MTN Uganda, the nation’s largest telecom provider, has announced securing a 370 billion Ugandan shilling ($100 million) syndicated loan to accelerate its network expansion efforts. The loan, denominated in the local currency, was sourced from five banks, including the local branches of global financial giants Standard Chartered, Citibank, and Standard Bank.

This oversubscribed debt facility underscores lender confidence in MTN Uganda’s long-term growth prospects and its commitment to enhancing digital and financial service offerings for its 21 million mobile subscribers. As a subsidiary of South Africa’s MTN Group, MTN Uganda primarily competes with the local unit of India’s Bharti Airtel.

The telecom giant has been focused on strengthening its market presence. In June, MTN Uganda successfully sold the remaining shares from its 2021 Initial Public Offering (IPO) on the Ugandan stock exchange. This transaction solidified its parent company’s majority stake, retaining 76% of the total shareholding.

The additional funding aligns with MTN Uganda’s strategic goal of expanding its infrastructure to support the growing demand for reliable telecom and financial services in East Africa.

With a solid market presence and robust backing from global lenders, MTN Uganda continues to position itself as a key player in the region’s telecommunications and digital transformation.