for the Upesi card users.”
Speaking at the launch of the MTN Mobile Money Upesi card top-up, Richard Yego, the Managing Director of MTN Mobile Money Limited said that: “The partnership between MTN Mobile Money and UNRA will facilitate safe and convenient fee top-ups on the Upesi card that allows motorists to access passage on the Entebbe Express highway. All one needs is to log into the MoMo app or use USSD to top up their Upesi card.”
MTN Uganda is committed to developing digital solutions that deliver the benefits of a modern connected world to all its customers as enshrined in its ambition for 2025 which is set to position MTN as the leading provider of digital solutions for Africa’s progress.

MTN Mobile money Managing Director Richard Yego leading UNRA’s ED back from the successful use of her upesi card after the mobile money top up.
How to top up via USSD
- Subscriber dials the USSD Short Code (*165*4*5*6#)
- Selects Card type
- Enter Card number.
- Confirm and proceed
How to top up through the MoMo App.
- Log into the MoMo App
- Select Pay bill
- Fees and Taxes
- UNRA
- Follow prompts
ENDS
MTN Uganda Limited (“the Company”) informs its shareholders and the public that Mr. Wim Vanhelleputte will cease to be the Chief Executive Officer of the Company effective July 31, 2022, following the end of his tenure.
During his six (6) years of service, Mr. Vanhelleputte successfully delivered the renewal of MTN’s NTO License, the separation of the mobile financial services business from the telco business and the initial public offer and listing of the Company on the Uganda Securities Exchange. Mr. Vanhelleputte has been promoted to a regional role as Operating Executive for the WECA Markets of Liberia, Guinea-Conakry, Guinea-Bissau, and Congo-Brazzaville within the MTN Group effective August 1, 2022. Chairman of the Board of Directors Mr. Charles Mbire in a statement said “The Board is grateful to Mr. Vanhelleputte for his outstanding service over the years and contribution to the Company’s growth during that period. We wish him the best in his new role.”
The Board is pleased to announce the appointment of Ms. Sylvia Wairimu Mulinge as Chief Executive Officer effective October 1, 2022. Ms. Mulinge joins MTN from Safaricom Plc where she currently is Chief Consumer Business Officer. In this role, she is responsible for driving the consumer telecoms business, managing the overall brand, and leading the transformation of Safaricom to become a digital lifestyle enabler of consumers’ lives.
Ms. Mulinge joined Safaricom in 2007 and has occupied various senior roles over the years, including Head of Retail, Head of Sales, and Director of Consumer Business. She is a graduate of the University of Nairobi, Kenya, where she received a Bachelor of Science degree (first-class honours).
“I would like to welcome Sylvia Mulinge to MTN Uganda. I believe that her experience will be beneficial to MTN, particularly given her alignment to our strategic intent of leading digital solutions for Africa’s progress. The Board is confident that Ms. Mulinge will continue the work of growing the Company as a leading provider of telecommunications and digital solutions.” Mbire concludes
In the interim, the current Chief Financial Officer, Mr. Andrew Bugembe, has been appointed as Acting Chief Executive Officer effective August 1, 2022, until September 30, 2022.
- Nsindika Njake is a youth-centered entrepreneurship TV show that was undertaken by MTN Uganda in collaboration with Makerere Business School (MUBS), to equip young people with skills to promote entrepreneurship and ease youth unemployment.
- Contestants on the show have undergone vigorous training sessions supported by a series of business skills-related tasks.
- The practical driven tasks have revolved around how they can harness the power of digital solutions to grow their businesses.
- This program underpins MTN’s commitment to driving shared value through promoting community wellbeing and supporting individual ambitions.
Following a 3-months exciting entrepreneurship training program, MTN Uganda in collaboration with Makerere University Business School (MUBS), this Wednesday announced the overall winners in the Nsindika Njake ne MTN TV entrepreneurship series that have been showing on NBS TV. The overall winner walks away with Ushs 60,000,000 that they’ll inject back into their businesses over a one-year period. The reality TV show task-oriented series, has equipped participants with the skills and exposure to position their businesses, commonly referred to as hustles, for future growth and excellence.
Jovan Kagenzi scooped the grand cash prize of 60 million shillings set to push his cook-stove business to the next level, backed by the cutting-edge business skills he has acquired from the 3 months-long training. Kagezi invented a charcoal stove connected to a chimney and a biogas source providing clean cooking energy to the end-users. Kagezi’s business also makes charcoal briquettes at affordable prices, targeting households, schools, restaurants and hotels.
Joy and excitement overwhelmed the families and friends of Jovan Kagezi. The overwhelmed Kagezi walked to the stage with a jubilant team clapping for his achievement.
While giving a vote of thanks, Kagezi knelt down and joyfully thanked MTN, judges, and partners for finding him appropriate to handle the 60 million shillings.
“Thank you everyone for considering my hustles and filling huge gaps in my business with skills and financial support,” said Kagezi and he accompanied it with a praise song,” Kagezi said.

Kagezi received his cheque amidst excitement and admiration
Being announced the first runner-up accompanied with a 20 million cheque, David Kasaali together with his team happily thanked MTN and all the partners who have made this project a success. The youthful proprietor has promised to invest the cash in his company dubbed Psalms4, which deals in processing and packaging ground-nuts.
Shakirah Nassejje emerged as the second runner-up and won a 10 million cheque that saw her thanking Allah, MTN, the trainers, friends, and family who encouraged her in her journey. With 10Million guaranteed for her craft-making business, the 19 year-old entrepreneur vows to take her business to the next level.
In third and fourth place was Joseph Kwesiga, who also doubled as the People’s choice award winner walked away with a total of Ugx.10 million, with 5 million being the Nsidika Njake cash prize and 5 million for being the participant of choice for the public. He will use his cash prize to bolster his juice-making business.
To ensure proper management of the finances, the cash prize will be dispatched to winners in 4 installments over a 1year period, upon the completion of key business milestones.
The main aim of this show was to inspire and stimulate entrepreneurship insight among the youth as one of the ways to lessen the high youth unemployment rates that are prevalent in the country. Youth unemployment in Uganda stills stands at between 64% and 70%, with up to 400,000 young people entering the job market annually for a mere 9,000 jobs.
Based on the above statistics, entrepreneurship remains the most viable way to provide immediate employment and job creation opportunities. Unfortunately, the majority of the youths don’t sustain their start-ups due to a lack of entrepreneurial skills.
While addressing the media at the grand closure of the Nsindika Njake show, held in Naguru, Somdev Sen, the MTN Uganda Chief Marketing Officer congratulated the winners and said that the show has gone a long way in addressing the unemployment issue that the youth are currently facing.
“While we worked with only 24 youths on this show, we believe that this show, that was televised for the entire public has taught very many people how to navigate the day-to-day challenges faced in businesses and has now set them on a path to becoming better entrepreneurs,” said Somdev.
The show commenced with 24 small business owners who were mentored and trained by the MUBS entrepreneurship and small business center. With trials at different levels, 20 contenders were eliminated in a period of 11 weeks and the show zeroed down to the top 4 finalists. including; Shakirah Nassejje, David Kasaali, Joseph Kwesiga, and Jovan Kagezi.
Dr. Diana Nandagire Ntamu, the Director of MUBS Entrepreneurship Innovation and Incubation Centre, said the Nsindika Njake program has mentored several youths in capacity building and skills cutting across various disciplines in the business sector.
“I must say that I am very excited to have worked with MTN in fostering entrepreneurship to the enthusiastic young people hustling to develop their lives and communities,” said Ntamu.
Dr. Ntamu further applauded MTN Uganda for the financial support towards the youths noting that this initiative will surely improve many lives of Ugandans once skills are practically embraced.
- MTN Uganda paid a final dividend for the year ending December 31, 2021, of UGX 105.4 billion to 21,452 shareholders at UGX 4.706 per share.
- NSSF is MTN Uganda’s second-largest shareholder, with 8.84% shareholding, earned a total of UGX 9,317,880,000/= in dividends for the year 2021.
Following approval of declaration of dividends by its shareholders at the Annual General Meeting held on the 27th day of May 2022, MTN Uganda has paid out a total dividend of Ugx105.4 billion to its 21,452 shareholders for the year ended 31st December 2021.
Each shareholder, registered on the books of the company by 01 June 2022, has received a dividend of UGX4.706 per share in accordance with the Uganda Securities Exchange Rules.
All dividend payments have been subjected to withholding tax in accordance with the Income Tax Act. All Ugandan individuals are subject to a 10% withholding tax while East African individuals and Companies including Ugandan companies, are subject to a 15% withholding tax.
The National Social Security Fund (NSSF), which is the second-largest institutional shareholder with a stake of 8.84%, earned a dividend of UGX 9.3 billion for the year 2021.
Handing over a dummy cheque for the final dividend earnings for the period 6th to 31st December 2021 to Richard Byarugaba the Managing Director of the NSSF, Andrew Bugembe, the MTN Uganda Chief Finance Officer highlighted the company commitment to its shareholders.
“MTN Uganda is committed to returning great value to all its shareholders, and therefore today, we are delighted to be living out to this commitment to our shareholders having taken a step to invest in MTN Uganda” Mr. Bugembe said.
Bugembe further noted that MTN Uganda’s policy is to pay dividends three times a year in June, September, and December at a minimum of 60% of profit after tax hinged on the company operational performance. The target for the year 2022 is to payout 75-80% of the profit made as dividends.
Richard Patrick Byarugaba the Managing Director of the National Social Security Fund applauded the Telecom company for it’s great performance.
“The dividend declared and paid by MTN Uganda is impressive and grows investor confidence in the company. We have also seen the company deliver impressive subscriber growth since the IPO (mobile subscribers – 10.7% to 15.7M), as well as double-digit growth in key segments (data and mobile money) which bodes well for the future performance of the company.”
In line with MTN’s Financial inclusion strategic mission, 87% of MTN shareholders have been paid through the MTN mobile money platform.
MTN Uganda was listed on the Uganda Securities on 6th December 2021.