The landscape of Uganda’s fintech sector is set for a significant shift as Richard Yego, the Managing Director of MTN Mobile Money (U) Limited, prepares to step down on February 28, 2026.
After a transformative four-year tenure that began in February 2022, Yego leaves behind a company that has evolved from a simple telecom subsidiary into a financial powerhouse, now poised to achieve full structural independence. The Board has acted swiftly, appointing Ms. Sarah Bateta Okwi, the current Chief Finance Officer (CFO), as the Interim Managing Director effective March 1, 2026.
Yego’s leadership will be remembered for the ‘institutionalisation’ of mobile money. Appointed under the National Payments Systems Act 2020, which mandated the separation of financial services from core telecom business, Yego’s primary task was to build a standalone entity capable of competing with traditional banks.
Here are some of the notable achievements that Yego clinched during his tenure:
- Transaction Dominance. By late 2024, under Yego’s watch, MTN MoMo was processing over USD36 billion (Shs140.8 trillion) in annual transactions, connecting over 13 million monthly active users to a network of 200,000 agents.
- Diversification into Advanced Services. Yego successfully steered the business away from simple “cash-in, cash-out” revenue. He scaled merchant payments (MoMoPay), digital loans, and savings products. By 2025, advanced service revenue was growing at a staggering 25% YoY.
- The Cashless Crusade. A defining moment of his tenure was the 2025 Uganda International Trade Fair, which became the first fully cashless event of its kind in Uganda through a strategic partnership with the Uganda Manufacturers Association (UMA).
- Capital Market Integration. Besides the above, he also deepened financial inclusion by partnering with the Uganda Securities Exchange (USE) to allow digital investment access directly through the MoMo app.
It is apt to contend that although Yego bagged several achievements, his tenure wasn’t necessarily a ‘bed of roses’ because he also faced several challenges, some of which include;
- Regulatory Tightrope. Navigating the stringent requirements of the Bank of Uganda and the Financial Action Task Force (FATF) Grey List compliance was a constant hurdle, requiring massive investment in KYC (Know Your Customer) and anti-money laundering (AML) protocols.
- Infrastructure Costs. Rapid growth at MTN MoMo led to ‘Capex intensity’, with billions spent on network upgrades to support the 5G and fibre rollout essential for stable fintech services.
- Competitive Pressure. The intense rivalry with Airtel Money and the rise of niche fintech start-ups forced a continuous price war and aggressive marketing spend to maintain market leadership.
What the Exit Means for MTN MoMo
Yego’s departure signals the completion of the ‘Founding Phase’ of the independent MTN MoMo Uganda. His exit is likely aimed at allowing a new leader to take over the Structural Separation Phase, where MoMo will eventually seek private equity investment or a separate listing.
His departure creates a temporary leadership vacuum at a time when:
- Consumer Expectations are shifting toward more complex credit and insurance products.
- Strategic Decisions are underway to decouple MoMo’s valuation from MTN Uganda’s core telecom stock.
Sarah Bateta Okwi Comes As Interim MD
Ms. Bateta is no stranger to the inner workings of the business. Having served as CFO since May 2022, she has been the ‘financial architect’ behind Yego’s growth numbers. Her appointment as Interim MD is a ‘safety first’ move by the Board to ensure financial stability during the transition.
She comes in with an uphill task that shall require her to, among others;
- Maintain Momentum: Ensure the current growth trajectory in fintech revenue (currently up 17.9%) remains uninterrupted through the transition.
- Complete the Separation: Oversee the final technical and legal steps of the fintech structural separation, ensuring minimal disruption to the parent company’s consolidated balance sheet.
- Customer Trust: Focus on platform stability because transition periods are often targets for cyber-fraudsters. Hence, reinforcing security will be her top priority to protect the ‘Trust’ that Yego identified as the brand’s most vital asset.
- Agent Relations: She will also have to sustain the incentive structures for the over 200,000 agent network, who remain the frontline of the MoMo business.
In a nutshell, the Board’s decision to move to an interim arrangement suggests a meticulous search for a substantive CEO, likely a leader with deep international fintech or digital banking experience, to guide MTN MoMo into its next decade.