Busulwa John Ivan

MTN Group Deep Dive One of the other surprising figures I have come across in analyzing the performance is of @MTNGroup is the performance of Mobile Money in Uganda. Uganda's MTN momo users are 3.1x more than Nigeria, despite Nigeria having 3.5x more subscribers than Uganda For Context Nigeria has 94.7 Million MTN customers, Uganda has 26.4 Million MTN Customers However, Uganda has 15.5 Million MTN Momo users while Nigeria has only 5 Million. In fact, even Rwanda has more MTN Momo users at 6.5 Million users, 1.5 Million more than Nigeria. So what does this mean for Uganda investors in MTN Uganda? Once the structural separation of MTN Momo from MTN Uganda is effected, you'll only have a minority stake in the Mobile money arm of about 23.985%, the other 76.015% will move to MTN Group Fintech Holdings B.V Figures as of Q3 2026

.@griffarinaitwe, run some numbers in preparing for this week's article, and turns out my guess right. MTN Ghana leads on various benchmarks, though MTN Nigeria leads on Revenue and Subscribers which is understandable given Nigeria's demography. Looking at the 9 months reports from Ghana, Nigeria, Rwanda and Uganda, I can already guess what the answer to my question is.