Airtel Uganda, a leading provider of telecommunications and mobile money services, today presented a dividend cheque of UGX 50.3 billion to the National Social Security Fund (NSSF). This significant payout follows NSSF’s strategic acquisition of shares in Airtel Uganda during the company’s initial public offering (IPO).
This payout follows Airtel’s 2023 decision to list in Uganda, becoming the second telecom company on the Uganda Securities Exchange. The company offered 8 billion ordinary shares representing 20% of its equity at UGX 100 per share. While the IPO raised UGX 211.4 billion, below the UGX 800 billion target, it attracted 4,614 new shareholders and marked a significant milestone in the company’s commitment to local ownership and capital market development.
Speaking at the ceremony, Som Soumendra, the Airtel Uganda Managing Director, stated, “Today marks a proud moment for Airtel Uganda as we fulfil our promise to our shareholders. This dividend handover reflects how Airtel Uganda and NSSF are building a stronger economy, empowering workers, supporting families, and contributing to Uganda’s growth. As NSSF moves towards its Vision 2035, to grow assets to UGX 50 trillion, double coverage, and reach 95% customer satisfaction, we are ready to support this journey.”
Soumendra noted “NSSF’s participation in the Airtel Uganda IPO reflects confidence in the strength of Uganda’s financial sector. At Airtel, we are helping grow this sector by extending digital and financial services to every corner of the country. We are proud to stand with an institution that continues to deliver value to its members while playing an active role in Uganda’s transformation.”
Receiving the cheque, NSSF Managing Director Patrick Ayota commended Airtel Uganda for its performance and commitment to its shareholders. “This dividend is a welcome return on our members’ savings. Our investment in Airtel Uganda is aligned with our strategy to diversify our portfolio and secure profitable returns for the benefit of our members,” said Ayota. “Seeing a return like this reinforces our decision and demonstrates the value of investing in strong, well-managed local companies. This income will be duly credited to our members.”
During Airtel’s 2023 listing, the National Social Security Fund (NSSF) took up a 10.5% stake in Airtel Uganda, becoming the second-largest shareholder. This substantial investment reflected NSSF’s confidence in the telecom sector and marked a notable step toward broadening participation in Uganda’s capital markets. “Airtel applauds the NSSF leadership for their forward-thinking approach, trust, and professionalism qualities that have significantly contributed to the growth of Uganda’s savers’ fund. This is clearly reflected in their decision to invest in Airtel shares. As Uganda’s leading digital infrastructure provider, Airtel remains committed to delivering reliable and affordable connectivity that empowers businesses, giving Ugandans a reason to imagine,” Soumendra concluded – https://www.youtube.com/watch?v=eT1X9bTTH6A&t=22s
