REMARKS BY CHARLES MBIRE
Chairman, MTN Uganda Board of Directors
Post EGM Media Briefing
July 22, 2025
Good afternoon, ladies and gentlemen,
Today, I stand here not just as Chairman of the Board of MTN Uganda, but also as a fellow shareholder. So my perspective is twofold: as someone entrusted with governance and as someone personally invested in this company’s future, just like the close to twenty thousand Ugandan shareholders invested in MTN.
I understand what it means to put your hard-earned savings into a company and hope it grows. I know the questions shareholders ask themselves: Is this the right move? Will my investment be protected? Will it grow?
That’s why, as a Board, we didn’t take the decision to support the structural separation of MTN MoMo lightly.
We scrutinized every aspect of the proposed transaction. We asked tough questions. We brought in expert views. Because when you’re both a custodian and a co-investor, your responsibility becomes deeply personal. This is not just strategy. This is stewardship.
The proposed structural separation of MTN MoMo is a significant strategic move for MTN. It is a clear signal that we are evolving into a modern, tech company in line with global trends.
The proposed transaction is expected to both preserve and enhance shareholders’ value in MTN.
We know that many of our shareholders are first-time investors. That’s why the shareholder education efforts through townhalls, radio discussions, and local-language communication were so critical. We wanted everyone to feel confident making an informed decision.
After the structural separation has been approved by all the regulators and is implemented, MoMo will have the independence it needs to thrive in an increasingly competitive fintech landscape. It will be faster, more agile, and more focused.
Meanwhile, MTN Uganda’s core telecom business remains strong and will continue delivering on its promise of connectivity and infrastructure investment.
To my fellow shareholders: thank you for your belief, your engagement, and your voice.
To our regulators and partners: thank you for the trust and guidance that helped shape this process.
To the MTN leadership and team: thank you for the discipline and drive that brought us here.
As a shareholder, I feel confident in the path we’re on.
As Chairman, I feel proud of how we’ve walked it.
And as a Ugandan, I feel hopeful for what comes next.
Because when governance is strong, when leadership is aligned, and when shareholders are truly included.
Together, we’re unstoppable.
Thank you.
REMARKS BY SYLVIA MULINGE, CEO – MTN UGANDA
Post EGM – Media Briefing | July 22, 2025
- Good afternoon, everyone.
- It’s a pleasure to have you here with us today. This is a big moment for MTN Uganda.
- Just a few hours ago, our shareholders officially approved a major step in our journey, the structural separation of MTN MoMo into a standalone fintech entity.
- This isn’t just a technical milestone. It’s a strategic shift. A bold new chapter. One that positions us to drive digital and financial inclusion in Uganda even further and faster.
- How We Got Here Let’s rewind for a moment. In 2009, we launched MoMo at a time when mobile money was still a bold bet. We believed in its potential and more importantly, we believed in the people we were building it for.
- Fifteen years on, MoMo is no longer just a product. It’s a part of everyday life. It powers businesses, connects families, and gives millions of Ugandans access to essential services they never had before.
- In 2021, we took a major step by legally separating MoMo under the National Payment Systems Act. And now, after months of careful planning and engagement, we’ve taken the next leap transforming MTN MoMo into an independent fintech business, majority-owned by MTN Group Fintech Holdings B.V., with the remaining shareholding held in trust for our local investors.
- This is an interim and second of a 3 step process which will ultimately see the independent fintech business list separately on the Uganda Securities Exchange (USE), alongside MTN Uganda, within a 3 to 5 year period.
- You may ask why split MoMo from our core telecom business? Because fintech is a different beast. It moves fast. It needs focus, flexibility, and freedom to grow. By giving MoMo its own structure, we’re giving it the space it needs to scale, innovate, and lead.
- This move also unlocks value for shareholders, sharpens our strategic focus, and aligns with global best practice. It’s a critical part of our Ambition 2025 to lead digital solutions for Africa’s progress.
- And let’s be clear MoMo isn’t leaving the MTN family. We’re simply giving it the wings to fly higher, faster, and stronger.
- We knew from the beginning that none of this would be meaningful without our shareholders onboard.
- So, we made sure they were well informed, starting with two detailed circulars issued on June 11 and June 30. These broke down everything: the transaction, the structure, the opportunities, the risks.
- But we didn’t stop at documents. We went on the road, hosting townhalls in Kampala, Masaka, Lira, Gulu, Fort Portal, Jinja, Mbale, Arua, and Hoima, ensuring our shareholders had a voice.
- For those we couldn’t meet in person, we went live on radio sharing updates in local languages, so everyone could tune in and understand what was at stake.
- Because informed decisions come from open engagement and inclusion is at the heart of everything we do.
- Now that shareholder approval is secured, we begin the next phase working with regulators to finalize approvals, complete the amalgamation, and establish the new fintech company and shareholder trust.
- And to our customers: services continue as usual. No disruption. No changes to your MoMo experience just bigger things ahead.
- This is about building something stronger. Smarter. And better aligned with Uganda’s digital future.
- To our shareholders, thank you for your trust and confidence. To our Chairman, Mr. Charles Mbire, and the Board, thank you for your vision and steady hand. To the media, thank you for helping us tell this story clearly, credibly, and countrywide. Your partnership is deeply appreciated.
- We started MoMo with one purpose: to include more people in Uganda’s economic journey. Today, we’re expanding that vision, creating a fintech powerhouse made for Uganda, built by Ugandans, and designed to serve Ugandans.
- This move is ambitious. It comes with responsibility. But with the support we’ve seen, and the belief you’ve shown, I know we’re ready. Because at MTN, we never move alone. We move with our people, our partners, our customers.
- And together, we’re unstoppable.
Thank you.