AirTel Uganda recorded solid financial growth in 2024, with a 6.7% increase in net profit to $85.46 million, and an 11.4% increase in total revenue to $534.26 million.

During a courtesy visit from the CEO of Airtel Mobile Commerce Uganda Limited, Japhet Aritho, the new governor of the Bank of Uganda Michael Atingi-Ego called on the operator to develop innovative financial and digital products for local populations.

This call comes at a time when the Ugandan telecommunications market is booming. According to data from the Bank of Uganda relayed by the Communications Commission (UCC) in its quarterly report in December, mobile money subscriptions increased from 45.6 million in the third quarter of 2024 to 50.5 million in the fourth quarter. The number of mobile money transactions also increased over the period, from 1.96 billion to 2.15 billion

In addition, since fiscal year 2018/2019, the contribution of the ICT sector to the economy has been growing rapidly. From 2616.4 trillion Ugandan shillings (about $711 million) in that fiscal year, it rose to 3086.1 trillion Ugandan shillings in 2022/2023, according to

Furthermore, it should be noted that on the Ugandan telecom market, Airtel faces competition from the South African operator MTN. Extending its digital and financial services could allow it to catch up with MTN Uganda, which claimed around 20.7 million subscribers as at 30 June 2024 compared to 15.6 million for Airtel out of the 38.5 million subscribers identified by the regulator on the