Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Business of Tech

MTN to list in Uganda

Article Image
MTN Uganda will float 20% of its shares on the Uganda Securities Exchange (USE).

MTN Group, which owns 96% of MTN Uganda, said it had received approval from the Capital Markets Authority and the USE for the initial public offering (IPO).

The South-African based group said the listing would potentially be the largest IPO on the Ugandan exchange and will be delivered primarily through a digital paperless/green platform which is the first of its kind in East Africa.

"The intention to float announcement is a major step towards delivering on our plan to list on the USE," said MTN Uganda board chairperson Charles Mbire.

"It is a reaffirmation of our long-term commitment to expand investment opportunities for Ugandans and we look forward to continuing our engagement with the CMA and USE to take forward the IPO and the listing."

Reuters quoted Keith Kalyegira, CEO of the Capital Markets Authority saying that the IPO is expected to raise about $1.2 billion – double what Uganda's capital market has raised since its inception in 1998.

In June 2020, MTN paid $100 million to renew its license in Uganda for another 12 years. The listing comes as no surprise as one of the conditions of the license was to list at least 20% of its equity on the stock exchange by the end of June 2022.

The decision follows listings of MTN’s units in Nigeria, Ghana and Rwanda, which were a combination of a strategy for more local ownership and pressure from governments and local regulators.

MTN said that mobile penetration in Uganda has grown from less than one percent in 1998, when MTN started operating in the country, to 67% as of March 2021.

"MTN Mobile Money (MoMo) has also revolutionized the financial landscape. Formal financial inclusion has nearly doubled from 28% in 2009 when MoMo was introduced in Uganda to 58% as of 2018," MTN said.

MTN had almost 15 million subscribers in Uganda at the end of June and it said it has 1,000 direct employees in the country and employs another 150,000 indirectly.

Related posts:

— Paula Gilbert, Editor, Connecting Africa

Innovation hub


SA's Teraco to power data centers with 120MW solar plant

Teraco, the vendor-neutral data center provider, is planning the construction of a 120 megawatt (MW) utility-scale solar photovoltaic (PV) energy facility in the Free State province of South Africa.


Botswana prohibits Starlink, imposes penalties for lawbreakers

The Botswana Communications Regulatory Authority (BOCRA) has warned the public against the importation, use and resale of SpaceX's satellite Internet service Starlink's devices in the country.

More Innovation hub

Latest video

More videos

Upcoming events

Africa Tech Festival 2024
November 11-14, 2024
Cape Town, South Africa
More Upcoming events

Sponsored video

More videos

Industry announcements

More Industry announcements

Africa Tech Perspectives


Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.


The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.


Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Africa Tech perspectives

Partner perspectives

All Partner Perspectives

Guest Perspectives


Omdia View: September 2023

By Omdia Analysts

Highlights in September 2023 in the Middle East and Africa included more 5G spectrum licenses, vendor and operator strategies, and partnerships – that and more in this month's Omdia View.


Omdia View: August 2023

By Omdia Analysts

Highlights in August 2023 in the Middle East and Africa included a commercial 5G launch from Ethio Telecom and the signing of a virtual wheeling agreement between Vodacom South Africa and Eskom – that and more in this month's Omdia View.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up

Sign Up
Tag id test-002