MTN Uganda raises USD100m loan for expansion

13 Oct 2009

Uganda’s largest wireless network operator by subscribers MTN has raised USD100 million from a syndicate of banks, which it will use to fund network expansion. Banks involved included the Ugandan arms of Stanbic Bank, Standard Chartered, Kenya Commercial Bank and Barclays Bank. According to TeleGeography’s GlobalComms database MTN Uganda had 4.38 million subscribers at mid-2009, giving it a market share of 42.4%, well ahead of rivals Zain Uganda, Uganda Telecom, Warid Telecom and Orange Uganda.

Uganda, MTN Uganda,

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